What is a catchment analysis & why is it important for your business?
Gain your market insights with catchment analysis
Catchment is basically a defined area around a store, site or venue which can attract customers. The catchment area is the geographic area from which you open your store/business location to attract customers, whether prospective or existing. Your catchment area size depends on the nature of the business, the services/products offered and competitors in the local area. Any business, whether large or small, needs to understand their catchment area and the customer demographics to align their product/service offering, and thereby improve targeting. Catchment analysis is indispensable if you really want to target the right audience. It plays a vital role for evaluation and optimizing the distribution of your network of sales outlets or services.
Benefits of Catchment Analysis
It’s extremely necessary to do a catchment analysis for your business location. We discuss below the benefits of catchment analysis :
- Know where your customers are coming from
- Know the market potential and penetration
- Know your store location coverage
- Choose new sites for opening and close the existing one if it does not work
- Know which locations are performing the best
- Know your customers’ travel schedule and network
- Improve marketing outreach
- Helps to customer targeting campaigns
- Study and analyze competitor locations
- Helps to map customer behavior and mobility patterns
Catchment analysis thus help in making big decisions about where to open new stores or close existing locations.
Catchment Analysis at MarketGenics
Connect with MarketGenics for a catchment analysis report for your new business or existing business.