Using the Best Data (and Why it Should Matter to You)

Posted by Sam Lowder on Oct 30, 2017 6:13:00 AM

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If you’re in the business of retail development—whether you work in a retailer or other chain’s in-house real estate or research team or are a broker or developer trying to fill your shopping centers with solid, long-term tenants—it’s not enough to collect data. You want the best possible data that gives you accurate information upon which to make decisions.

For SiteSeer, data quality matters to us because it is the measure by which our clients can evaluate our product. We’re proud of our client service and the robust functionality of our tools, of course, but none of that matters much if clients can’t trust that SiteSeer will give them accurate market intelligence. We are able to work with any data source our clients prefer, but if you have no preferred provider or experience to draw on, you can rest assured that the data providers we select are the best at what they do.

Meet Our Demographic Data Partner, Synergos Technologies, Inc., maker of STI: PopStats

Our predecessor companies, ROIC analytics and x-span results, relied on Synergos Technologies (STI)PopStats for demographic data for many years before SiteSeer Technologies was formed. PopStats is the most accurate demographic data available—and that’s not just lip service. When compared to the most recent United States Census (2010), PopStats achieved a high degree of accuracy at every level of geography: national, state, county, tract, and block.

Not every data provider takes the time to compare its results to competitors and the Census to verify its accuracy. PopStats field tested its data to ensure accuracy (and found it to be more accurate than any other data provider out there), but STI does several other things that work to the advantage of its clients—including SiteSeer. For example:

  • Quarterly data – PopStats updates its data every January, April, July, and October, not just annually.
  • Block and block group – PopStats captures data at both block and block group levels.
  • Trends – Unlike other providers, PopStats includes current quarter and eight previous quarters of population data in every release, as well as other critical trending data.
  • Transparent methodology – STI shares the fundamentals of its product methodology with users. All you have to do is ask!

What SiteSeer Looks for in a Data Source

Partners like PopStats make SiteSeer great—and while we are “data agnostic” in that we can work with any source our clients desire, we are selective about the data we choose as the “standard” for the majority of our clients.

If you’re one of the following…

  • A retailer or restaurant chain
  • A franchise
  • A broker or developer

…and your goal is to open new locations or fill your shopping center, you’re probably looking for a tool that will help you make data-based location decisions as you evaluate and select new sites. However, keep in mind that your site selection software could be excellent, but if the data behind it is inaccurate, your information will not be reliable.

When Choosing Data, Ask These Questions

Whether you’re selecting data for your own software or choosing a platform to evaluate sites and make smarter location decisions, these are a few of the questions you should be asking about a data provider:

  1. What other businesses does the data provider support in your space? (In other words, how familiar are they with your industry?)
  2. What is the data provider’s allocation method and can they explain their approach to you?
  3. How does their data compare to the U.S. Census 2010 figures?
  4. Can you import your own data or third-party data?

And, if you’re working with data through a license via a tool like SiteSeer, be sure to ask…

  1. What reports are available and how easy it is to create one-off reports you need only occasionally?
  2. Can you approach the data provider directly with questions about how to understand their numbers?

We’re proud to partner with PopStats and invite you to learn more about how they help us and our clients enjoy greater confidence in their research using leading quarterly population and demographic data. If we can answer questions about how PopStats powers SiteSeer, contact us today at (866) 524-2804.

 

 

Topics: Retail Data Analysis, Demographic Data, Data Partner, Retail Industry, Data Quality