Making the big decisions at your business can be extremely difficult. Should we open a new branch in that location? Should we add a café to our store? Or extend our hours? How do tourists find our brands as they travel around the region?
Without a crystal ball, there’s rarely a simple answer. Major strategic questions are complex, but we can provide the best analysis possible to make optimal choices for your business. Paymark Corporate Insights provides answers to important business questions, working in conjunction with leading data analytics and research partners. We bring together information from a wide range of sources to paint detailed pictures of the current situation so you can better extrapolate for the future.
How we can help
We help businesses understand:
• Customer segmentation
• Spending behaviour
• Catchment profiles
• Competitor benchmarking
• Share of spending opportunities
• Pricing analysis
• Customer origin – local or international
• Direct marketing
• Strategies for growth
With more than 1.2 billion transactions going through our network each year, representing 70% of all electronic transactions, we are capturing an almost universal view of the value, time and location of spending in New Zealand – which can tell a very powerful story about consumers and their behaviour. It is important to note that all our data is aggregated and anonymised to protect the privacy of merchants and consumers. By collaborating with leading data analytics and research partners, we can combine transaction data with demographics, mapping, consumer surveys and intelligence. When we bring all that information together and analyse it, we can learn an enormous amount about how customers behave now and better predict what they will do in the future.
Together with our partners, Paymark data has helped some of New Zealand’s leading brands understand their customer better.
Custom data for superior decision making
One client, Brand X, was trying to decide whether to open a new retail store in a shopping area in Mt Wellington, Auckland. Setting up a new store isn’t a cheap exercise – would it be worthwhile? We used detailed analysis of buyer behaviour in the catchment and surrounding areas, demographics, income data, transaction data, competitor profiling, and consumer surveys to come up with the right information.
We found that 42% of those living in the catchment area did shop in the area, and a high proportion of the residents had significant household incomes and were in the right age bracket to become Brand X shoppers. Spending in this specific shopping area had doubled in the previous two years. All points in favour of a new store. But shoppers didn’t think about the area as a destination for the type of products sold by Brand X. Around a fifth of customers told us they were prepared to travel further, to a bigger centre, to get products from Brand X or its competitors. The team at Brand X took a look at all the research and decided not to open a store in that specific location.
Another client had a broad product range but was wondering whether to widen it further. By analysing the spending journey of its shoppers, we were able to show that people typically bought commodity grocery items before or after they visited our client’s store. By stocking milk and bread those items, the client has been able to increase the amount of time and money spent in store.
What’s your big question?
If your business has a thorny, multifaceted question that needs answering, Paymark Corporate Insights is here to help. Alongside our research partners, we can find and analyse the data you need to find the answers you’re looking for.
If you’d like to understand how our data can help solve big problems for your business, email [email protected]