Whether retail, shopping center, or gastronomy: all that counts is success at the individual location. A survey of your target groups at local or regional level provides you with comprehensive information and in-depth insights into the performance of your property and the opportunities and risks at the location.
With INNOFACT Location Analysis Plus, you can get an idea of your location before you make your decision. But we also recommend monitoring your performance at the respective location after the start-up phase and during operation.
All important KPIs can be reliably collected for the respective location, e.g:
- Brand funnel: Awareness, frequency of visits and purchases, range within the catchment area
- Amount of expenditure (per visit/month/year)
- Visitor drivers and barriers
- Advertising recall
- Satisfaction and NPS
KPIs are generated for the entire site and all defined subzones. If required, a query of detailed aspects such as accessibility, parking space situation, price perception, attractiveness of the product range, atmosphere, security, or location environment can also be included.
If the location analysis is carried out for several of your properties, a benchmark of different locations will be possible. By defining relevant regional competitors in advance, a competitive analysis is also possible.
The use of the INNOFACT Location Analysis Plus method makes sense in three situations:
- Before the final decision for a location is made, the needs of consumers or the strength of competitors can be analysed.
- After the decision, but before the opening the positioning of your object in the new location can be fine-tuned or designed.
- During operation: Due to the continuous use of the tool (e.g. once a year) previously defined KPIs can be measured to enable a continuous optimisation process, e.g. of marketing or communication.
The catchment area of the respective location is defined, as well as the subdivision into individual (sub-)zones including the corresponding postal codes, e.g. on the basis of travel times. For this purpose, the competitors in the catchment area are determined, which are queried together with your property. Finally, the target group to be surveyed is defined.
The INNOFACT Location Analysis Plus identifies current customers and non-customers. In this way, appropriate profiles can be created to uncover the drivers and reasons for a visit (= strengths of the location) or barriers (= potentials of the location). Furthermore, the proportion of shared customers with the competition in the last month or last year can be shown. This analysis provides insights into future target groups and shows concrete approaches to optimising your location policy.