Defining a specific trade area is a fundamental step in any business market analysis. Determining a trade area helps to establish boundaries around the geographic regions where up to 75 percent of your customers are likely to come from. A thorough trade area analysis can also help you uncover key demographic information about your customers that allows you to more precisely target and maximize your marketing efforts.
Trade areas can be broken down into two basic types:
A trade area analysis should be conducted on a regular basis and should take into account a number of factors. Examples include:
Business Maps are an extremely valuable trade-area analysis tool as they help you visualize specific areas of interest exposing hidden sales opportunities and possible gaps in your marketing strategies. Map Business Online is an affordable, easy-to-use online mapping software that is an effective trade-area analysis tool helping you:
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