Go up
Exploring SimplyMap Data: Retail Market Power
Posted on Apr 10, 2015 by Admin
In this week’s SimplyMap report, we explore one of the newer datasets available: Retail Market Power®.
What is it? In short, the Retail Market Power® dataset helps users identify opportunities within the industry they are targeting. These gaps are identified by analyzing expenditures and retail sales. Marketers can focus on targeting areas where the expenditures far exceed the total sales.
Let’s take a look at an example.
Scenario: You are thinking of opening up a jewelry store in your ZIP code, but first you want to determine if there is a need for one, and discover if people in the area readily buy jewelery.
Solution: First, open a Standard Report and use your ZIP code as the location. Next, navigate through the Retail market Power category in the Variables menu to find jewelry store expenditures and sales in your location. After selecting the correct variables, close out the Variables menu to generate your report.
The report is shown below:
According to the above results, there is a fairly large gap in the jewelry store industry in the 44146 ZIP code where expenditures are greatly exceeding sales. Many residents must be spending their money at jewelry stores outside of the ZIP code, creating an opportunity for more jewelry stores to site locally.
The above scenario is a brief look at this dataset. Explore the other 17 category folders and let us know some interesting figures you come across!
Lastly, don’t forget to enter into our Winter Sweepstakes where we’ll be giving away an iPad and Kindle Fire! Details here: Winter Sweepstakes!
More from SimplyAnalytics
Posted on Apr 23, 2018 by Admin
Hello everyone and welcome to this week’s blog. This week we will discuss how to create and utilize filters for your research. Why Use a Filter? Filters are a great way to identify target...
Posted on Nov 29, 2009 by Admin
The ALA 2010 Midwinter Meeting will be held on January 15-19, 2010 at the Boston Convention and Exhibition Center. (Note that this is not the Hynes Convention Center). Geographic Research...
Posted on Jul 30, 2015 by Admin
One great feature within SimplyMap is the ability to track the same variable across multiple years. In this report, we will track the percentage of households in the US ordering items fro...
Posted on Apr 07, 2020 by Admin
As COVID-19 spreads across the United States researchers need access to the latest data visualization and analytics tools. As a result, the SimplyAnalytics team just added COVID-19 data ...
Posted on May 06, 2016 by Admin
Visit us at booth #775 at the ALA 2016 annual conference to meet the SimplyMap team and learn more about the features and functions behind SimplyMap. Have a Ghirardelli Chocolate while we...
Posted on May 17, 2016 by Admin
This week’s SimplyMap report is a quick reader challenge. Can you guess what the map of the United States below is depicting? Keep in mind the legend colors - lighter is less, and darker ...
Posted on Jun 01, 2014 by Admin
Visit the SimplyMap team at the ALA Annual Conference and Exposition in Las Vegas later this month. We will be at booth 1271, offering product demonstrations, tips & tricks, and of co...
Posted on Feb 25, 2020 by Admin
SimplyAnalytics will be exhibiting at the PLA Conference, held this year at the Music City Center in Nashville, TN on February 26 - 28. Visit the team at Booth 1444 with your questions, f...
Posted on Jan 23, 2015 by Admin
SimplyMap offers a total of 5 unique types of reports: Standard Report, Ranking Report, Business Report, Ring Study, and Location Analysis. This brief write up will define what each repor...
Posted on Oct 29, 2015 by Admin
Did you know that SimplyMap allows you to search for businesses by NAICS or SIC codes? Searching by these codes is a great alternative to the general keyword search. Using the keyword sea...