Misconceptions People Have About Location Data, Director of Real Estate Erin Cobb

05/04/21

Recently, I’ve seen  many of my contemporaries and leading firms posting about location data, cell phone data and AI modeling.

A few quotes from actual posts:

  • “Mobile data is great but seeing a hotspot next to a target isn’t telling me anything, of course it’s attracting customers. I want to know if they’re the customers my retailers are looking for.”
  • “The ultimate (but unrealistic… at least for now) data is having a detailed survey of your customer in a trade area.”
  • “There are a lot of similar products giving the same data results that don’t show sales info or actual customer information.”

I find myself literally talking to my computer screen as I read these statements and saying, “No LOCATE actually tracks YOUR CUSTOMERS and shows you the SALES your new LOCATIONS will have in INCOME from YOUR CUSTOMERS.”

In an effort to not scare my co-workers, friends, or family any more than necessary by having animated conversations with my computer screen… I figured that I should just break it down for everyone with a post.

What Locate Does for Clients:

  • Create customer profiles using cell phone data from YOUR CUSTOMERS from your existing locations. We also layer that with over 200,000 other data points including demos, psychographics, traffic and everything else most other data providers have shown us for years. Yes, this includes behavior Pre-Covid, During, and Post-Covid.
  • Shows Retailers and Landlords:
    1. Migration patterns occurring in populations
    2. New behaviors in customers
    3. Underserved groups of customers by existing locations
    4. Stores underperforming because of location
    5. The best new locations WITH INCOME DATA

Below are some recent questions I’ve received with answers on how we help: 

Q: I don’t have locations yet, or very few… How can Locate help?

A: We can use competitor customer information to help you see what locations are right for you. We build development maps and modeling for many brands, and it’s a service our clients have found to be invaluable.

Q: I feel like we have enough locations and know the markets well enough… Why do we need Locate?

A: There isn’t a single client I have worked with where there was not important customer insights gained from using our tools. It’s often shocking to see some of the results we can reveal in the market and what we can track showing previously inaccessible customer behavior.

If nothing else, it is a technology that was before now unavailable, and every client feels more comfortable confirming educated guesses and maximizing profits.

Q:  I know we need more data but aren’t sure what… How can Locate partner to answer this question?

A: We have a team of dedicated brokers who are pros in the field and partner closely and seamlessly with our data scientists and engineers. There is never a NO or a DEAD END at Locate. We are constantly evolving to meet our clients’ needs and create the next level of insight into Client Success!

If you’re interested in learning more about how we can help you in your site selection process, get in touch with us here.

— Erin Cobb

 

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