COVID-19 and social distancing are changing the way consumers shop, dine, and play. This sudden change in human behavior is requiring businesses in a range of industries to revisit their business models and marketing strategies. Many are coming up with innovative ways to connect with their customers during this unprecedented time. Brands are reaching their audiences through virtual events and adding services like contactless delivery. Whether through co-marketing partnerships or new online experiences, there are many ways in which traditionally offline businesses can connect with their audiences at home. It’s more important than ever for businesses to be flexible, creative, and proactive with their strategies.
Let’s take a look at four ways businesses can use location intelligence to inform their strategies and to reach their audiences at home:
#1. KEEP UP-TO-DATE WITH THE MARKET.
The ever-changing situation requires that your business keep up with rapid shifts in the market. Market trends are going to look very different from day-to-day and month-to-month. Location data can provide the insights that businesses need to understand these changing market trends. Buying habits are shifting, and this requires businesses to adapt to what consumers need and want. Contactless delivery is a big example of a recent shift in consumer needs. But for those companies that are new to home delivery, understanding where to start can be a challenge. Businesses with physical store locations can use location analytics to understand where their customers typically travel from and when they are most likely to visit. Not only can this data be used to better target advertising to customers in the area, but this information can help determine how many delivery vehicles are needed and to optimize schedules and delivery routes.
#2. FOSTER PERSONAL CONNECTION WITH CUSTOMERS ONLINE.
As social distancing becomes the new normal, physical stores will increasingly lose out to online shopping. A recent poll conducted by CoreSight Research found that 74.6% of consumers said that they plan to avoid shopping centers. With social distancing practices in place, this is only going to continue. With fewer consumers shopping in stores, your business website will become the first and most important touchpoint for your customers. Depending on where your customers are, they might have different needs. Location data can help create a more personalized chatbot and online ordering experience.
If you haven’t already, consider updating your web experience to include features such as a chatbot or online ordering. Chatbots are going to be more important than ever to help your customers find what they are looking for. If you already have an online ordering system, consider integrating it with a chatbot to enhance the customer experience.
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#3. PARTNER WITH OTHER BUSINESSES.
At a time like this, it is important to help each other and lift each other up, which is why it is important for businesses to partner together. It’s important to keep in mind that this strategy can be resource-intensive. Use location data to understand what your customers, as well as your community might be interested in. What other places do your customers normally shop at? What other types of products would they be interested in purchasing? This helps inform you about what your customers might purchase with your product. For example, by analyzing foot traffic data, a local bookstore might find that their customers tend to also purchase coffee or tea at a nearby cafe. The bookstore can partner with the cafe to ship customers coffee or tea with their books. Virtual events are another great way to partner together. The bookstore, mentioned in the previous example, could sponsor a virtual open mic night hosted by the cafe.
#4. STAY INFORMED ABOUT YOUR COMPETITION.
During this time, it is also important to be aware of what your competitors are doing in your industry. By using location data to gain competitive intelligence, companies can gain a better understanding of their competitors’ customers. However, you also might want to consider noting potential competitors who might not be traditionally in your industry. This is where gaining competitive intelligence about direct-to-consumer (D2C) companies comes in. What are they doing that you haven’t thought of trying? What types of processes do they have in place to get their goods directly to consumers who need their products? For example, a restaurant can develop a business model similar to D2C meal kit companies, such as Freshly. They can create meal kits using ingredients that would otherwise go to waste and send these kits to their customers.
Location data gives companies insights that can help them adapt their strategies and continue to stay connected with their audiences, and help to drive sales. Gravy Analytics’ location data reflects the real-world movement of millions of pseudonymous consumer mobile devices and is 100% deterministic. This means that our data is accurate and verifiable, which helps businesses get the most up-to-date insights into their markets, customers, and the competition.