Ranking and Benchmarking is added to Unacast’s Location Insights Platform
Imagine being able to easily assess foot traffic against your competitors and benchmark performance across zip codes, cities, states, or even nationally. Now Unacast’s Location Insights Platform includes ranking and benchmarking, a powerful tool that will arm businesses with valuable market intelligence.
To see ranking and benchmarking in action, let’s start with a chain grocery store, Hy-Vee, and a state of interest, Iowa.
The state of Iowa mandates that all of their Class “E” liquor licensees (e.g., grocery stores, liquor stores, convenience stores, etc.) make spirit purchase data available to the public. This allows anyone to go to the Iowa Liquor Sales Explorer and view spirits purchased by product and date of purchase beginning January 1, 2012.
Let’s go ahead and use the Iowa Liquor Sales Explorer to showcase the power of Unacast Location Insights Platform’s newest ranking and benchmarking tool.
Looking at all of the spirits purchased from Iowa’s Class “E” liquor licensees since 2012, there is one store that outperforms the rest. This is HY-VEE #3 / BDI / DES MOINES with over $135 million dollars in sales.
Now the question is, what makes this store perform better than all of the other stores in Iowa? Using Unacast Insights, we can start to make sense of what is unique about this Hy-Vee.
Naturally, we would expect that this Hy-Vee location would have the highest, or close to the highest visitation traffic in Iowa. Surprisingly, this location isn’t even in the top five visited Hy-Vee locations in Iowa. With visitation traffic ranking 6th in the state and 3rd in Des Moines, our Hy-Vee of interest gets less visits, but has a higher purchase rate of alcohol.
The ranking and benchmarking tool in Unacast Insights, allows us to see the top three Hy-Vee locations in Des Moines, Iowa. Going one step further, we can compare these three venues to see what may be causing our location to sell more alcohol.
At first glance, the top three most visited Hy-Vee locations in Des Moines will look pretty similar, due to being all the same brand and in the same city. This is when small differences start to matter a lot. Comparing these locations, three small differences come to light. For our main location of interest, we can see that the visit length is longer, there are different population segments, and the age of visitors differs. This tells us that the Hy-Vee we are interested in has more younger visitors (ages 18-29), who stay in the store longer, and belong to unique population segments.
We are only beginning to uncover the nuances that lead this Hy-Vee location to sell more alcohol while having less visitors. From here, we can do further analysis by using the ranking and benchmarking tool to look at this location compared to the other brands listed as selling high volumes of alcohol in Iowa.
Unacast’s new ranking and benchmarking feature allows for incredible market intelligence by allowing businesses to see how they stack up against industry benchmarks. With this new feature, our customers will be able to stay one step ahead all by understanding a location’s strengths and areas for improvement.
To see ranking and benchmarking in action, book a meeting now.
