We’ve written on the SiteSeer blog before about how to study your competition during the site selection process. It’s an entire section within our Site Selection 101 ebook and something we always encourage clients to keep in mind, whether they are a chain of restaurants, retail stores, entertainment venues or health care clinics.
Topics: Competitive Analysis, Webinar, Competitive Assessment Tool
No matter what business you’re in, understanding both supply and demand is essential. If you’re a chain business that is expanding your store base, you’re doing so under the assumption that what you have to sell is in demand. In other words, your product or service is not only appealing to consumers, but there is room for more of it in the marketplace. But what does that mean? Is there truly untapped demand and if so, how do you measure it?
Topics: Smart Retail Growth, Real Estate Analytics Tool, Market Research, Competitive Analysis
There is no question: data and analytics have totally changed retail site selection. Today’s companies use software like SiteSeer Pro to determine where their best customers are located and analyze potential sites that would best attract those customers (and new ones). Choosing a location based on gut feel will no longer cut it. Site selection software has the power to tell retailers and other chain businesses what markets they should prioritize as they consider expansion, what locations will yield them the most success, where the competition is and much more.
Topics: Hotspot Analysis, Market Research, Retail Site Selection, Site Selection Software, Analyzing Retail Sites, Competitive Analysis, Customer Analysis, Client Service, SiteSeer Professional Services
Topics: Retail Data Analysis, Analyzing Retail Sites, Competitive Analysis, Site Selection Analysis, Webinar, Data Queries
Step #3 in our Site Selection Checklist for making smart site selection decisions is study your competition.
Too often, we see companies do lots of homework on their customers and trade area and launch right into an expansion plan. Understanding your customer is indeed vital to your success as you grow. But there’s another side of the equation that is extremely important: understanding who you’re going up against.
Topics: Market Research, Retail Industry, Retail Site Selection, Site Selection Software, Restaurant Industry, Restaurant Site Selection, Competitive Analysis