The Problem: Accurate Location-Based Audiences
Where should a major beverage retailer sell each of its product lines?
The Problem Solver: Neoway
Neoway Business Solutions provides customer insights on food/beverage operators and retailers to major brands like Unilever and Nestle. Neoway generates these insights by using machine learning on enormous volumes of market data and customer information. Neoway’s clients use these insights to discover new sales opportunities and to optimize go-to-market strategy.
The Challenge: Modeling Store Location Profile
A prospective client of Neoway’s needed to optimize the product-mix of its beverages stocked at restaurants, bars, and stores, based on each location’s unique profile and demographic mix. Neoway constructed a model to predict how well each product line would sell using a variety of data sources, but model accuracy eventually hit a plateau. To win the prospect’s business, Neoway needed to find a way to boost performance past a key threshold.
Enter SafeGraph's Foot-traffic & Store Visitor Insights Data
SafeGraph Patterns is a dataset of store visitor insights which can answer questions like how many people visited a place, where do visitors travel from, and which other brands do visitors frequent.
To determine the shopper profile of a store location, Neoway leveraged two key pieces of SafeGraph Patterns:
- The most common census block groups that shoppers come from.
- The breakdown of Android versus iOS devices visiting a store.
These features proved to be a strong predictor of beverage preference. Once integrated, the accuracy of Neoway’s model surpassed a key threshold set by the client. As a result, Neoway was able to close a significant deal within a few weeks of licensing the SafeGraph data.
Our model hit a performance ceiling, but adding SafeGraph Patterns data helped us break a key threshold which helped us close a major deal.
Future Plans: Estimate Store Sales Volume
Going forward, Neoway plans to also use SafeGraph Patterns data in their model to estimate store sales volume. Neoway also plans to use SafeGraph Patterns to explore a visitor’s brand affinity for related stores. These data integrations will enable Neoway to win more business and to solve more complex problems on behalf of its clients.