Build a Better Trade Area and They will Come
August 17 2010 by Steve Collins
Altair will be posting a series of blogs which will focus on the benefits of using a Primary Market Area (PMA) geographic selection to more effectively utilize limited marketing dollars. Over the next few weeks we will address the building, implementation, measurement, and refinement of PMAs to help direct marketers improve marketing selection and increase Return on Investment (ROI).
Here is a brief overview to get you started:
- Defining your Primary Market Area (PMA) using Altair’s proprietary process brings the benefit of better geographic selection at the individual branch level. The ROI at the location level will increase due to the ability to narrow or broaden the prospect pool based on the location’s ability to serve a particular customer.
- PMAs naturally account for surface road access, natural barriers and proximity to your other locations. PMAs also outperform other methods of geographic selection. By using your recently acquired customers as a base, we are able to select prospects individually using the most refined geo coding versus more blunt options such as radius or zip code.
- PMAs provide a relative measure of proximity across the branch network instead of utilizing a constant radius.
- Utilizing PMAs in conjunction with other targeting tools, such as a response model and selection criteria, allow you to further refine the selection of your best prospects.
Next, we dive into what you will need to build and how to build your PMA.
