Maximize market potential by using Unacast trade area data
Trade area analysis is a vital piece of business strategy and used to find out where people visiting a location traveled from. This information is then used to help inform site selection, competitive intelligence, forecasting, marketing and more. While understanding where visitors come from is key, there is a second question that is even more valuable; and that is why they travel.
Unacast has expanded its popular trade areas feature to give customers a head start in answering the where and why of trade areas. Now, trade areas analysis is even easier using Unacast’s Aggregated Foot Traffic datasets and Location Insights platform. Both products include the ability to see the trade areas of a location by census block group and zip code. Even more, these trade areas can be seen for home and work locations. Multiple ways to analyze trade areas allows customers to answer the real question of why people are traveling to certain locations.
One way to do this is to look at trade areas by type:
- Convenience trade areas: These are areas where people frequently visit for everyday needs such as groceries, gas stations, and pharmacies.
- Comparison trade areas: These are areas where people may travel to compare prices and products, such as shopping malls or car dealerships.
- Destination trade areas: These are areas that people travel to specifically for a certain product, destination, or event, such as high-end luxury brands, popular tourist attractions or concert venues.
Determining the trade areas by type is crucial in understanding the motivations behind people's travels. By analyzing which type of trade area a location falls into, businesses can better tailor their strategies to align with their target audience. For example, a convenience store located within a convenience trade area may focus on promoting its everyday essentials and convenient location for quick stops, while a shopping mall in a comparison trade area may highlight its variety of stores and competitive prices. Trends in travel patterns can be further enhanced with patterns from their social, mobile, and web behaviors. This can be done by layering Unacast’s Aggregated Foot Traffic datasets and Location Insights platform with Spatial.ai’s powerful PersonaLive psychographic data.
Whether it's attracting new customers or retaining existing ones, having a thorough knowledge of trade areas is crucial for any business looking to thrive in today's competitive market.
Trade area analysis completed using Unacast’s Aggregated Foot Traffic datasets and Location Insights platform, will provide businesses with a deeper understanding of their target audience, where they come from, and why they travel.
Unacast’s data analytics and insights are built on much more than just GPS-based data supply; we also take into account historical visitation patterns, weather, and more than 40 other features, making our analytics and insights both more robust and resilient to future changes in the data supply. Powered by proprietary machine learning and validated against ground truth data, Unacast’s models have recorded an R-squared of up to 92% , widely considered to be best-in-class.
To transform your business strategy using trade areas, book a meeting now.
