We provide our customers with location analytics to help them improve data-driven decision-making.
BENEFITS OF LOCATION ANALYTICS
What is Location Analytics?
Location analytics refers to the ability to gain insight from geographic data – insight that can be used to improve business intelligence (BI) and deepen company insights: allowing them to identify opportunities, maximize positive outcomes, and improve data-driven decision-making.
It is estimated that between 70% and 80% of all business data has a geographic component, a largely-untapped source of context that can provide an entirely new dimension of analysis for BI. By blending business data with geographic data, a company can better understand the relationship between customer and brand.
Event metadata provides even more context to location analytics: location intelligence can tell you where consumers go in the real world, but event data can tell you why they chose to go: providing an entirely new situational framework for customer insights.
Location analytics help a company manage one of the trickiest aspects of consumer behavior: connecting online to offline behavior. How can you measure the effectiveness of marketing and advertising, when an online ad drives offline behavior and vice-versa?
These analytics can be applied to improve a range of business outcomes, and give a business a significant competitive advantage.
Increase Customer Satisfaction
Contextual information from location analytics enhances customer profiles, allowing a business to better understand their customers: their needs, habits, interests and values. This can then be applied to improve customer satisfaction in a number of ways: personalized promotions, offers and rewards; creating customized solutions to any issues that arise; even anticipating a customer’s changing needs with predictive and comparative analytics. This same information can also be used to increase sales, improve customer engagement, and drive customer loyalty.
Improve Advertising and Marketing ROI
With insight to customer behaviors, interests, values and habits, a business can improve ad targeting, ensuring that the right message is delivered to the right consumers at the right time. It can be used for more effective messaging and creative, adding additional information that can be used for A/B testing so that resources are channeled to the most effective campaigns. Channeling resources more effectively improves the return on investment (ROI) for advertising and marketing.
Find the Perfect Location
Site selection is one of the most common uses for location analytics. Businesses can use customer geographical information to analyze location data over time, and gain intelligence about a customer’s habits and interests. This can help a business choose a location that is frequented by existing customers or that is most likely to draw new customers from nearby businesses.
Improve Overall Business Performance
Businesses can use location intelligence to determine how they are performing against their competition. Location analytics provides the framework for comparative analysis that can be used to improve the performance of stores, programs, employees, advertising campaigns, and more.
Combining Business Intelligence and Location Analytics
As more companies invest in business intelligence (BI), they’ll need new datasets to get the most out of their data. Location analytics and BI provides businesses with new insights.