How can my team leverage big data to close deals faster?

Answer:

With the right analytical tools, big data can help you narrow down your prospect list to a few retailers that would be a perfect match for your space. This allows you to focus your efforts on the most likely prospects, instead of wasting time calling retailers that won’t be a good fit. 

What data can help identify and evaluate prospective tenants? 

A variety of data points can be helpful in the prospecting process, including the following:

  • The retailers’ site requirements, such as traffic count, square footage, demographics, and proximity to other businesses
  • Customer reviews and social media conversations
  • Mobility data, such as shopper movements within buildings  

What tools are needed to make sense of big data?

Analyzing millions of data points can be time-consuming if you don’t have the right technology to bring it all together. Machine learning algorithms make it significantly easier to aggregate and interpret disparate sources of data. 

Rather than rely on spreadsheets, third-party database solutions typically provide the most efficient means of accessing the data and analytical tools you need to close deals faster.

Author

Gary Stevens

A retail real estate professional since 1986, having held leadership positions as both landlord and tenant for such companies as Samuels & Associates, Staples, Inc., Lifetime Fitness, Sears Holdings, Ahold Real Estate and RPT [NYSE].

Other frequently asked questions

Retailsphere can help you discover, reach out to, and manage new retailer relationships.

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