As businesses continue to move forward in the wake of the coronavirus pandemic, data is going to continue to be vital to keep this momentum. However, data leaders must be aware of the type of data that they are choosing to fuel analyses. When choosing the type of data, quality over quantity should be one of the top priorities. One aspect of quality data is that it is timely. Old data will only skew analysis and result in poor business decisions. This year, many companies might be going forth with first-party data, but this type of data requires time and significant resources. Many companies that have relied on cookies in the past are now trying to determine how to move forward in a cookieless world. In 2021, it’ll be vital to embrace the use of real-world data. Using real-world data can result in better business decisions, save time during analysis, and prevent revenue waste.
One type of real-world data is location intelligence. Location intelligence is verified, consumer-friendly data built from a foundation of raw location data, which is collected from opted-in consumer mobile devices. This data allows companies to understand consumer behavior in the real world. Consumer behavior shifted dramatically during the coronavirus pandemic, and will continue to change as things return to “normal.” When consumer insights aren’t taken into account within a business strategy, then the company risks falling behind its competitors and losing its customer base.
Let’s examine how location intelligence can be used alongside three standout 2021 marketing trends.
Combining Data and Total Experience Strategy
One of Gartner’s Top Strategic Technology Trends for 2021 is ‘people centricity,’ and one component of this is ‘total experience strategy.’ This total experience strategy focuses mainly on the experiences of customers, and it needs data to steer it in the right direction. By analyzing real-world data like location intelligence, companies can better understand where their customers go in near real-time, and gain significant insight into what customers are currently interested in. Without this data, a total experience strategy would fall short of customer expectations, and impact a company’s brand engagement.
More Collaborations, More Connections
While it might seem counterintuitive, partnerships and sponsorships can open doors for brands looking to establish greater connections beyond their customer base. One of Deloitte’s top Global Marketing trends for 2021 is “fusion.” Fusion involves leveraging business partnerships to innovate solutions for customers. Location intelligence provides companies with insight into the customer journey and what other brands their customers enjoy. This real-world data can be analyzed to determine which companies would be the best sponsors or partnerships based on consumer shopping patterns.
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A Shift from Personalization
In recent years, personalization has been at the forefront of marketing trends. However, as MarketingWeek points out, COVID-19 has changed consumer behavior, and they might not be looking for personalization as much as they used to in the past. Consumers are expecting a streamlined customer experience, which has become more essential in the age of digital transformation. Real-world data plays a role in improving the customer experience. Customer analytics fueled by location intelligence can provide companies with market research insights. This can answer questions about where customer demand is at and where it might shift in the future. For example, customer demand for home goods may increase in one neighborhood while interest in at-home workout equipment might decrease in another.
Even though personalization might be in as much demand as it was in the past, companies will still need to tailor their customer experience with the right messaging. Location intelligence provides companies with data to adapt their messaging to changes in customer behavior. Ultimately, this provides a brand with the ability to prevent customer churn and keep up with consumer demand.
Actionable Insights from Real-World Data
Marketing and advertising is going to continue to evolve in the years to come. However, what isn’t going to change is the role that data plays in providing companies with actionable insights to adapt their strategies to changes in consumer behavior. When companies take the first step to use location intelligence, it provides them with opportunities to truly understand customer expectations.