Location typically plays a big role in the relationship between consumers and the businesses they support. Families consider factors like school districts and commute times when buying homes, and business owners consider where their customers are buying homes when buying or leasing retail space. Where your business calls home can dramatically impact nearly every aspect of your operations, from marketing efforts and signage to delivery routes and business hours.
However, real estate site selection is an expensive commitment that can prove costly if done wrong. With the right data backing their decisions, businesses looking for new real estate options — especially amid this ongoing pandemic — can mitigate risk in selecting the right property. When navigating the ongoing and changing needs of your current customers and potential neighbors, you can use location intelligence to strategically identify a business location that benefits both your bottom line and your customer base. Here are a few strategies to consider.
Comparison shopping for neighbors
Understanding residents’ habits is helpful for planning business locations. Analyzing foot traffic patterns to understand where residents of a particular area frequent and where they come from, as well as their buying habits, can give you a better sense of the particular demand your business will generate in a given area. If you focus on understanding the residents in your neighborhood of choice, you can be sure your business will add something fresh.