To market a store, owners often assign teams to search for locations in the neighborhood that their customers might reside in or often visit. These agents research the entire area on foot and based on their impression of a place, they decide where to focus marketing efforts.
However, 90% of the reality of a location is not captured by such research. Besides, as concerns grow and social distancing becomes the new norm, people scouting around may not be welcome in every area.
To help you in adjusting to the new normal, DataSutram has come up with a strategy- a Location Intelligence-driven Market Connect tool to make door-to-door marketing quicker and more efficient.
Case Study: Pharmacy Retail Chain
In most areas, you can find a pharmacy on every street. When opening a new one, what can you do differently to ensure your pharmacy is a success?
The answer is to, Micro-target hyperlocal demand hotspots that have immense sales potential. To explain, we break down ‘Hyperlocal Demand Hotspots’ into 4 categories and explore how to ‘Micro-Target’ each of them.
Taking a 2km catchment area around Store A, it was found that there are 120 societies. Out of these, which ones should Store A target? Which have high sales potential? Which have no pharmacies nearby?
With Location Intelligence, you can pinpoint all societies and decide which ones to contact on a priority basis based on various external factors such as:
- Distance From your store
- No. Of Units In The Society
- Affluence Level
- Proximity To Existing Pharmacies Nearby
- Expected Demand From Each Society
A complete and precise list with society name, contact information, and priority is generated for the marketing team to contact.
This method has proven to increase conversion rate by 50%.
Consumer Hotspots refer to the places that target customers often visit. In the case of pharmacies, Consumer Hotspots are the Doctors & Clinics nearby. Alerting the doctors practicing nearby of the pharmacy’s presence will help them answer their patients’ questions on where to find prescribed medicines.
But which clinics and Doctors make effective targets?
To identify them, first, we locate all doctors & clinics nearby and assign each one a score based on the ratings, reviews & votes received by them.
Then, we analyze the Catchment to find the areas where the doctors do not have pharmacies nearby.
Furthermore, the specialty of each clinic is also enlisted to help build targetted advertisements and understand which products to push.
For eg, Since Store A is surrounded by Dentists it would be advisable to push oral-health related OTC products.
E-Commerce Customer Base
By geo-coding customer data, you can identify the customers living in the vicinity of the store. A list of all such customers complete with their contact information is generated, to alert them of the store’s presence.
High-Traffic Roads Nearby
One of the most crucial aspects of a store’s success is visibility. If you don’t appear in front of your ideal audience, they will end up choosing another store to go to.
To estimate your store’s visibility, we analyze the Traffic trends on the roads surrounding the store to identify the number of people that come across the store as part of their daily commute.
Visibility & Market Connect are the two pillars of a store’s success. To gain both, businesses put in weeks of Market Research and spend enormous amounts on Marketing.
Location intelligence paves the path to make Market Research 10 times quicker and accurate up to a 100m granular level. Looking into the various location characteristics, it can identify the locations with your target customers’ presence. Thus pointing out ideal areas for advertisements. Its application has reduced marketing burn by up to 40%.
With data-driven consumer insights, you also know which products to push in an area. Hence, facilitating Market Connect and helping you better understand your customer’s demands.