The FIPS (Federal Information Processing Standards) are geographically placed codes that hold within them the subtle information that is used to facilitate the process and exchange of any said geographical location information. The FIPS Codes appear as 5-digit codes that are distributed to every area. Each State holds the first two numbers in the sequence, and the remaining three depict the county or region; hence there are a total of five digits.
The best use of FIPS codes is to incorporate these into sales marketing. The FIPS codes always use a leading 0 (zero), for example, an area named 4 would not be merely 4 but ‘04′. These can be further narrowed down to block groups and not just a county; this gives a more detailed map of any place, and detail more in-depth data is what is needed for sales to be successful. Further division into block groups from the FIPS code makes a retail site more accessible for customers to locate.
Every decision to open a franchise depends mostly on how much customer traffic the site could potentially receive. Using all the data to exploit an area to monetize the franchise efficiently is the most significant added advantage, and it gives a chance to maximize the sales and choose better territories for the franchise.
The FIPS codes help create maps for the franchise using the available data of the location from the GPS of the surrounding county. Optimizing the territory to give the best results in sales is the goal. When the franchise is located in a multi-brand area, utilizing these codes can help boost sales and get more customer traffic.
The FIPS codes help identify and assign tags to the geographic locations present on the map and make it accessible for people to view and search them with their own specific geocodes.
The whole science between selecting an area where a franchise can thrive and taking all possible measures to make it succeed proportionally act upon each other.
The FIPS are changing how people do their business and get more customer trafficking. Learn more about how GeoMetrx can help your franchise or business optimize FIPS codes.