Using Location Intelligence for Competitive Advantage
Location intelligence lets us truly understand consumer behavior – the places people visit, the stores they shop in, and what they do with their free time. We often talk about how this data can be used by advertisers to reach ideal consumers with Gravy Audiences. Yet, this is just the start.
For marketers charged with market research, location intelligence means access to behavioral information about your customers – and unprecedented insight into your competitors. Location data lets you better understand your current customers, and benchmark against your competitors in terms of customer profile, visit patterns, total foot traffic and more.
To illustrate the sort of competitive insights that brands can glean through location intelligence, Gravy’s team of data analysts decided to take a closer look at consumer visits to four major home improvement stores – Home Depot, Lowe’s, Ace Hardware and True Value.
Here’s a sample of what we found:
1. “Hey, big spender…”
Home Depot customers over-index for visits to places like yacht clubs and fine dining restaurants
2. Relax and enjoy the journey
Lowe’s customers make the most of their shopping experience with the longest average time in store
3. It’s a beautiful day in the neighborhood
Truly a neighborhood store, customers of Ace Hardware travel the shortest distance to get there
4. Nothing ruins a Friday like realizing it’s Wednesday
True Value stores are busiest during weekdays – foot traffic drops by half on weekends
5. Wish you were beer
Home improvement shoppers are 6x more likely to be Beer Lovers than the average consumer