Site selection software uses artificial intelligence, machine learning algorithms, and geographic information systems (GIS) to help organizations build site models, create sales forecasts, and evaluate real estate opportunities.
The software’s accuracy depends on the datasets it incorporates and the criteria the organization uses to analyze sites. Since numerous factors can impact a site’s performance, businesses need site selection software that utilizes the widest range of criteria and weights them appropriately.
Tango’s site selection software, Tango Transactions, is designed to manage all types of commercial real estate transactions, from new sites to renewals, relocations, and more, leveraging your entire lease portfolio, detailed site analysis, and predictive analytics to help you make the best real estate decisions for your business.
When it comes to site selection, here’s how Tango Transactions gives you a competitive advantage.
Accurately analyze trade areas
In order to understand the opportunity a site presents, you need to analyze the demographics, traffic patterns, geographic details, and other characteristics of the surrounding trade area. Tango Transactions overlays anonymized mobile location data and demographic information on a map to help you gauge where your target market is. You’ll be able to see how the local population aligns with your customer base, where your best customers spend their time, and when different parts of the trade area see peak demand.
You can also identify important points of interest that already generate commerce and activity in the area, such as schools, major businesses, and other popular public spaces. And of course, you can see where each site is in relation to competitors as well.
The more comprehensive your location analytics capabilities are, the better equipped you are to evaluate the opportunities they present.
Identify the best opportunities
You’re not just trying to find a new location for your store or office building. That’s the easy part. As you work through your list of potential sites, you need tools to help you prioritize the best possible locations. That comes from a combination of critically analyzing the trade area and assessing the site’s ability to capitalize on that opportunity.
With Tango Transactions, you can easily add your own custom criteria to create standardized methods for assessing a site’s potential.
Compare similar sites
Of course, to prioritize the best sites, you need reliable ways to compare opportunities. This is where many businesses make mistakes. Their site selection software doesn’t account for variables like store cannibalization or demand generators, or it doesn’t include enough inputs to accurately compare the visibility and accessibility of different sites. This can lead you to believe sites are similar enough to base projections for one on the other, which can cause costly mistakes. Imagine relocating two locations to a new site based on a flawed comparison!
With Tango Transactions, you can compare multiple sites using enough criteria to confidently make decisions.
Combine internal and external data
Your customer data is one of the most valuable components of site selection. Good site selection software should incorporate internal data like this and combine it with other data sources, such as mobile data, to show where you can find more people who look, live, and behave like your best customers.
Your best locations have unique qualities in common, too. While there are broad characteristics that make a site more or less valuable to businesses, there are bound to be specific qualities that make sites more valuable to your industry, and to your business in particular. With Tango Transactions, you can add this criteria to your site models and evaluate your options based on what’s best for your location strategy.
Build site models and sales forecasts you can trust
Most site selection software gives you location-specific datasets and geographic information systems you can use to analyze sites. They also have artificial intelligence and machine learning to help you project sales. But the problem is these solutions don’t collect enough inputs to create accurate site models. Their algorithms don’t have all the inputs they need for those sales forecasts to be reliable. The margin of error is too high.
Tango Transactions gives you everything you need to create site models you can be confident in. With more comprehensive insights into what affects location performance, you’ll be able to draw accurate comparisons, see opportunities before your competitors, and consistently make the right call on real estate decisions.
Want to see what Tango Transactions can do for you?