How to Identify Underserved Markets Using Smart Location Analysis

For entrepreneurs and small business owners, finding the ideal location is critical. Whether you’re planning to open a new childcare centre, a retail store, or any other local business, understanding the demographic and competitive landscape of potential locations is crucial. With Smart Location Analysis, you can leverage data to identify underserved markets within specific catchments, helping you make informed decisions about where to establish your business.

Step 1: Define Potential Areas

Start by identifying a few general areas where you believe your business could thrive. For example, if you're targeting families with young children, consider suburban areas known for their family-friendly environment, such as Raheny, Churchtown, Malahide, or Dun Laoghaire in Dublin. Drop a pin in the middle of each of these areas using the Smart Location Analysis tool.

Step 2: Set a Generous Travel Area

Next, define a travel catchment area around each pin. For initial analysis, a 10 to 15-minute drive radius is ideal. This will give you a broad understanding of the population density, demographic makeup, and the presence (or lack) of competitors in each area.

Step 3: Analyse the Data

Once your travel area is set, run the analysis. The tool will generate a detailed report covering various data points such as the number of families with children, available amenities, and existing businesses within the catchment area. Review these reports to see which areas align best with your target demographic and have fewer competitors. For instance, you might find that Churchtown has a high concentration of young families but a limited number of childcare services—a prime opportunity for your business.

Step 4: Narrow Down the Focus

After identifying the most promising general area, you can further refine your search. Drop additional pins within the chosen district to analyse smaller, more specific catchments, such as different neighbourhoods within Churchtown. By narrowing down the catchment area, you can pinpoint the most optimal location for your business within a broader district.

Step 5: Create a Shortlist

As you narrow down your options, you’ll develop a shortlist of highly targeted locations. These areas should not only meet the demographic criteria for your business but also offer limited competition, making them ideal for your venture.

We are currently conducting market research and as a consequence for a limited time, the Smart Location Analysis service is available for free, so head over to our start page and give the service a try.