How to open a profitable store in your city?
Every day retailers all over the world face the same problem – where to open a new trade point? How to attract customers and make the store profitable? Geomarketing science – the direction of marketing at the junction of geography and classical marketing research helps to solve this issue. Most the largest retailers have been using geomarketing researches in their work for a long time.
Geomarketing operates a huge set of various data – statistical and demographical indicators, pedestrian traffic data, mobile signals data, marketing information. Instantly, with any data which have geo-referencing. The presence of geo-referencing is the most important point for this type of researches, because it is necessary to analyze the spatial distribution of a number of factors. These factors may be: permanent population density, active population density, transport accessibility, competitors’ presence (both internal and external), income level, points of interests. All these parameters can be analyzed with GIS technology.
However, entrepreneurs who wish to conduct a geomarketing analysis may face the following obstacles. GIS technology requires the knowledge of specialized professional software. This means searching and hiring an experienced GIS expert or a GIS company, who will do the research. Of course, this is an additional cost for business.