As Sherlock Holmes once said in Sir Arthur Conan Doyle’s A Scandal in Bohemia, “It is a capital mistake to theorize before one has data…” Whether that comes in the form of eye-catching surveys to gauge customer sentiment, or analytics tools that provide deeper insight into marketing campaigns, there’s no denying that market researchers could be considered the Sherlock Holmes of the marketing world, and their firms, the 221B Baker Street home base.
What if there was a data solution out there that played the role of the Baker Street Irregulars? Playing behind the scenes to get better insight into the preferences and interests of your client’s prospective customers. Location intelligence is a data solution which provides market researchers with an understanding of real-world consumer activity.
Here are some reasons why market research companies should use location intelligence to measure consumer activity.
Location intelligence provides market researchers with information about real-world consumer behavior. Because this is based on real-world consumer activity, it prevents you from using outdated data in your final analysis. This prevents you from using inaccurate customer data which could skew the results of your research, and muddy the final report of actionable insights that you give to your clients.
You see, location intelligence is built on pseudonymized location data from opted-in mobile users who visit commercial places of interest in the real world. This means that you could measure consumer activity without needing a survey that provides limited results.
By using location intelligence to measure consumer activity, building a complete customer profile for your customer becomes — well, elementary! More often than not, the only real data that your client has about their customer base tends to be demographic data. While there is a lot that can be done with that, what if you could enrich their data with information like where their customers like to go the most? What does their customer activity say about who they are, and what they will respond best to?
Real-world consumer activity can help you expand on what your client already knows about their customers to create complete and accurate profiles for them to build on and create campaigns around in the future.
With unparalleled insights into consumer preferences via consumer activity, this gives you a better understanding into what makes your client’s competition appealing to their customers and what your client can do about it.
Let’s say that you are measuring consumer activity for a retailer specializing in at-home exercise equipment with over one-hundred store-fronts across the U.S. They want to know why their customers aren’t showing much interest in their new line of exercise equipment.
Using location intelligence, you notice that their customers seem to be flocking to the same place over and over again, and in every town, this other place is located next door or really close to their brick-and-mortar locations. With more research, you realize that there is a competing chain that has much more competitive pricing and an army of social media influencers who promote their services to their target audience.
You take this information back to your client and before long, they create a conquest strategy that involves upping their social media game and offering competitive deals.
Location intelligence for market research is a game-changer. Using real-world data to measure consumer activity can help you ensure that your clients are always getting the most accurate data to help them make better business decisions. For more information about how location intelligence can help you step up your game, contact us to speak with an expert today.