As the technology continues to evolve, it has moved from basic site selection to a more detailed market analysis that integrates ever more information from formerly separate databases. “It’s much more complex and offers a clearer insight,” says Powell. For example, geoVue provides a “market ranking and potential analysis” that essentially tells users which markets would be best to pursue based on their set of criteria. The firm’s “market optimization” tool sheds light on how best to carve out territories, helping to eliminate encroachment and cannibalization. And its “site screening” tool helps evaluate locations based on demographic and competitive data. The end result, says Powell, is that franchises are opening up more sites more quickly—and they are higher quality locations. Based on their “perfect store” profile, franchisors can also use geoVue and similar tools to evaluate performance at existing units, says Powell. “They can help you decide where you might need to close a store because of changing demographics or other factors revealed through site analysis,” he says. Describe how those same tools can lead to store closings or store relocations.
As the technology continues to evolve, it has moved from basic site selection to a more detailed market analysis that integrates ever more information from formerly separate databases. “It’s much more complex and offers a clearer insight,” says Powell. For example, geoVue provides a “market ranking and potential analysis” that essentially tells users which markets would be best to pursue based on their set of criteria. The firm’s “market optimization” tool sheds light on how best to carve out territories, helping to eliminate encroachment and cannibalization. And its “site screening” tool helps evaluate locations based on demographic and competitive data.
The end result, says Powell, is that franchises are opening up more sites more quickly—and they are higher quality locations. Based on their “perfect store” profile, franchisors can also use geoVue and similar tools to evaluate performance at existing units, says Powell. “They can help you decide where you might need to close a store because of changing demographics or other factors revealed through site analysis,” he says.
Describe how those same tools can lead to store closings or store relocations.
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