What can the right data tell you about your branch? How do you know if a branch is in a location that drives in new traffic and clientele, or if it’s not in the proper location to serve your growth goals? The key lies in regional and demographic data. If you don’t have a clear understanding of the demographics that surround your branches and your company as a whole, then you can’t make the right decisions for your future. Without the right data, your branches are as good as dead.
Each branch has unique demographic information related to it and finding that demographic information is the key to success. There are three main data points to consider:
- Business Summary: How many businesses are near your institution? What kind of businesses are near your institution? Are they small businesses, chains, or large corporations? All these questions add up to creating a business summary of your community.
- Census Data: How many people are in the area? What does the average household consist of in your area?
- Demographic Profiles: What is the composition of residents near your institution? What key information can you take from them to incorporate into your business?
A Branch Growth Snapshot Shows the Way
It isn’t just about your financial institution as a whole, it’s about the individual branches and how to optimize them for success. Integrating data into your branch’s strategy is the best way to determine branch location, growth, success, and potential.
Request your Free Branch Growth Snapshot here to determine valuable insights such as where your next branch should be built, whether you should combine two branches into one, where a headquarters could best be built, or if there are valuable consumers you’re missing out on.
You can also Connect with Us today to learn more.
