Harnessing location data to attract new businesses
To remain competitive and profitable in today’s business environment companies must focus on everything from recruitment and retention to future consolidations and expansions. When relocating or expanding operations, data-driven location analysis often plays a pivotal role in identifying deficiencies and opportunities for each site or community.
Data-driven location analysis is also used by cities, counties, and states to support their economic development initiatives. New North is a collaborative organization driven by a mission, vision, and values to catalyze regional prosperity and business investment. This includes working with local companies to understand their expansion criteria and responding to requests for information (RFIs) from large companies outside of New North’s geography to support them in establishing a presence in the 18‑county area.
Partnering with GIS experts for strategic location insights
By working with a qualified firm, businesses can engage with advanced technology experts who navigate geographic information systems (GIS) mapping as part of a partner network. With this expertise, detailed and interactive maps can be developed to provide a comprehensive view of a geographic area or a specific location.
Tailoring maps and layering detailed demographics allow GIS technology professionals to help businesses evaluate a wide range of factors, from the availability of skilled labor to the proximity of related industries, ensuring that reliable data supports every aspect of decision-making.
The benefit of comprehensive location analysis is that it looks beyond the high-level site aesthetics. It forces companies to establish clear priorities and the associated metrics that will drive their relocation, expansion, or business startup decisions. For example, in the commercial sector, companies might evaluate factors such as industry health, client concentrations, population density, internet access, proximity to related businesses, and customer loyalty ratings. Additionally, employee metrics, such as workspace quality, commute times, K-12 education quality, and access to medical services, play a significant role in identifying the strengths of the local workforce.
Focusing on priorities with data-driven insights
Once data for all the criteria is gathered, it can be ranked based on the established priorities. So, if internet access is a top priority but proximity to a major highway isn’t critical, locations with ample internet service may rank higher.
The rankings can be shown visually to help companies quickly see areas that are more beneficial for them based on their priorities and identify others that may pose more challenges. These insights enable businesses to make well-informed decisions that align with their business objectives.
Existing property owners can also leverage the power of data-driven location analysis to strengthen their market positioning. By utilizing GIS technology, property owners can create detailed, interactive maps that highlight key advantages such as proximity to essential services, local demographics, and access to transportation networks.
These insights allow sites to be marketed more effectively to potential buyers or tenants by showcasing how the location aligns with their business needs. This approach not only enhances the property’s appeal but also maximizes its value in a competitive market.
Another way to analyze prospective sites is through virtual tours. ISG collaborated with New North to add drone footage with virtual tours of gold shovel sites on their website. To learn more about the New North’s economic development partnerships throughout the region, click here. Their efforts continue to attract new businesses to the region, driving economic growth and prosperity for all.
Danyelle Pierquet, PLA
ISG Project Executive
