How to Conduct a Market Research Analysis with Location Intelligence

How to Conduct a Market Research Analysis with Location Intelligence

We all know that in order to succeed as a business, knowing your market is crucial. Market research is often conducted via customer surveys that have the ability to let companies catch a glimpse into who their customers are and what they want. 

What if there was a better way to capture the whole customer profile? Imagine being tasked with furnishing a room but the only part of the room that you can see is through a gap in the curtains. With location intelligence, you finally have access to the whole room. Here are some interesting ways that market research analytics and location intelligence can help you get to know your customers and give them exactly what they want.

Once Upon a Predictable Visit

Combining location intelligence with market research analysis opens endless doors for marketers who are looking for answers to questions like:

  • How would your customers respond to a certain new trend?  
  • How would they respond to a new ad campaign that is in the proposal stages? 
  • What exactly do they want from you as a business?

Using location intelligence as an arm of your market research strategy can provide marketers with information such as what time(s) certain segments of their audience visit their locations and help them improve their customer experience, increasing the odds of conversions. For example, after conducting your market research, you know that one of your target markets prefers a more omnichannel shopping experience like ordering their item online and engaging in curbside pickup. You also know that this audience tends to visit more in the evenings based on your data analysis. Marrying the two will not only help you know when to send out ads about your curbside delivery options but also make sure that you have enough people on staff to support the increased demand. 

The One Where You Know Their Favorite Things

When it comes to market research analysis, there is a hidden component that no one talks enough about: Your customers’ visits to other stores. This can tell you a whole lot more about your customers’ interests and preferences.  When you conduct your market research, there’s only so much a few survey questions can tell you about their preferences, mainly because a lot of people will simply exit out of the survey if it’s too lengthy. How can you fit the information you need into three little questions? The simple answer is that you can’t.

Using location intelligence combined with current customer data, you can take what you already know about your customers and discover their favorite places to go like coffee shops or events such as concerts, for example. This tells you more about what your customers are actually interested in, allowing you to adjust your strategy accordingly. With this information in your back pocket, making the necessary adjustments based on what your customers truly want to see is easy.

When the Competition Can’t Compete

When you have direct insights into your audiences, you can always be a step ahead of new trends before your competitors even know they exist and stay on top of your customer experience in the process. With market research analytics and location intelligence, you can stay ahead of the Joneses with valuable analytics into what they are doing, what is and isn’t working for them, helping you to develop the best conquer strategy for their customers who fit your target profile. 

Conducting market research by using location intelligence is a surefire way to truly understand your customers. Instead of spending valuable marketing dollars on simple surveys, consider taking a deeper dive into the behavior of your target audience with actionable insights that get results. 

If you want to learn more about what location intelligence can do for you, contact us today!

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