Plan and promote new store locations

Plan and promote new store locations

Find the most profitable location for your store and market it to potential customers

• How can I find the optimum site for a new store?
• How can I find out more about customers in the area?
• How can I estimate demand for a new store?
• Where and how can I advertise our new store?

Siting a new store is an expensive and risky business. Especially if you don't get it right. Analysing and understanding factors regarding your potential customers, transport links to your store and competitors, gives you a better chance of success.

Easily identify the gaps in the market and saturated areas by displaying the various criteria critical to retail success in Prospex. This includes:

• Transportation links
• Natural store catchments
• Competitor store locations
• Buying habits of the population
• Lifestyle characteristics of prospects
• Customer drive times and distance analysis
• Customer facilities in the area (e.g. petrol stations)

Find the optimum site for a new store

Identify the optimum location for your store by importing additional retail data into Prospex, such as grocery expenditure and spending patterns to compare with population data in the area. Link this with your own customer data and internal software to drive marketing decisions, including promotional offers from postcode sector ranking reports, responding directly to your consumers' needs.

Estimate demand in a new area

Estimating demand in a new area is key to establishing whether your store with succeed or fail. The Profiler wizard in Prospex allows you to classify your existing customers, using a people classification such as P² People & Places, Acorn, PRIZM, CAMEO or MOSAIC. Use this to identify how many people in the new area are similar to your existing customers. Prospex calculates the probability of these people buying your products, thus estimating the demand for your business in this area. Compare your customer profiles with the population profiles of other areas to work out which location will generate the most revenue.

Effective store promotion

Estimate how long customers are likely to travel to reach your store and then simulate a core 'advertising' area around your store, for example of 30 minutes, using the Drive Time wizard in Prospex. Colour code all the postcode sectors reached in ten, 20 and 30 minutes to display a catchment map banded by drive time minutes. Use this map to target your direct mail to properties within your catchment so advertising spend is not wasted on people out of reach.

Export your drive time catchment directly into JICREG to run a readership report on that area. View the catchment with the appropriate newspaper titles overlaid on a map for instant assessment of the best publications to advertise in so that you promote your store to the most suitable and maximum number of customers in the area.

Find out more about Prospex

To find out more or to buy Prospex, call us on 01904 701020 or complete our enquiry form detailing your requirements.