Improve site selection with local demand insights

Another challenge for many businesses is the need to consider local competition. Restaurants, parking lots, hotels and more business like these often rely on a steady flow of repeat customers. Establishing a business location in an area with a high density of similar businesses makes it particularly difficult to attract and retain customers, making the initial site selection crucial. You can use PredictHQ’s Location Insights tool to analyze how events may impact the competitive landscape, and could help or hinder competitors. Developing a clear picture of the competitive landscape is also useful when considering the potential for future growth and expansion, and for identifying opportunities to differentiate yourself from competitors.

Demand intelligence provides insights into the potential impact of seasonal or event-based demand on a particular area. Event categories such as public holidays and school holidays drive demand significantly higher and lower than usual, creating opportunities for seasonal businesses to capitalize on these occasions. For example, businesses such as hotels and travel tech companies can identify areas that experience an influx of tourists during the summer months, or areas that will be affected by sporting events such as baseball or basketball seasons. Accurate insight into these demand catalysts helps businesses select new site locations based on predictable increases or decreases in demand.