Market research is an integral component of a business’s growth and success. It’s a very broad topic that covers various strategies, and one of them is business retention and expansion. This strategy’s initiatives are frequently developed by economic development groups to help communities connect and grow businesses. Moreover, they can use business information to influence strategy and manage difficulties.
Business intelligence is a powerful data solution on its own. However, location intelligence can considerably enhance it. Location intelligence is based on human movement patterns. It can give economic development organizations the data they need to understand how current consumer behavior affects businesses in their regions.
In the following paragraphs, you can learn more about how location intelligence can help businesses retain and expand by improving market analysis, giving deeper insights, and prompting better decision-making.
Location Intelligence Can Boost Your Market Analysis
Following the formation of a business retention and expansion program team, it conducts a market analysis so that it will have a better understanding of how firms in the chosen region are operating. Existing or potential client attributes, as well as other information about the trade region, are among the data collected.
Following that, surveys can be utilized to acquire more targeted information. By incorporating location intelligence into this process, it is possible to enrich the initial data obtained for market analysis by including real-world consumer behavior patterns.
Consumer foot traffic data is useful in this situation since it can give analysts further insight into any changes in community business activity, consumer preferences, or trade regions. Consumer patterns can then be plotted for local, regional, and national interest areas.
It Enables You to Better Understand Business Retention and Expansion
Following the completion of the data analysis, the business retention and expansion team can contact businesses in the relevant communities. Interviews with business leaders in these towns can provide further qualitative data. When meeting with these enterprises, economic development agencies can give a more detailed, data-driven business retention and expansion strategy to help provide insight into potential difficulties.
To give you a clearer picture, you can have a business with significant internet sales but limited foot traffic at its brick-and-mortar site as an example. This company’s leaders can collaborate with their local economic development groups to explore alternative locations in the area more suitable and aligned with known client preferences.
These firms could use location intelligence to do site selection analytics that contains the additional data they want. If the company is happy with the new location and wishes to extend its retail footprint in the future, it can engage with the business retention and expansion team to conduct another site selection analysis based on location information.
It Greatly Aids in Your Decision-Making
Consumer trends, which are evolving at a faster rate than ever before, will continue to influence your company’s decisions regarding total customer retention, business retention, and expansion. When you fail to meet current consumer expectations, you’re more likely to fall behind in your industries and your competitors. This is why location intelligence is inherently vital to any business owner.
Conclusion
Location intelligence is just the right approach to data collecting and analytics to establish effective business retention and expansion plans. It gives economic development agencies timely data and necessary additional insights to collaborate more successfully with local firms. This can improve market analysis and give the information needed to develop solutions to problems like locating new development locations or attracting clients.
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