OnSpot allows users to quickly create a Trade Area audience which consists of consumers that live or work within a selected radius around a location. Trade Area audiences can be used for insights, analytics, campaign activation, and attribution reporting.
Determining the people within the Trade Area for a business is essential to understanding market behavior, segmentation, and effective targeting of customers. A Trade Area typically encompasses the majority of in-store customers. The information provided through Trade Area analysis can be used to gain valuable insight into market size, market capture, location planning, guiding marketing strategy, and more.
Here are some of the ways Trade Area audiences can benefit your business.
Market Behavior & Research
Creating a Trade Area audience will allow you to perform analysis on:
- Market Reach – understand how many people live and work within the Trade Area. This can be useful to understand a location’s market and sales potential, market demographics, and commuter behavior, which can be used in evaluating store performance and future location site planning.
- Market Capture – Use attribution reports for a target location with the Trade Area audience to understand and segment current customers, potential customers, and identify potential areas to target marketing
- Marketing Segmentation and Targeting – segment current and potential customers and leverage demographic insights such as household income, age group, presence of children in the household and more to identify personas, quantify consumer value, and craft marketing messaging that will resonate with them to increase sales.
Localized Marketing Campaigns
A Trade Area audience can be activated for both digital and direct mail campaigns, which allows you to target those that live or work in this specific area. You can cultivate brand loyalty with customized messaging for current customers, and create customized acquisition campaigns for residents, commuters, and communities that are home to commuters.
Foot Traffic Analysis & Attribution
Our robust attribution reporting tool can help you identify how many people within the Trade Area have visited your location over a specified period of time, as well as zip codes where they live, and the number of first-time and repeat visits. Multiple time frames could be identified to get an idea of foot traffic trends and can be combined with sales data for further analysis around the performance of the location.
In just a few clicks, you can build a Trade Area audience:
Building a Trade Area audience is simple – all you need is a location to start with. The output is placed in the Audience Library and can be used for reporting and activated for both digital and direct mail campaigns just like any other location-based audience. To build a Trade Area audience in the OnSpot UI just follow these simple steps:
- Select and existing or create a new Geoframe audience. Note that the audience must consist of a single Geoframe.
- Click the 3 dots to the right of the Geoframe audience and select “Create Trade Area Audience”
- Make the following selections within the pop up menu and save your audience.
- Create an Audience Name
- Select the Trade Area radius (1, 2, 5, or 10 miles)
- Select if the audience should include Households (Residents), Workplaces (workers and commuters) or both
- Add your audience name & tags
Contact us today for more information on Trade Area audiences.