Retail Research Requires Quality Tools and Data

Posted by Michaele Charles on Mar 27, 2023 8:00:00 AM

Shutterstock_529248622We might sound like a broken record, but if you’ve been keeping up with SiteSeer’s blog for a while now, you know that in good times, bad times or uncertain times, our advice is the same: do your research.

In the world of retail, research is everything. It enables you to know about the markets you serve, the markets you want to serve, your customers and their needs, spending habits, challenges and lives. Quality research can identify new opportunities as well as things you need to change about your business and approach.

Quality Market Research Requires Quality Tools

As you know by now, quality research also requires that you know how to do it. And that is the hard part for many businesses! You need tools (software) to help you, and you need data to “power” those tools. SiteSeer is one such tool, and we might be biased, but we feel it is the easiest to use on the market and we are confident it is one of the most affordable.

One of the favorite features about SiteSeer is that the software can use any data source that our clients like. That means that if you have a preferred data source for demographic data, cell phone data, foot traffic data or some other type of data—great! SiteSeer is data agnostic and can work with any data source you provide as an input, along with any of your own internal data—on your customers and their buying habits.

But if you don’t know what data to use, that’s OK too. We can learn a little about what your goals and needs are and recommend data providers to consider.

Data + Analysis = Valuable Insights

To do excellent analysis, you need data to analyze. Yes, you can purchase data and that data can power SiteSeer. However, we remind our clients that one type of data cannot answer every question you have as you make site selection decisions. Multiple data sources will always be better, but with a limited budget, you’ll need to be thoughtful about what you are seeking to understand most—both about your competitors and the customers you’re striving to serve and attract to your business. A few examples of the data you can analyze in SiteSeer below: 

  • Demographic data includes data such as population, household income, labor force and dwellings. Our demographic data partners, Synergos Technologies Inc. (STI: PopStats) and Applied Geographic Solutions, offer population data as well as other data: consumer lifestyle, spending patterns and more.
  • Mobile activity (cell phone) data is often referred to as “foot traffic” data. It’s valuable when a retailer wants to analyze consumer movement to understand competitive trends and behaviors of the shoppers who frequent their locations. Our data partner, PlaceIQ, offers location data that provides a window into the movements of millions of unique users. This data can answer questions about the consumer journey.
  • Business location data is exactly what it sounds like: data about where retail businesses are located. This data is offered through ChainXY, which provides insights into thousands of retail, restaurant and service chains covering the U.S. and Canada. (Be sure to check out our recent webinar replay on studying your retail competition, with ChainXY as our guest speaker!)
  • Traffic data is valuable for retailers and chain businesses (as well as real estate professionals developing and leasing sites) that want insight into traffic patterns around existing and potential locations. We have partnerships with companies like INRIX for clients who want this kind of data.

These are just a few examples, of course, but the point is that whether you’re operating in great times or challenging ones, market research requires that you do your homework. Good tools are one part of the equation. Good data to power those tools is another essential component.

And a third component is a team with experience and knowledge. Your team’s expertise matters most of all, but it is always valuable to have allies you can trust to guide you. SiteSeer is here to help. Whether you are confronting changes that look a lot different than those your business has faced in the last few years since the onset of the pandemic or you’re seeing similar issues, we can help you understand…

  • The current consumer landscape for your industry
  • Your store portfolio’s vulnerabilities and strengths
  • Your customers and their habits and needs
  • Your competitors and which ones are your biggest threats

Our software is very intuitive to use, but if you need guidance from our SiteSeer Professional Services team or just a little help getting up and running, we’re here to support you. Call us today at 866-524-2804 or request a demo to learn what SiteSeer can do for your business as you’re expanding, right-sizing or both.

Take a demo of SiteSeer

Topics: Market Data, Data Partner, Analyzing Retail Sites, Data Quality, Site Selection Analysis, Cell Phone Data

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