How to use lookalike areas to grow your business

As we emerge from the challenges of the last two years, businesses will likely be looking to start expanding once again.

If you are a location-based business, such as a supermarket, restaurant, gym or shop, you might be in search of new places to expand your footprint. One way to achieve this is to find potential sites that replicate ones where you already trade well.

This could help you determine whether your next commercial move is a success or failure because if your current locations are working, odds are that a new venture may also be a triumph if you pick a lookalike site.

Taking a more scientific approach to new locations

We understand that while a scientific approach may make sense on paper to allow you to make informed decisions, many techniques rely on a lot of data and resource to produce results.

However, it doesn’t need to be like that. Imagine if you could simply select a location and, then with a press of a button, find all those locations that are just like your best performing premises.

This is exactly what Match from Newgrove does. Match is a function built into our geospatial tool Periscope® that allows our clients to easily find the best places to expand their business. We’ll input your data to enable you to determine lookalike areas across the UK quickly and easily.

Match makes it simple

How it works:

  • Simply choose the target site where you are already trading effectively
  • Pick the relevant data you would like to run the Match function on
  • Hit the button and identify all those locations that are most like the one where you already have success.

Simple as that.

Match in action

To give you an example, one of our clients has a thriving bar in Chapel Allerton, a relatively affluent suburb of northern Leeds with a busy high street full of cafes, bars, and restaurants.

Clearly there is an established blueprint for success in this location. Therefore, our client wanted to find more places like Chapel Allerton around the country in order to grow their business.

Using Chapel Allerton as the target to run Match in Periscope®, our client identified similar suburbs in other large cities across the UK. Within minutes, this had helped them drive a list of target locations for expansion, including Didsbury in Manchester, Wylde Green in Birmingham, and West Bridgford in Nottingham.

Using Periscope’s® Match function, they were able to put forward the most lucrative locations to allow their teams to find premises in these areas where they could open new bars.

Focussing the efforts of your sites acquisition teams

Match simplifies the complicated for you and enables you to find the best locations for expansion swiftly and simply.

To find out how Periscope® can help you find new sites for your business by using Match, please contact us today. Call +44 (0)20 3397 4711 or email info@newgrove.com. Alternatively, book a free demonstration here.