As you may recall in our previous post about Business Analyst Online we were able to look at the demographic profile surrounding our retail locations to get a better understanding of each retail location. We took a closer look at the stores in Sydney as they were performing very well and were able to see a trend in the demographics. See the previous post entitled “Business Analyst Online Has Arrived in Australia (Part 1)”
Today we are going to look at using the “Smart Map Search” functionality to identify other locations that have similar demographic profiles to the stores in Sydney that are doing well.
Using the smart map search we can select up to five variables, set the ranges for the variables and view the results.
If we remember from our previous Business Analyst post the stores in Sydney were strongly performing, we are going to use the same customer profile from these areas to find a new market to break into.
Using the successful customer profile that we attribute to our Sydney store’s success we can go ahead and use that customer profile within the “Smart Map Search” to find out where there are other areas that have similar characteristics.
We can customize our smart match search to our exact customer profile. Using the slider within the interface to interactively see which areas contain the desired demographic profile as you can see highlighted in blue below.
As we use the smart map search results display on our map we can pan around Australia we can see that there are a few areas throughout the country that have similar customer profiles however we are interested in those around Melbourne. It looks as though they have high numbers of people ages 15 to 44 and the areas also have high levels of purchasing power in a densely populated area.
As we zoom into Melbourne we can see that there are a few areas that meet our criteria. By expanding the table view on the left we can see a bit more information about these areas as well as specific values for each demographic value we were searching for. As we hover over each area within the map display the corresponding area is highlighted in the table to the left.
You can change the level of demographic area to view and get statistics on by navigating to the drop-down menu. The areas that are available are from the state through to Statistical Area Level 4 which the most local statistical area represented in Business Analyst Online.
There are many more functionalities within Business Analyst Online that can serve as powerful tools and help you make better informed locational based decisions about your business. You can try out Business Analyst Online for free for 30 days by clicking here. Enjoy!