Either as a new business owner or a seasoned corporate executive, have you ever made an important business decision you later regretted?
Maybe your company opted for seemingly ideal store locations, only to realize the surrounding markets won’t support them. Or you devoted a big chunk of your budget to marketing campaigns that are returning few tangible results.
If any of this sounds familiar, you’re not alone. Many businesses are facing similar issues on a regular basis.
The good news is that there’s a very easy way to avoid these pitfalls. It’s called business intelligence.
Check Out eSite, Inc
At eSite, Inc, big decisions are based on scientific data that leaves little room for disappointment. Headquartered in Charleston, South Carolina, Esite uses specific types ofbusiness intelligence called spatial analytics to analyze timely business data in order to develop location-based strategies that reduce a business’ risk and boost sales.
The first step is gathering data. A lot of data. It might be collected from loyalty cards, transactions or other sources depending on the type of business.
Then, those mountains of data are analyzed. As an example, this could mean determining where a new business’s ideal candidates live and mapping out nearby office spaces that would provide the short commutes they crave.
Finally, it’s all converted into easy-to-read maps, charts and other graphics. It’s with these visuals that executives can very easily decide where a brand is most likely to succeed.
By using this analytic system, businesses can reduce risk, improve business operations and boost sales. eSite has helped companies increase annual sales potential by as much as $16.5 million just by altering a catalogue mailing list.
And it’s not just Fortune 500s that are benefiting from this type of business intelligence. Here are some of the many ways smaller companies can use it, too:
When a company is in the right place, the location will do most of the selling for it. It’s very common for our clients to experience overall sales growth of 10% or more when opening new stores in existing markets…and those gains continue long after the grand opening enthusiasm has passed.
Create Successful Marketing Strategies
This is a common way to use spatial analytics, particularly in the business-to-consumer market. One chain we work with recently experienced an immediate 7% boost in sales after it discovered a high concentration of affluent customers living close to its existing locations—and overhauled them to appeal to those big spenders.
For companies that rely on one-on-one appointments, such as healthcare networks, no-shows are expensive. Spatial analytics can help with this, too. By predicting when a prospect is likely to cancel, one company is saving more than $1 million every month.
Yes, business intelligence can even help lenders avoid bad investments. In fact, a recent eSite analysis found that our firm could have saved a commercial bank hundreds of millions of dollars by predicting, in more than 50% of cases, when a borrower was likely to default.
Can a business succeed without spatial analytics? Possibly. Can a business turn even greater profits with it? Absolutely.
When you’re in the right place (whether it’s a storefront, office or investment) and that location is working for you 24 hours a day, 7 days a week, it’s impossible to fail.