Not all market research data focuses on the real world. Location intelligence provides market researchers with insights into current consumer behavior.
REAL-WORLD DATA FOR MARKET RESEARCH COMPANIES
Using Location Intelligence for Market Research
Most market researchers rely on using surveys, interviews, and questionnaires to gather information for their clients. While there are benefits to using these methods, there is a risk of this data quickly becoming outdated and inaccurate. Location intelligence provides analysts and business leaders with data that reflects consumer behavior in the real world. When companies are researching markets, they’ll want to make sure to include location intelligence.
Here are the top three reasons why location intelligence should always be included as data in a market research plan.
Enrich Consumer Datasets
Location intelligence fills in the gaps from traditional market research datasets. This allows market researchers to map out the new customer journey. Consumer data can be enriched with this data to build out more accurate personas, improve the customer experience, and identify which brands resonate with customers the most.
Stay Connected with Consumer Trends
The coronavirus pandemic has shifted consumer behavior significantly, and this has caused any previous research to become old news. To keep up with the latest consumer trends, companies need to understand where customers go in the real world. Where consumers go in the real world reveals their preferences and interests. Not only can this data be used to understand current trends, but it can also help predict future market trends via predictive analytics.
Prevail Over the Competition
Perhaps the most important part of market research is competitive analysis. While it does matter how the competition is performing, companies need to also identify where the best market opportunities are. With location intelligence, market researchers can benchmark their clients against competitors.
Best Data Solution for Market Researchers: Location Intelligence
Looking for in-depth use cases for data isn’t a one size fits all solution. That is why we tailor our data solutions to fit the needs of our customers. Find out how major companies are using location intelligence to meet today’s challenges.