In a highly competitive industry, real estate analytics can play a vital role in capturing the attention of potential franchisees and then identifying real estate opportunities for current franchisees. Self Esteem Brands, which owns and franchises Anytime Fitness, Waxing the City, Basecamp Fitness, and the Bar Method, found the analytics tools they needed with SCOUT and custom analytics from Buxton.
Through this application, they were able to identify the best performing locations and prioritize markets for expansion. Self Esteem Brands' VP of Real Estate and Construction, Mark Norman, and Senior Real Estate Manager, Bob Folsom, have been using Buxton's SCOUT tools and reporting to make deals and find new opportunities for franchisees.
The Buxton team spoke with Mark and Bob to learn more about how they have leveraged Buxton's analytics to support franchise sales and guide current franchisees with a competitive edge. Here’s what they shared.
Use Case #1: Identifying High-Demand Markets with SCOUT’s Customer Profile Features
Identifying the right markets for investment is critical for the success of a franchise system. To make an informed decision, it is important to rely on data-driven analyses. This analysis can tell you whether the market you are considering has the right concentration of households with an affinity for your brand.
One way Mark and Bob leverage SCOUT is to identify markets that are more likely to yield success for their brands. They use Buxton's trade area analysis to pinpoint where their existing customers are coming from and identify areas with similar demographics and psychographics. This enables them to focus their efforts on markets with higher potential for success and avoid wasting resources on areas that don't match their customer profile.
According to Bob, "Buxton's customer profile helps us comprehend the characteristics of our top customers and locate new markets with a high likelihood of success."
Use Case #2: Selecting Ideal Sites with SCOUT's Site Selection Features
To identify the best locations for your brand, it's important to have a clear understanding of the factors that contribute to a successful store in a given trade area. Additionally, if you're working with multiple brands, you need to consider which one will be the best fit for the location.
Another valuable way Self Esteem Brands leverages Buxton's real estate analytics is to identify ideal sites for their brands. With SCOUT, they can overlay their customer data with a variety of other data sources such as traffic counts, competitor locations, and demographic trends. This enables them to make data-driven decisions when selecting new sites and negotiating leases, ultimately leading to a more successful franchise operation.
As Mark explains, "SCOUT's site selection analysis helps us identify the best locations for our brands by providing a comprehensive view of the market."
Use Case #3: Understanding Growth Opportunities with SCOUT's Forecasting Features
When a franchisee is considering an investment, the financial implications can be significant. It's important for potential franchisees to work with a team that understands what it takes to make the venture a success and instills confidence.
Mark and Bob use Buxton's custom forecasting tools to estimate growth opportunities for new franchisees. This helps them make more informed decisions when expanding their franchise operations and ensures that they are maximizing their potential for success.
"We use SCOUT's forecasting tools to leverage key data points and growth opportunities for new franchisees, which helps us determine whether a market can support another location," says Bob.
The Bottom Line
Self Esteem Brands' success with Buxton's SCOUT features and reporting showcases the importance of real estate analytics for franchisors. By leveraging Buxton's tools, Mark and Bob have been able to make data-driven decisions that have improved their franchise operations and provided new opportunities for their franchisees. Whether you're in the retail industry or another competitive field, Buxton's real estate analytics can provide insights that help you gain a competitive edge and drive success.
How is your team using the Buxton Platform to solve real-world problems? We’d love to hear your story! Contact us at clients@buxtonco.com.
