The rapid development witnessed in the field of IT over recent years has transformed the way businesses employ geographic information systems to handle and calculate catchment areas. Hand in hand with this progression, there has been an increase in the amount and variety of relevant data available to businesses. Yet it’s not so long ago that these kinds of tasks were the exclusive preserve of GIS specialists. But now the situation has changed. Location intelligence is the popular, easy-to-use solution for businesses looking to incorporate the latest technology to jumpstart growth.
There are many ways of defining your store’s catchment area. The basic rule of thumb is that the area should always be selected with a specific purpose in mind and be based on current data. For instance, if you want to launch a marketing campaign to promote your business in a new location to coincide with the opening of your new store but have no clients or purchase data, you can still calculate a potential catchment area to, lets say, maximise your leaflet distribution rollout for the type of customer you want to attract. Or if you do have internal purchase data, you can easily earmark a catchment area based on the addresses of your loyal customers.
A catchment area is typically defined as an area from which a store can be reached – whether on foot, by car, or public transport – in a certain amount of time, i.e. 5, 10 or 15 minutes. The easiest way is to use direct distances, but the more accurate alternative is to create a real-time model using routable street data.
Once you have a CRM system in place together with in-store and offline purchase data, you can calculate accurate catchment areas as well as track where your revenue comes from. And however predictable or surprising these results may be, the important thing is to have access to real data. These findings can help optimise your network or support decisions to close/open a store or relocate.
Again, there are several ways to calculate and visualise catchment areas:
Identifying the right catchment area is just one of the ways the CleverAnalytics platform can help your business gain actionable insights and make smarter decisions.
(1) There are also some Open Data and Free and Open Source Software solutions for calculating routes.
Do you think there is a geographical pattern to modern-day human migration? Do you ever wonder about the most common destinations of airplane travel in Europe? Or maybe about what percentage of flights are international? Even analyzing the local commute of everyday citizens can produce interesting results.
It took almost three years of waiting before we could attend the second Datafest in Hradec Kralove, but now we can say it was definitely worth waiting. The event is organized by BizzTreat, a company specializing on advanced data processing and analytics, and attended by variety of business and data analysts, top- to mid- management of wide range of
The rapid development witnessed in the field of IT over recent years has transformed the way businesses employ geographic information systems to handle and calculate catchment areas. Hand in hand with this progression, there has been an increase in the amount and variety of relevant data available to businesses. Yet it’s not so long ago that thes
The ongoing digitisation and widespread adoption of online shopping are informing how businesses make best use of their offline channels. Imagine brick-and-mortar stores being able to gather the same insights about customer behaviour that retailers gain from online shopping. This type of actionable data can empower retailers to create the optimum c
CleverAnalytics and Kebooka UK hosted the meet up full of data preparation, location intelligence, retail insights and case studies from retail. The meet up was hold on 5th of July 2018 in lovely place in Twitter UK venue in central London. We believe that all introduced topics can resonated with you. Because of it, we share the full presentation,
If you’re a strategic development director responsible for expanding your business, you’re probably looking for a new location right now. The number one question you need to ask is: “Where’s the best place to locate?” Finding the right answer is dependent on having the best tools at your disposal. But with so many different variables to c
Not content with relying on traditional bricks-and-mortar stores, savvy business strategists know that combining their offline and online sales and marketing channels is essential if they’re to increase their customers and drive business growth. Combining both is what’s known as omnichannel.
CleverAnalytics feels proud to share some amazing news with our users. Our CleverAnalytics location Intelligence platform has just been reviewed by FinancesOnline, a popular B2B software review platform.
If you’re an expansion director responsible for optimising your branch network, it’s vital that you have the right tools to help you interpret your data. So why do you need to optimise your branch network in the first place? In a nutshell, so you don’t get left behind. Not only are customer perceptions of the usefulness of bricks-and-mortar b
Flyer distribution is a proven, cost-effective marketing strategy for attracting customers and increasing sales. But in these days of online ad placements and social media marketing, businesses tend to neglect flyering. It’s often viewed as an out-of-date concept or a less sophisticated method of drumming up business. But to assume that is a huge