MUSING

Maximising Growth Opportunity

by Stephen Wright
27/06/2017
In a world where businesses are continuing to strive to find the best location to launch or grow their business, its strange to always hear of catchment areas been defined by a radius around a store.
 
A radius may be a simple concept that can be easily grasped, however in cities such as Sydney where a large water mass divides the city and its suburbs a simple radius is not really that accurate.
 
A far more accurate method for evaluating a site for your next store would be to use Isochrones. An Isochrone displays the total area that can be reached within a given time and most importantly a mode of transportation. For businesses this is far more relevant and would help them answer questions such as:

  • How many 18-35 year olds live within 5 minutes walk of this store location
  • How many homes could we offer a 30 minute delivery service to
The time that people are required to travel or your product is likely to take to reach the consumer will play a big part in how successful your growth plan is.

Isochrones reflect the total area you can reach, within a given time and mode of transportation”

If you want to maximise your potential growth then stop focusing on radius data and start to understand user journeys using Isochrones.

Mapbox, an open source mapping platform for custom designed maps has created a demo that you can interact with here. The Data Hatch team will of course be playing around with the applications of Isochrones so keep an eye out for a custom demo in the future.

How far do your customers have to travel?

The next time you are evaluating a site for potential set-up or company expansion please consider the consumer journey to your store or the travel time in delivering your product to the customer as it may just mean the difference between success and failure.

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