Mobility analytics and location intelligence allow you to select the ideal location for opening a restaurant or coffee shop.
Have you ever wondered what your favorite coffee shop does to offer you a unique experience?
With location intelligence solutions it’s possible to determine one or more areas where you want to establish a new coffee shop, while mobility analytics identifies all the factors that can be used to maintain and increase its success.
You may be interested in: “McDonald’s Vs. Burger King: Foot traffic Analysis.”
These solutions have changed the way business opening analysis and selection processes are carried out in different areas of a city, in the countryside, shopping malls, offices, and university campuses, focusing on finding prime locations, high visibility, and the highest possible pedestrian and vehicular traffic flow.
These are the parameters considered to generate this type of solution:
- Consumer demographics
- Population density
- Average income levels
- Traffic patterns
- Public transportation hubs
- Types of businesses in the location under consideration.
- Average customer spending.
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The large volumes of data that can be collected in real-time today have become invaluable inputs for making informed decisions and implementing efficient business opening and expansion strategies.
Also read: “Location analytics can drive retailers to success: Case Study Home Depot Vs. Ace Hardware“.
Using various methodologies, this data helps to find and evaluate points of interest geographically and identify which areas are most connected to highways or main streets, identifying, in turn, the most convenient vehicular and public transportation routes for consumers, knowing the surrounding risk areas, nearby competitions, competitive advantages, the cost per type of soil in the area and market opportunities, determining the economic feasibility of opening a store in that location.
Popular coffee shops like Starbucks can use this type of intelligence to customize their menu and infrastructure by analyzing consumer behavior patterns, allowing them to develop a new product line to complement the habits captured in their stores and optimize the shopping journey to maximize the customer experience on and off the premises. These data-driven menu enhancements allow companies such as Starbucks to reach a large number of customers and over time.
Marketing is not left behind within these analytics, since, thanks to these inputs, it is possible to identify what, where and when products are offered and track their effectiveness, offer targeted advertising, and planned discounts directly on mobile devices and billboards.
At PREDIK Data-Driven we help our clients to give them objective business planning based on all types of data, helping them to choose the best area where they should establish their business or acquire one.
Do you need to implement location intelligence in your business? Contact us!