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Every component of business thrives and excels with efficiency, whether you want to run the entire company, or you'd like to manage your marketing team. The easiest way to optimize your company's operations is through improved revenue, lower operating costs, or any combination. Outside of these features, improving the sales and marketing efforts should also help increase the business's growth and overall success. To capitalize on these initiatives, use analytic tools to build a deeper understanding of your company's data. Most often, the best place to start is with a heat map.
What is a Heat Map?
A heat map collects different data sets and presents them as color-coded circles. The colors will represent different densities, depending on a specific radius of influence. The color becomes heavily saturated should a particular area hold a highly concentrated value, according to the user's preference. A business owner can manually adjust the circle's radius for the heat map, bringing further insight into the geographic stats that could otherwise go unnoticed.
Anyone creating a heat map should opt for multi-color varieties with specified colors for different densities. For example, establishing a bright red color for high concentrations and a pale pink for lower concentrations. Alternatively, individuals can choose a single color with varying opacity or shade.
What is Found within the Heat Map?
A heat map offers the user many different types of data, particularly details that might otherwise become difficult to identify on a spreadsheet. These details could include saturated physical areas, lower populations of customers on the map, and specific areas holding the highest places of revenue.
Deciding the Market Availability
Whether you're looking at a physical store location or want to deliver your products through eCommerce, heat maps help identify which customers hold access to your brand. A gradient map may show organizations where the stores are located within a specific region (namely, store locations used as a reference point against other data sets). A business owner can then evaluate the customer's location compared to the potential store address. Any market availability can also highlight future store expansions concerning the physical target.
Determining Sales Density
Understanding your sales density is another core benefit of heat mapping. These metrics outlined on a spreadsheet can frequently be used with geographic heat maps, helping users determine the sales data associated with geographic locations. A heat mapping tool will highlight areas without service or underserved sales territories needing further contact.
Deciding on Sales Territories
Understanding whether a sales territory is functioning at optimal levels isn't an easy task. When a specific area appears to function above other groups, adjusting the territory boundary may be necessary to optimize contact with all clients. A heat map can help business owners determine whether the current sales territories perform optimally by reviewing the ongoing geographical map connected with the accounts.
For instance, due to popularity, a local downtown core may require additional representatives to split the area into ideal regions. Alternatively, a rural area will likely need fewer representatives, despite a larger geographic area. All businesses should remain cautious of establishing boundaries based on city or zip code. Instead, they should consider dividing the territory based on the capacity to engage without sacrificing the quality of care.
Understanding Key Components of Heat Maps
A heat map provides critical information about current data, including the business's performance within each area. For example, a company can use heat maps to determine the most popular products within a community. The heat map can also decide which sites are best targeted for marketing or advertising efforts or whether the conversion rates are high enough for a specific area. These target audiences might suggest a preferred product, or they might indicate items not appealing to the population within those areas. By pulling detailed advertising information in these areas, businesses can boost sales and revenue long-term.
How to Develop a Heat Map for Business Mapping
Building a heat map starts with software. Most often, this is a third-party mapping program. This software will take location-based data and transform it into an easy-to-understand map. From there, users can adjust the radius, widening or narrowing the map's focus. Once the user develops the map, they can incorporate a color scheme of the heat map, the area's radius, and the design's opacity. When finished, the map will fully integrate into a heat map. Users can print the map as a PDF file, image, or attachment. Alternatively, users can hold the map as a reference piece.
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