Location Insights for Branch Network Optimization
If your company operates business locations such as stores, pick-up points and branches, you are at the right place. Business Locations are essential but very expensive assets. Location Insights can help you improve Return on Investment, increase sales, control costs, increase customer satisfaction and more!
How does Branch Network Optimization work?
Who is Branch Network Optimization for?
Our clients using Location Insights for Branch Network Optimization are usually banks, insurance companies, retailers, and real estate - enterprises for which location directly impacts its business or operate business locations. Business locations can be ATMs, branches, shops, malls, pick-up points, development sites or partner locations.
Branch Network Optimization
Whether you want to open, close, relocate your business locations or monitor its performance, Location Insights will help you support your decisions.
Data in a location context is crucial for any business that operates business locations. Any location's performance is under the influence of surrounding factors, such as points of interest, purchasing power in the area, proximity of competitors, demography, etc. CleverMaps helps you to put together all the vital information, so you can:
- Increase the Return on Investment by meaningful optimization of your Business Location Network. Open, close, repurpose or relocate your locations based on the customer's needs.
- Evaluate the impact of internal and external competition on your business locations using catchment area analysis.
- Find new potential locations (white spots) for your business with a prediction of potential revenue.
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Step 1: Situation Analysis
It's all about setting a benchmark. Does the performance of your branch network meet your expectations? Does your branch network have desired coverage? Analyze where you stand in the current situation.
Typically we work with sophisticated statistical correlation analysis where we derive and measure positive and negative influences of location factors on revenue or profitability of the branch or shop. This is an excellent way of showing the symbiotic between external and internal data. Advanced methods such as decision trees and machine learning are deployed depending on the used datasets.
The result is a set of KPIs which have a significant positive/negative impact on the branch performance. Each KPI can have a different weight depending on its significance.
Within this analysis, we understand the whole network performance and dependencies and check each location on how it performs against the benchmark and its real potential.
Step 2: Save and Cut Costs
By meaningful optimization of your Business Location Network. Open, close, repurpose or relocate your locations based on the customer's needs, which you will learn from your internal data enriched by external factors.
Based on the defined benchmark and correlation analysis, we will be able to undercover the branches that are not performing to your liking. Often, the performance problem lies in the specifics of the location, for example, high competitive pressure (internal or external), poor accessibility of the place or not enough target customers in the area.
CleverMaps provides you with all the necessary information to support the difficult decisions; close, repurpose or relocate underperforming locations.
Step 3: Continuous Optimization
The market situation is constantly developing, new competition is rising, consumer habits are changing, and COVID is shaking things up. Keep all the changes under control to achieve maximum performance.
A newly awakened competition, demographics changes, customer habits and preferences, and your own company strategic plans, all of these changes make branch network optimization an ongoing and complex activity.
CleverMaps provides all the needed data and the powerful Location Insights tool to help you achieve your business goals.