Creating Fair and Equitable Territories
In the past, some businesses based territories only on residential population numbers, or arbitrarily drew up territories using a wall map.
What this meant is that territories were often later found to be too large, or too small, impacting on growth of a brand and the success of each individual territory. For businesses that operate under a territory framework, creating territories that are fair and equitable is critical.
Geotech Information Services assists businesses with territory mapping and planning, to create the most optimum territory plans, and answer key questions:
- Should I base my network on territories?
- How many stores or territories can I fit into a market?
- How do we make our territories equitable?
- What kinds of people live or work within a specific territory so that I can market to them appropriately?
Territories or Primary Marketing Areas (PMA's)?
Whether a brand should have territories or not is an important and critical consideration. Once territories have been defined, and potentially put into legal agreements, it is difficult to go back if later it is determined that the territories were too large. This then severely limits growth of a brand.
While some businesses still prefer to have legally binding territories, which is most relevant for service or mobile based businesses, others prefer to have more flexible primary marketing areas (PMA’s) instead that are non binding. This then allows for an operator or franchisee to market to and operate within their PMA, but avoids the legalities and growth limitations that come along with formal territories.
Geotech Information Services assists businesses determine whether a territory planning or PMA approach is the right approach, based on their industry and brand.
Local Area Market Profile Reports
Local Area Market Profile Reports can be ordered for territories and PMA’s, to gain an understanding on who lives and works in a territory, and what they spend their money on.
The Local Area Market Profile Reports provide information on consumers living and working in the area at a local level, so that they can be targeted more effectively.