If you sometimes find yourself staring at your sales reports but struggling to connect the ‘what’ with the ‘why’, it could be that the missing ingredient is the ‘where’.
Location intelligence can put your sales data in context.
Let’s take the fictional example of Joe, the owner of a chain of swimwear stores. Joe’s sales data shows clear trends: men’s swimwear generates more turnover than ladies’ or children’s swimwear, although the profit margin on children’s swimwear is superior. He’s aware of specific products that sell well across the board, as well as some that are struggling.
Joe also has sales data for each of his locations, detailing which products performed at, above or below expectations. What Joe doesn’t have is any explanation for unexpected results, such as the poor performance of his range of wetsuits at one of his coastal locations, where he had expected above-average sales.
By using an advanced location intelligence platform like Periscope®, Joe could gain detailed local demographic information to explain these trends. For example, the coastal location may be more popular with retirees than Joe’s 30-44-year-old target market. Or, it might have the right age group but lower-than-expected average earnings. This would mean that few people could afford one of Joe’s wetsuits, despite being well-located to use it.
When he knows the reason(s) behind the results, Joe can adjust his strategy: for example, by stocking stores in less affluent areas with lower-cost products. Joe may even take the decision to close some of his stores and reopen in areas defined by Periscope as containing the right local attributes.
How does Periscope® help identify a good location?
Periscope® aggregates internal data, such as sales and product information, with local demographic information. It then presents this in a secure, corporate version of Google Maps.
This advanced location intelligence platform can even predict footfall, and enable users to sketch out their ideal territories based on, for example, proximity to transport hubs or local amenities.
Using Periscope® to help understand local sales performance works in much the same way. A user like Joe could examine each of his locations and sales breakdowns on a map showing vital local demographic information.
Here are some insights Joe might derive from examining his sales data within Periscope®:
- Two locations have a higher than average proportion of under-18s. Therefore, there’s an opportunity to sell more children’s swimwear in these locations.
- Top-of-the-line products are suitable for more affluent areas, but shouldn’t take up much space in stores outside of these locations.
- A brand of goggles is selling well across locations, so should be in stock and on display at all times.
- Ladies’ short-sleeved wetsuits are only being sold in two stores. However, they sell quickly and should be on display in other stores with similar local demographics.
What sort of sales insights could your organisation generate from an advanced location intelligence platform like Periscope®?
Want to learn more about how Periscope® can put your sales data in context? Watch the video or request a 10-minute demo today.