If you’re running a business, chances are you already came across the term “location intelligence.” Location intelligence is a relatively new concept but it’s already playing a huge role in the world of marketing. Broadly defined, it’s a type of business intelligence based on physical locations customers tend to visit. Basically, the way it works is that you gather data from their mobile devices (with their permission) and use it to find customers who might be interested in your product or service. In case you’re still not convinced, here’s why location intelligence is vital for your business.
Audience targeting
As mentioned above, one of the best things about location intelligence is that it helps you find potential customers and bring your business closer to them. If you still don’t understand how it works, think of it this way – if you’re running a natural food store, you can identify people who go to the gym regularly and advertise your product or service to them. By identifying customers with complementary interests, you make sure your marketing efforts bring even more profit. The best part of it is that targeting is one of the easiest and most effective ways to use location data.
Increased click-through-rate
No matter what kind of work you do, it’s critical for your business to create personas for sales, marketing, and customer service. With new technologies available, you can now collect more data about your customers and use it to design those persons according to their likes. The better your personas are, the better you can expect the communication with your customers to be. Eventually, this will have a positive effect on your click-through-rate (CTR). In fact, some companies have managed to record a 250 percent increase in their CTR just by starting to collect and analyze location data. Turn to experts in location intelligence and you can be ensured your CTR will skyrocket.
Going offline
There’s no doubt the internet has completely changed the way we do business. Most companies now solely rely on data they can collect on the web and it is to determine whether they should make any changes in their approach. When it comes to location intelligence, you get a chance to connect offline activities with the online behaviours of your customers. This includes everything from what stores they’ve visited to what restaurants they went to. Having access to this kind of data should help you figure out what works and what doesn’t when promoting your business.
Better competitive analysis
Why only use location data to check why your current and potential customers are doing? This is also a great opportunity to take a better look at people who visit your competitors’ stores and try to figure out why they do it. Moreover, you can also learn about their whereabouts after they’ve done shopping in a competitor’s store. The more data you gain access to, the better you’ll be able to think of ways to leave your competitors behind. For example, if the data shows that your competitors have most store visits in the evening, investing in better ads that glow in the dark is something you can’t go wrong with.
Final thoughts
Although a new concept, there’s no doubt location intelligence now plays a huge role in the world of marketing. Companies that fail to collect location data on their customers and everyone else are guaranteed to be left behind until they figure out how to do it. Therefore, now’s the perfect time to connect with location intelligence professionals and start collecting data on what your current and potential customers do offline.