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How Geo-analytics can Improve Your Business

by Mike Mack|
12. 5. 2016
|

Analytics

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With the constantly evolving atmosphere of the business world, understanding the particular nuances of brick-and-mortar stores is imperative to establishing an image within consumer market any size. This is where Geo-analytics (also known as location analytics) becomes an effective way to optimize a business' location. Geo-analytics equips businesses with the tools and knowledge to plant and grow effectively.

Before deciding to invest in a geo-analysis for a business, you may want to ask what makes geo-analytics so beneficial. To help understand how Geo-analytics could be a "game changer", here are a few important points:

  • Information is key to building a new location for your business, and a geo-analysis of your immediate area allows you to see numerical and graphical representations of what you need to know.
  • Geo-analysis supplies detailed information about spending patterns, consumer needs and wants, and other information about the demographics in your desired area.
  • The shifting web-based consumer market can seem like a threat to many physical stores, but geo-analysis gives you a visual of how to create an environment to communicate with your locations demographics.
  • With the knowledge about your specific location, you can make important and educated decisions about implementing a new business model.

Consumers seek businesses that seem to understand them and their needs, and having the proper information about the location in which you plan to build a business is key. Whether you're building a franchise or starting up a business from scratch, knowing exactly what the community around you needs can give you an edge over your competition.

 

Here's another article that you might like: 4 Common Mistakes Franchisees Make With their Geographical Analytics

 

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Mike Mack

Mike Mack

Mike is the Co-Founder and CEO at Fract. With over 20 years of retail and business location analytics experience behind his belt, Mike counsels business owners and helps them get the most out of their business and sales data. He is also a passionate art lover and enjoys a glass (or two) of good wine with friends and family on the weekends.

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by Mike Mack|
12. 5. 2016
|

Analytics

by Mike Mack|
12. 5. 2016
|

Analytics