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SiteScan White Paper

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SiteScan White Paper

  1. 1. PCensus White Paper Know your Customers, Understand your Markets, Find Winning Sites Michael Simon Director | Location Research T: 1-800-663-1334 ext. 309 E: msimon@tetrad.com www.tetrad.com
  2. 2. Three Steps to Find Winning Sites with PCensus - Step 1. Describe your customer’s demographic criteria. - Step 2. Create a custom market potential index with SiteScore. - Step 3. Screen markets across North America and find winning sites with SiteScan. In a few clicks, PCensus’ SiteScore and SiteScan tools can evaluate thousands of potential trade areas (circles or drive time polygons) to identify the sites that that best fit your specific business needs. SiteScan screens markets to identify high potential location options:
  3. 3. Step 1 – Know Your Customer Demographics <ul><li>To demonstrate how PCensus can help your company with its site selection efforts in new, and unfamiliar markets, consider the following example. </li></ul><ul><li>In this example we target key customers exhibiting what we will nickname a “Wealth Builder” lifestyle. Here are the key demographic factors: </li></ul><ul><li>“ Wealth Builder” Demographic Factors: </li></ul><ul><ul><li>An age profile of 30-39 years </li></ul></ul><ul><ul><li>Married families with children under 6 years of age </li></ul></ul><ul><ul><li>High household income </li></ul></ul><ul><ul><li>High incidence of home ownership </li></ul></ul><ul><li>Note: These demographic factors are only being used to illustrate the concept of the PCensus’ SiteScore and SiteScan tools and may not describe your specific customer segment. </li></ul>
  4. 4. Step 2 – Understand Market Potential with SiteScore <ul><li>“ Wealth Builder” Key Target Demographic Variables with Weightings: </li></ul><ul><ul><li>Number of persons aged 30-39 years (weight x3) </li></ul></ul><ul><ul><li>% aged 30-39 years (weight x2) </li></ul></ul><ul><ul><li>Number of households earning $70,000 and over (weight x3) </li></ul></ul><ul><ul><li>% households earning $70,000 and over (weight x2) </li></ul></ul><ul><ul><li>Number of owned homes (weight x2) </li></ul></ul><ul><ul><li>% of owned homes </li></ul></ul><ul><ul><li>Number of married families with children (weight x2) </li></ul></ul><ul><ul><li>% of married families with children </li></ul></ul><ul><ul><li>Number of children under 6 years of age (weight x2) </li></ul></ul><ul><ul><li>% of children under 6 years of age </li></ul></ul><ul><li>To evaluate the potential of new markets and trade areas, PCensus can devise a multi-variable market potential index (using SiteScore) based on the key demographics of your target customers. </li></ul><ul><li>If required, we can apply weightings to each demographic variable in order to emphasize the increased importance or contribution of specific factors in the overall scoring system. </li></ul><ul><li>For each variable in this example, we will assess both the totals number (quantity) of customers as well as the overall percentage (quality) of the total population that they represent. </li></ul>
  5. 5. Step 3 – Find Winning Sites with SiteScan <ul><li>The final step is to run PCensus’ SiteScan to screen an entire market and identify optimal locations. </li></ul><ul><li>SiteScan enables you to draw a box around the market area that you want to analyze. In this example, a major market was selected and sub-divided into a site selection grid of 0.5 by 0.5 mile cell spacing. The center point of each grid cell represents a potential site location for a possible store location. </li></ul><ul><li>Around each site, we instructed SiteScan to draw a 3 mile ring radius to represent the trade area from which the majority of customers are expected to visit. This step can use either a specified ring radius or drive time zone. </li></ul><ul><li>For each site’s trade area, PCensus scores and profiles the demographic variables based on a percentile ranking vis-à-vis all other potential sites across the market. </li></ul><ul><li>The SiteScore for an individual site is the sum of all scored & weighted variables for that trade area, divided by the total number of weightings to normalize the score between 0-100. </li></ul>SiteScan will automatically profile and score each site until it screens the entire market.
  6. 6. Visualize Results & Identify High Potential Sites <ul><li>Every potential site in the market was assigned a colour based on the spectrum: gray (&quot;cold&quot;) for the lowest market potential scores, to bright magenta (&quot;hot&quot;) for the highest scores. </li></ul><ul><li>By locating a new store in a “hot” area, your company is guaranteed to have access to the greatest presence of the specified key target customer demographics. </li></ul>&quot;Wealth Builder&quot; Hot Spot Legend (3 mile proximity around sites) Site Score Index Key Demographic Scoring Factors: - Age 30-39 years - H'hold income $70K+ - Owned homes - Married families - Children under 6 yrs 90+ 80 78 75 0 70 Optimal Excellent Good Low
  7. 7. Drill Down to Evaluate Submarket Trade Areas 1. Submarket Hot Spot Map: 2. Submarket Demographic Profile Report: Metro Area Benchmark Index = Base 100 Submarket Indexes over 100 indicate above average target demographic potential &quot;Wealth Builder&quot; Hot Spot Legend (3 mile proximity around sites) Site Score Index Key Demographic Scoring Factors: - Age 30-39 years - H'hold income $70K+ - Owned homes - Married families - Children under 6 yrs 90+ 80 78 75 0 70 Optimal Excellent Good Low
  8. 8. PCensus Support – We’ve got your back… <ul><li>At Tetrad, we’re there to support our PCensus users every step of the way. </li></ul><ul><li>Our staff are knowledgeable advisors that can provide answers and solutions to your tough real estate locational and target marketing problems. </li></ul><ul><li>Our goal is to ensure you get the greatest possible benefit from our solutions. Tetrad offers additional support in the form of: </li></ul><ul><ul><li>Personal Live Meeting/WebEx Technical Support </li></ul></ul><ul><ul><li>Online Knowledgebase </li></ul></ul><ul><ul><li>Extensive online help </li></ul></ul><ul><ul><li>User Guide and Tutorials to get started </li></ul></ul><ul><ul><li>Customized Training </li></ul></ul>For more information or to schedule a demonstration contact: Michael Simon Director | Location Research T: 1-800-663-1334 ext. 309 E: msimon@tetrad.com www.tetrad.com

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