Insights Businesses Can Gain from Radius Maps

Insights Businesses Can Gain from Radius Maps

As companies strive to expand and make sound decisions, they require access to different types of information. One source of valuable data is radius maps, which offer a way to visualize and scrutinize data points. Maps themselves are critical tools for displaying and interpreting information. 

To learn more about what radius maps entail and how they can provide useful insights to businesses, continue reading this article.

What are Radius Maps?

A maps that involve drawing circles around a specific point on a map, such as a city address, building, or latitude/longitude coordinates. Traditionally, these circles were used for locating stores and planning routes, but organizations now use them for different purposes.

For example, let’s say that Business A is opening a new office in a certain area and wants to target sales within a 50 km radius of that office. To achieve this, they can use a radius map that visually represents a circle covering 50 km in every direction from the office. This map enables businesses to view various pieces of information within the circle, including consumer data, stores, postal codes, districts, cities, and more.

Radius maps often display two or more sets of data. The first set of data is centered on the radius circle, while the second set can be positioned within the circle.

The Relationship Between Radius Maps and Data Analysis

Combining with data analysis can be a great way to improve business operational efficiency. By analyzing the information within the circle, businesses can gain useful insights for planning and decision-making. These maps can also be used during meetings to identify potential sales and marketing opportunities.

Moreover, radius maps and data analysis can help marketing and operations teams in various ways such as:

  • Improving sales efficiency by analyzing sales regions.
  • Examining travel time, income, and market share.
  • Mapping all owned properties to determine the distance between them, among other uses.

Benefits of Radius Maps for Businesses

Businesses can obtain various information about locations within a specific area once they have identified the point they want to focus on and created a radius circle. 

This information can be used for:

Create strategic planning

Radius maps provide information such as potential markets to target, consumer locations, and estimating potential income. This data can be used by businesses to create strategic planning. Without a good understanding of the market, business strategies may not succeed.

Business evaluation

Businesses can use distance radius maps to evaluate their performance and ensure that they have the appropriate number of sales teams in a particular area while reducing costs. By analyzing which market areas need attention and which ones are already optimal, businesses can decide to relocate sales teams to areas that have high potential or redirect them to more strategic ones.

Increase location-awareness

Radius maps are often used to increase location awareness in various ways. For instance, sales teams can use this maps to find customers to visit, which helps them plan routes more efficiently. 

Marketing teams can use this maps to find new prospects in different marketing campaigns. Hospitals and health clinics can use it to disseminate information. In addition, this maps allow retailers to know and analyze their competitors’ presence. Businesses also use this maps for expansion purposes.

Know Your Business Competitors with LOKASI Intelligence

We previously discussed how businesses can utilize radius maps to identify their competitors. Such analysis assists in finding market gaps in specific regions and helps businesses gain a better understanding of their operations.

Businesses can take advantage of LOKASI Intelligence to achieve this goal.

LOKASI is a platform that enables businesses to create radius maps for any location of their choice. These maps display information about competitors in the area, allowing businesses to discover potential market opportunities and expand their operations.

Learn more about how LOKASI Intelligence can help businesses by contacting via email: sales@bvarta.com or WhatsApp: 087779077750

FAQ

What are Radius Maps?

A maps involve creating circles around a specific point on a map, like a city address, building, or latitude/longitude coordinates.

How would radius maps work if they were combined with data analysis?

Combining with data analysis improves business efficiency. The data within the circle offers valuable insights for planning and decision-making.

What are the benefits of radius maps for businesses?

The benefits for businesses include strategic planning, business evaluation, and increasing location awareness.

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