Customer retention has become more important than ever in the wake of the pandemic. Customers today seek convenience and a seamless experience when it comes to the businesses they interact with, and improved customer retention can also help boost a company’s overall profit. A company that increases customer retention by only 5% can see anywhere from a 25-95% increase in profit, according to recent data from G2.
For organizations involved in economic development, business retention and expansion (BR&E) is very similar to customer retention for companies. BR&E programs, often created by economic development organizations, connect and grow businesses within communities and can rely on business intelligence to inform strategy and address challenges.
While business intelligence on its own is a powerful data solution, it can be greatly enhanced with location intelligence. Based on human mobility patterns, location intelligence can provide economic development agencies with the information they need to understand how current consumer behavior is impacting the businesses within their individual communities.