Harness the power of trade area data for competitive intelligence, site selection, marketing, and more
Retail and commercial real estate businesses face the challenge of constantly adapting to shifting trade areas. Factors such as migration, new construction, changes to traffic patterns, and evolving neighborhood characteristics can dramatically impact where your customers come from, making it essential to stay ahead of these changes.
Mobility data, which tracks real-world human movement, offers valuable insights to help you navigate this ever-changing landscape. Analyzing dynamic trade areas based on mobility data is a powerful tool for competitive intelligence, site selection, marketing, inventory planning, merchandising strategies, and CRE retail attraction.
Trade area analysis for competitive intelligence
What if you could know where your competitors are drawing customers from? And which competitors your customers visit?
Mobility data helps you understand your competitors' trade areas and where they attract customers from. By analyzing this data, you can assess your competitors' performance and identify other destinations your customers visit. This information gives you updated insights about who your competitors are, and empowers you to make strategic decisions to differentiate your business from competitors.
Trade area analysis for site selection
If you can understand which neighborhoods you and your competitors are drawing customers from, you can identify underserved areas and promising locations for new retail or commercial properties.
Uncovering these opportunities lets you tap into areas with high potential for growth and success.
Targeted marketing and advertising
Using dynamic trade areas to understand where customers are coming from, and where there is untapped potential, allows you to create more targeted marketing strategies.
If you know your competitors are attracting foot traffic from a specific area, you can increase your location-based marketing in that area and start gaining market share.
You can also use dynamic trade area analysis to measure the results of your marketing efforts. You can determine if, over time, you are attracting more customers from the areas targeted by your marketing.
Inventory planning and merchandising
Understanding the characteristics of the neighborhoods where your customers come from allows you to plan your inventory and merchandising more effectively. Stock items that will be in demand from that specific customer demographic and tailor your merchandising strategy to appeal to the types of customers you're likely to attract.
Attracting the right mix of retailers to your property
Knowing the profile of the customers that are visiting your retail property or mall makes it easier to market your property to attractive retail tenants. You can use dynamic trade areas and neighborhood profiles to understand the profile of the visitors to your retail properties. This information can be used to attract retailers that target the same customer segments. If you see that you are attracting lots of visitors that fit the profile of affluent fitness enthusiasts, you can use that information to attract lululemon or a similar brand to your property.
Summary
In conclusion, mobility data is an essential tool for retail and CRE businesses looking to gain a competitive edge in a world where trade areas are in constant flux. By embracing this data, you can make informed decisions on competitive intelligence, site selection, marketing strategies, inventory planning and merchandising, and CRE retail attraction. Adapt and thrive in today's dynamic market by harnessing the power of mobility data to drive success.
