Feature available in beta: PRO PLAN, coming soon in an advanced package.
You have already discovered the basic features of My Metrics on Smappen, now it’s time to go one step further by performing more complex calculations to analyze your areas more precisely and compare them with each other!
Thanks to the various available operations, you can carry out a wide range of calculations by combining population data and points of interest with your imported data.
Perform a calculation on population data
Identify your target by combining several population metrics
For example, if my target is women between 21 and 34, I can create my own personalised indicator by adding together the age groups from the census.
Calculation: female population 21 years + female population 22 to 24 years + female population 25 to 29 years + female population 30 to 34 years
For example, in my 30-minute driving distance in Miami, there are 280,695 women aged between 21 and 34.
Take a Look at the proportion of your target audience within the total population of your area.
For example, if my target is women between 21 and 39 years old, I would like to know what percentage my target represents within the total population of my area.
Calculation: ((female population 21 years + female population 22 to 24 years + female population 25 to 29 years + female population 30 to 34 years) / Total Population) * 100
For example, in my 30-minute driving area in Miami, women aged 21 to 39 represent 9,6% of the population
Take a look at the consumer expenditure potential in my area
Using the consumer expenditure file for your product category, get the average annual household budget for your product category.
The Bureau of Labor Statistics (BLS) offers it for access here (latest available data: 2022 with the main trends of 2023).
For example, if I’m a furniture retailer, I can see that households spend an average of 2602$ a year on household furnishings and equipement.
I will create my metric using the following formula :
Calculation : Households*2602
For example in my 15-minute driving area in Miami, the consumer expenditure potential of household furnishings and equipment is 873,603,286 per year.
Perform calculations and analyzes on imported data
If you have previously imported data onto your map, you can integrate it into My Metrics to perform calculations on this data.
Today, three calculation options are available for imported data:
– Calculation on the number of points
– Calculation on the sum of a column
– Calculation on the average of a column
You can have as many columns as you like:
You can also combine your data with demographic Census data.
Calculate your market penetration rate
Determine the percentage of the area’s population that constitutes your customer base.
Calculation: Number of customers / total population of tyour target x 100
For example, in my 15-minute driving area in Miami, my market penetration rate is 3.63%.
Perform calculations and analyzes on Points of Interest searches
If you have previously created Points of interest searches, you can integrate the results into My Metrics to use the number of points present in your area in your formulas.
Calculate your market penetration rate
Determine the percentage of businesses in the area that constitute your customer base.
Calculation: Number of client businesses / Total number of target businesses in the area x 100
For example, in my area in Miami, my penetration rate is 29,65%.
Assign a score to your areas based on a metric to compare them
The concept of scoring is important when you want to compare different areas. It involves defining a score, based on a specific criterion, to more easily compare areas.
For example, I want to compare my areas based on population to quickly assess if the total target population of the area ensures its economic viability.
I consider that I need around 1000,000 female between 21 and 34 in my area for it to be viable.
I want to rate my areas from 1 to 10 on this criterion :
– 100,000 young women in my area corresponds to a score of 10.
– I will create the following indicator (target population / 100,000) * 10
For example, in my 15-minute driving area in Miami, I get a score of 9.25/10 on the target population metric.
Indeed, if I consider that 1000,000 young women give me a score of 10, here I have 90,536 women. It makes sense that my score is slightly below 10.
To go further :