Targomo has added two features – location ranking and correlation analysis – to its location analytics platform TargomoLOOP, making it easy to shortlist the best locations and find likely success factors. Furthermore, users can access more data and analytics options with a new pro plan.
The ranking feature helps users to quickly shortlist the best locations for a new branch or business. An overview of a dozen locations and their ranking is available in seconds. It shows how well a location over- or underperforms compared to the average values of locations for the selected variables and which ranking it has in the network. This makes it easier to pick the location that scores best on criteria relevant for the business.
The second addition, correlation analysis, allows users to find potential success factors for their locations. The feature shows how location variables, such as household size or income groups, relate to performance indicators, such as revenue. With the help of a plot chart, all locations are mapped on a graphic to see how, for instance, a certain age group correlates with revenue. That age group could be a critical factor for performance.
“We are constantly improving our location analytics platform to generate new insights for our users,” says Patrick Schoenemann, Targomo’s CEO. “Retailers and real estate managers often have to search through dozens of locations to find the best one for their business. Shortlisting them with our ranking tool is now easy and fast, leaving more time to analyze the most valuable sites. Correlation analysis will further ease the goal of picking a new location, by revealing factors that relate to success.”
More Data and Analytics Options
In addition to the new features which are available in the free version of TargomoLOOP, users can access more data and analytics options with premium plans. ‘TargomoLOOP Pro’ enables businesses to optimize their network of branches by analyzing white spots, competitor networks, clustering effects, and potential click & collect points as part of an omnichannel strategy. Additional data includes household income statistics, total spending power and movement data that makes it possible to target specific groups and areas with high foot traffic. Users can easily upgrade to the new Pro plan within the platform.
Businesses with a large number of branches and the need for even more advanced analytics can select Targomo’s enterprise solution. This plan offers customized services, such as revenue prediction, cannibalization analysis and assortment optimization. Advanced analytics leverages the full potential of artificial intelligence, big data and machine learning techniques to optimize a large network of branches.
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Location analytics platform TargomoLOOP supports managers in different industries to analyze locations and quickly see their potential in terms of catchment area, customer base and reachability. Knowing how many people and which kind of people a location can attract helps businesses to determine whether it will perform successfully.
Targomo has already helped dozens of organizations in Europe and overseas to effectively use location data. Established businesses such as Oxford Retail Consultants in Britain, Dutch real estate platform Funda, and German beverages retailer Getränke Hoffmann benefit from Targomo’s services. The platform allows every organization to quickly and easily analyze locations and gain new insights.