International Debut for SiteMarker under the Auspices of Pitney Bowes Software
And Important New Functionality.
SiteMarker, which launched in early 2013, is set to hit the international stage. Pitney Bowes Software, owners of the MapInfo brand, commissioned ST Group to enhance the product for international release this month.
Predictive analysis is the process of selecting, exploring, analyzing, and modelling data to create better business outcomes. SiteMarker is a gravity model analytics tool that combines modelling with street and road network infrastructure and demographic data, in order to predict possible site locations. To this end, ST Group developed the site analysis tool, SiteMarker which allows analysts to determine the best markets and the optimal number of sites within those markets in order to maximise the retail network, whether that means building new stores, consolidating branches or filling gaps that exhibit high potential. This is achieved through scoring and ranking markets based on the potential and identifying and ranking viable target sites within markets. SiteMarker also enables you to produce a detailed store forecast and allows you to model the potential impact a new store will have on existing stores.
After producing significant additional functionality, the product is now ready for a more general audience throughout the world and ST Group have entered into an international distribution agreement with Pitney Bowes Software for the sale of the product on an international basis through their branch and partner network.
The additional functions revolve mainly around the catchment zones around selected sites based on customer data associated with those sites. This customer data might include various views of customer spend, whether weighted or not and whether on particular products or at particular prices. It is now possible to select a base geometry layer to build catchments from and define which column is the weight column to be used in the later methods. By combining this existing customer and market data with SiteMarker’s site modelling capabilities new store turnover can be predicted. By using demographics, drive time and trade area analysis, which locations will serve the most customers, which locations will divert business from competitors and which will tap into new markets can be discovered. With SiteMarker, the characteristics of the most profitable customers can be identified and choices made about the evaluation of the next best customers for effective site selection.
It is now also possible to choose one of four methods to define the store catchment and set the parameters for that method. These methods include:-
- Selecting a percentage of customers and then creating the isochrones/buffer that contains that percentage of the nearest customers
- Selecting a percentage of customers and then determining the nearest customers using aggregated customer data within the base geography
- Selecting a percentage of customers and then determining that percentage of customers from the most contributing base geographies
- Selecting a percentage of customers and then determining that percentage of customers from the most penetrated base geographies
There are options within each of these methods, mainly related to buffers or isochrones or single site or multi-site analyses. For multi-site analysis it is possible to generate non-overlapping versions of methods 2, 3 and 4.
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