If you’re a merchant doing direct business with consumers, you know that not all markets are created equal. And neither does your business perform uniformly across metropolitan markets. Whether you’re in the retail, restaurant, entertainment or other direct-to-consumer business, you might have a good sense of your business metrics at the total national level; but it might not be so easy to know your market share, basket size or trip metrics locally – or how your competitors are directly impacting your local market performance.
That’s where 1010data’s latest product launch comes in: with Local Market Insights (LMI), merchants can easily and quickly measure their business performance at the local MSA (metropolitan statistical area) level and compare to the brick and mortar as well as e-commerce competitors of their choosing. By viewing drivers such as basket size, trip frequency or number of unique shoppers, business users can gain insights and take action to improve their performance with market-specific strategies. The tool provides heatmap views, store location data, a market-by-market grid view, and even demographic and socioeconomic overlays per market. You can use the tool to identify:
- Emerging competitors in specific markets
- Underperforming stores or divisions vs. competitors
- Opportunities in growing markets where you currently have limited or no presence
To learn more, check out our Press Release on the LMI tool here. For more detailed information about how 1010data Local Market Insights can help your business measure performance and take insights-driven action by market, reach out to us at firstname.lastname@example.org.