The goal of any successful business, is to ensure that they are operating to their maximum potential, and that they evolve and grow their business over time.
There are two main ways of achieving this, with the most successful businesses having a diversified approach, incorporating a combination of both strategies.
The first is via active growth strategies, where new products, services, or new site locations or territories are sought.
The second is via organic growth, where businesses seek to optimise the performance of products, services, stores or territories that they already have.
Geotech Information Services assists businesses in optimising the performance of their existing networks, to ensure stores and territories are operating to their full potential.
Network Optimisation Solutions
For businesses that are looking to optimise their existing networks, often it is the lowest performing stores or territories that are targeted.
However, the lowest performing stores in a network are not necessarily the ones that are under performing, or the ones that have the greatest upside if action is taken to improve performance.
Geotech Information Services can assist businesses in understanding which stores or territories are over or under performing market potential. Investment can then be made to understand why certain stores are under performing to determine if specific actions can be undertaken to improve performance.
It is important to determine why some stores are also over performing market potential, whether it be the store has a good operator (manager or franchisee) or whether some other factor is leading to their over performance that the network can learn from.
Improving Performance Through Network Optimisation
A popular Quick Service Restaurant (QSR) brand had a number of low performing and under performing stores in their network.
By undertaking a network optimisation approach, Geotech Information Services identified that there was inconsistent branding and signage throughout the network, and signage placement on stores was often difficult for consumers to see. It was identified that this was part of the reason some of the stores in the network were performing so poorly.
It was found that by improving signage placement and brand signage consistency, there would be a quantifiable and significant uplift in revenue at select stores. This then allowed the QSR to focus on the stores where improvements in signage and branding would have the most significant uplift in revenue. As a result, the QSR significantly increased revenue of some of its most under performing stores in the network.
Incorporate prediction modelling as part of your network optimisation strategy to forecast sales or performance of an existing store, to then determine which stores are under performing potential so that action can be taken.