Last week we wrote about how new and emerging concepts remain the lifeblood of the retail and restaurant industries.
But even though these concepts are vital to the growth and innovation of the industry, emerging concepts and smaller brands face tremendous challenges.
Each industry is filled with well-known slogans, recognizable logos and enduring brands that have been around for years.
So for the emerging brands that are coming of age and looking to play in the same space as the more established brands, one of the biggest challenges they face is the staggering amount of competition.
The Haves and The Have Not’s
We live in an age where customer data gives retailers a competitive edge and serves as the foundation for greater efficiency and expansion – and generally speaking, separates the businesses that are growing from the ones that aren’t.
Traditionally, the larger brands have been the only businesses with enough resources at their disposal to leverage the power of customer data and analytics.
The emerging or small companies who don’t have data, have limited or unreliable data, or don’t have the means/resources to collect data are then forced to challenge those who do.
In short, emerging companies aren’t competing on a level playing field.
Don’t Be Left Behind
Typically those who don’t collect customer data or have limited or unreliable data aren’t able to answer basic questions about their customers or determine what other variables define a good location.
However, not all is lost.
Emerging brands can still get the analytic, data-driven support they need so they’re not walking in the dark when trying to determine the best expansion opportunities and prioritizing markets, trade areas and specific sites.
Buxton’s Emerging Concept Solution is tailored for those concepts that are beginning their growth process and need help illuminating the way to avoid making major mistakes.
We can build a model based on the data points you do have – or if you don’t have customer data, based on profiles of your competitors as well as our extensive industry knowledge and experience.
This model will show you who your customers are and the value they have to your business.
With this information, it’s possible to determine the best trade areas and markets for potential new sites.
And with a customer value site score, you can understand the probability of success at specific sites.
The customer value site score benchmarks how a potential site compares to your existing sites not only based on the customer value scores for residential and workforce populations, but also based on metrics for core customers, cannibalization, competitors, trade area demographics and custom selected variables.
The Bottom Line
There are a number of established brands in the marketplace who will continue to grow, but there will always be opportunities for new and innovative ideas to take root.
With Buxton’s Emerging Concept Solution, you can make informed, data-driven decisions so you can grow with confidence.
If this solution sounds like it would be valuable in your growth efforts, then talk with us today.