Trade Area Audiences
Are you looking to analyze the geographic reach of a specific set of locations? Or, see how your locations stack up against competitors in the same market? With the OnSpot Trade Area tool, you can quickly create an audience consisting of consumers that live or work within a selected radius around these locations. Trade Area audiences can be used for insights, analytics, campaign activation, and attribution reporting.
A Trade Area typically encompasses the majority of in-store customers. Determining the people that live and work within the Trade Area is essential for a business to understand market behavior, segmentation, and effective targeting of customers. The information provided through Trade Area analysis can be used to gain valuable insight into market size, market capture, location planning, new opportunities to inform your 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 a Trade Area audience within an attribution report to understand and segment current customers, potential customers, and to identify potential areas of interest to target digital or direct mail marketing efforts.
- Marketing Segmentation and Targeting – segment current and potential customers by leveraging demographic insights such as household income, age group, presence of children in the household and more. From here, create personas, quantify consumer value, and craft marketing messaging that will resonate with each group 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, 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 – just start with a geoframe audience. The output is placed in the Audience Library and can be used for reporting and activation 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 an existing or create a new Geoframe audience.
- 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.