Location intelligence is best known as a way of analysing the performance of existing sites, and using that analysis to make decisions about product lines, staffing levels and many other variables.
Yet this is only scratching the surface of what advanced location intelligence software such as Periscope® can do: the real advantage lies in its power to identify ‘lookalike’ locations based on the best–performing features of your existing sites.
In this article, we’ll explain how to use your own secure, corporate version of Google Maps to uncover new, profitable locations that you wouldn’t otherwise think of.
What is a lookalike location?
A lookalike location is a new location that mirrors certain features of your existing locations. These features could include:
Periscope® will pull in census data alongside your own customer data to analyse demographic trends across your locations. This includes socio-economic status, age, average earnings, population density and gender.
- Transport links
Access to your physical sites is a key consideration for customers, staff and suppliers. Periscope® will map out which locations are close to major roads and train stations, and how this correlates with performance.
Are your best–performing sites located in areas with schools, hospitals and other essential amenities? Periscope® can show you.
- House prices
Periscope® will look for correlations between house prices and the performance of your sites in each location.
- Competitive landscape
Does the presence of competitors hinder or help your locations? Periscope® can identify the optimal competitive landscape for your company.
What is the right amount of foot traffic for your sites? How does this intersect with digital sales?
As you can see, there’s a wealth of data that Periscope® can bring together to paint a full picture of how each location is performing and why.
Once this analysis is complete, the search for lookalike locations can begin.
How do I find lookalike locations?
It may be the case that certain combinations of features are more relevant than others. For example, your location intelligence might have revealed that your most profitable sites are located in areas where the average house price is at least 10% above the national average and where there’s a train station within a one-mile radius.
Or, perhaps your best–performing sites are making good sales across socio-economic groups, but are all located within a 10-minute drive of a motorway exit with a limited number of competitors present.
Periscope® will then take these insights and search for other locations where your company does not currently have a site, but which offer this combination of features.
Your site planning team can then investigate the locations suggested by Periscope® using their standard due diligence methodology – but with a significant head start. This helps reduce the timeline for opening new sites and gives your company the opportunity to accelerate its growth.
Book a free 10-minute demo of Periscope® to explore the potential of this innovative location intelligence software from Newgrove.