The Problem: Making Commercial Real Estate More Data Driven
How can the commercial real estate industry make more accurate data-driven location decisions?
The Problem Solver: IdealSpot
IdealSpot’s local market research platform allows companies like Smile Direct Club, Pluckers Wing Bar, & First Tennessee Bank to understand new customer demand trends, track changes in local competition, & make data-driven local market decisions.
The Challenge: Accurately Modeling Local Market Conditions
Before SafeGraph, IdealSpot had pulled in a variety of local market data sources which covered shopper demographics, consumer spending behavior, and vehicle traffic. Many of these insights were based on consumer survey data or in-store sensors.
As IdealSpot went deeper down the rabbit hole of modeling markets with those data sources, they realized that they did not have enough reliable information on how existing business establishments are performing at any particular place and time.
The survey data was unreliable due to being self-reported & infrequently collected. In-store sensors provided more accurate statistics, but weren’t a scalable enough solution to be relied upon to power IdealSpot’s entire platform.
IdealSpot realized that using anonymized location data could solve both the scale and accuracy problems they faced. However, dealing directly with the raw location data was prohibitive due to the significant technical complexities & costs of ingesting, aggregating, and analyzing this massive data feed.
Enter SafeGraph’s Points of Interest & Foot Traffic Dataset
SafeGraph’s foot traffic dataset gave IdealSpot the value & power of anonymized mobile device movement data but in a condensed, privacy-sensitive, easy-to-use format. This enabled IdealSpot to easily integrate location-data based insights into their platform, which allowed them to go-to-market faster with a better product.
SafeGraph data gave IdealSpot an extensive and reliable perspective on local market conditions across America and enabled IdealSpot to model business performance in ways that were impossible before.
SafeGraph data is incorporated in many places in the IdealSpot platform.
For example, SafeGraph's foot traffic data powers IdealSpot’s competitive analysis reports. The below image come from an analysis of a candidate Circle K gas station, and shows the popularity of nearby competitor gas-stations.
The below brand-affinity report shows which other brands visitors to a Circle-K went to at higher than baseline levels during the same month.
IdealSpot’s platform uses SafeGraph’s points of interest & business listing data in its underlying spatial aggregation engine. The spatial engine is what allows IdealSpot’s customers to get insights on businesses that are not just nearby, but the full & relevant local market.