eBook: Not All Consumer Behavior Data Is Created Equal

The Azira Team

5 mins read

How to make more confident, data-driven business decisions using Azira Pinnacle

The past few years have upended the entire consumer and business environment, and the pace of change seems to only move faster and faster. What we knew about consumer behavior two or three years ago has been in flux, and the new “normal” is still uncertain. How can anyone be a data-driven leader and be confident in their strategic decisions in the face of all the challenges?

The answer is to have an on-demand, real-time pulse on consumer behavior around the world at your fingertips—clear, concise insights from data about people, places and products.

At Azira, we call this: consumer behavior data, powerful data that makes you an expert on a place, the people who visit it,  and what they’re interested in. With the power of instant human movement data, Azira Pinnacle and the rest of the Azira Data Intelligence Platform makes everyone a data-driven leader whether you are a savvy data analyst or a line of business user. Azira makes place-based data insights easy to access, understand and share, enabling smarter, more strategic decisions for your business.

Azira Pinnacle provides instant place-based insights powered by the world’s largest source of human movement data. Pinnacle enables rapid data-driven decision making – presenting maps and charts to quickly display meaningful information about the real-world behaviors of your customers and your competitors’ customers, in a privacy-forward way.

Here are five use cases where you can use Azira Pinnacle to make more confident business decisions:

Market Research

Despite being in a period of rapid change and growth, businesses with a physical presence still need to know exactly who visits any trade area, what their interests are and what their visitation patterns are like. They need to be able to evaluate, and reevaluate, any target market.

Human movement data can give you insights to confidently survey any place at scale, whether that place is a neighborhood, a downtown trade area, or an entire city. It goes beyond broad, publicly-available statistics to show you exactly how footfall traffic changes for a target area, whether consumers are visiting there more or less, and even how far they’re willing to travel to get there. And because human movement data is always being updated, the trends you see are trends in real time.

Questions you can answer:

  • What are the up-and-coming areas in my target markets?
  • How has visitation and consumer profiles of the market changed over time?
  • What are the peak hours of activity for an area that I want to consider for a new store?
  • What days of the week / time of day sees the most traffic?

Customer Insights

Every geographic location is unique and dependent on the people who go there. It’s difficult to know who your consumers are and their profile, as it varies from one geography to another.

Human movement data helps you identify your audience by giving you insights into the people that frequent any location. Where do they work? Where do they come from? Where do they live? How far are they willing to travel and how long do they stay? By leveraging human movement data, you can build rich consumer profiles that actually look like real personas, and understand their interests and messages that resonate with them.

Questions you can answer:

  • What are the different segments of my audience?
  • Which audience segments represent my very best customers?
  • What demographics haven’t I reached and how do I connect with them?

Site selection

The cost of opening a new location is high, and the cost of making the wrong decision is even higher. This is true for both parties: potential tenants and brokers. Choosing the wrong location for your business – even by a block or two – can mean the difference between success and failure.

Human movement data enables businesses to make site selection decisions with confidence, down to the exact block, and even which side of it. It provides data on any site’s potential trade area, foot traffic patterns, the performance based on day and time, and how far people will travel to get there.

Questions you can answer:

  • What is the best part of the shopping center to open in?
  • Where do potential customers live and work?
  • What is the site’s potential trade area?
  • What is performance by day of week/time of day?
  • What brands should I bring to the shopping center that would appeal to customers?

Cannibalization studies

Cannibalization is a serious concern for businesses with multiple locations in the same city, and they need to be able to predict whether opening yet another new location will impact existing shops and take customers away.

This is especially true for chain and franchise brands. Fast food brands that undergo rapid expansion need to quickly see how new locations impact their businesses. Franchise brands need hard data to show that new sites don’t actually take away customers from existing franchises, a situation that often leads to monetary compensation for existing franchises due to lost customers.

The human movement data inside the Azira Data Intelligence Platform alleviates cannibalization concerns by showing the impact of new businesses in proximity to existing ones. It also shows in hindsight, what the actual effects were, providing concrete data to what can often be emotionally fraught discussions.

Questions you can answer:

  • What is the trade area for my stores? Do any of them overlap with each other?
  • What would be the effects of opening a new location in various different neighborhoods? Am I missing out on potential revenue?
  • Would any of my franchises lose customers by adding a new franchise location? Would any of them perceive to lose any customers? How can I justify to them that the opposite is true?

Competitive Intelligence

One of the most powerful uses of the Azira Data Intelligence Platform is that it allows unprecedented insights into your competitor locations, at scale. Instead of relying on anecdotal evidence to judge the competition down the street, pick any brand and its location, and instantly know its visitors, visitation patterns and overall trends. Then compare it to yours or the average store within your business’ category, whether that’s a restaurant, retailer or entertainment center.

Questions you can answer:

  • How does my trade area compare to my competitors’?
  • How does my site compare to my competitors’?
  • Do customers have a high/low affinity for my brand, brands that are like me, or competitor brands?
Navigating the New World of Consumer Behavior

It’s true that consumer behavior is changing and that a new world is emerging, but that doesn’t mean we need to rely on gut instincts to make decisions. In fact, more than ever, now is the time to return to business fundamentals of respecting the data. And when you do, you will be the data-driven leader taking your business to new heights.

Human movement data is the key for businesses looking to innovate, grow and disrupt the competition, even in today’s world of accelerating business change. And with Azira Pinnacle, you have a trusted, respected partner that can provide you with real-time, up-to-date insights for more than 70 million places around the world.

Discover what Azira’s privacy-led Data Intelligence Platform can do for your business.