Today’s businesses want to know that their new location will be economical, appealing to top personnel, and conducive to sustained corporate success. This type of study frequently necessitates a time-consuming data collecting process and typically necessitates a substantial understanding of both data science and GIS without the proper tools at your disposal.
In this blog, we’ll demonstrate how data solutions enable firms to examine location choices for growth or relocation without the need for GIS expertise.
For small-to-midsize firms, data can enhance the location decision process in many key areas:
1 Narrow the Funnel
The Northeast is a larger region; narrow the funnel to these [zip codes, cities] for smaller areas.
2. Recognize & Set Priorities
Sort your remaining regions according to what’s important to your company.
3. Verify the Location
Know about the neighbourhood
4. Population Size and Income
When compared to, say, Planet Fitness, this kind of gym is often a more expensive option. We want a sizeable population to build a client base, as well as a significant income level to allow for membership fees of more than $100 per month.
5. Residential and Commercial Population
Some individuals exercise in the morning, some in the middle of the day, and some in the evening. Locations close to both residential and commercial hubs broaden our target market to include both residents and those who commute there for work.
6. Competition
There are both nearby and direct competitors in this situation. We must be chosen by customers over conventional gym exercises and other boxing-specific routines.
7. Validate the Location
Consider the situation when you have chosen specific zip codes or locations and have worked with a commercial real estate broker. They’ve shown you some suitable locations, and you just need one more convincing reason to go. By demonstrating that your target market is located within a certain radius of where you are, data can support a conviction.
Conclusion
The first step in site selection is to determine what is important to your company. Site selection is largely based on speculation without knowledge of the demographic or economic conditions necessary for success. Do you require a sizable populace? high earnings? the high representation of particular age groups? Do you rely on the foot traffic of office workers? Is the presence of specific company kinds (restaurants, hospitals) significant?
The process must begin with site selection. Without knowing the criteria to apply while narrowing, we cannot narrow the funnel. The key factors for your company can be informed by customer research, market knowledge and experience, and rival location analysis, among other things.
As was already mentioned, choosing a place or identifying growth markets is exceedingly difficult. Data can only go so far in helping you make this choice. Other factors to take into account include the availability of labor, the cost of living, the price of office and retail space, and working with a broker to discover the correct property (which is just as crucial as choosing the right market), among others.
You can utilize data strategically to help you use your time more effectively by aligning the appropriate data to your business’s goals.
