As enterprises lean towards becoming more data driven entities and rely of data than their gut feeling, location intelligence adds teeth in solving some of the critical business problems.
Location Intelligence is the analytics derived from geospatial data that can be collected through many sources. A large number of businesses today require user location to be able to offer their services (e.g. Pizza Delivery, Uber). There are other businesses that make use of location to track raw material movements, product tracking or events like deliveries or purchases. The location data that is collected can be used to derive strategic insights to drive efficiencies and generate business insights.
Some of the business problems where Location analytics could be leveraged by Technology driven businesses include:
Attracting Customers: Location can be used to generate higher footfalls and drive brand awareness. Location data can be used to advertise at the right place and gain customers who may be considering a purchase in your product category.
If a business has the ability to reach out to people at a location with the right message – it can gain valuable leads, generate brand awareness and nudge ‘would be buyers’ to visit their store
App based Selling: Almost all businesses indulge in some form of localized advertisement e.g. sponsoring an event that is relevant to their business. Businesses need to inculcate nimble strategies to boost their App downloads in all their localized marketing. A business can then use it to get that most valuable resource – the customer’s attention at the right time and location. It has the potential to turn around the in-app conversions and engagement rates
Tracking Salesforce Movement: Google maps and similar other products have made it easy to track user location once they have downloaded the app and enabled location tracking. This feature can be leveraged by businesses to track the field agents at any given point of time. It is important to note that beyond monitoring, it can help businesses identify the time taken by their staff at a given location performing a specific service e.g. time taken by the trucks to deliver at a wholesaler location. The mobile application could include specific features that would allow businesses to identify the time taken for specific activities at a location/business unit, thereby providing data to push for efficient planning
Personalization: Providing/selling products to potential customers is not enough. Today’s customers demand an experience that is tailored to their preferences and habits. Infact, customers today expect brands to understand them as a person, and want communications that are useful and relevant. Businesses can leverage behavioral and location data to deliver a highly targeted and personalized messaging e.g. A hotel can reach out to it’s guests with an offer 20% discount on room service, room upgrade opportunities or an event at their location that guests might be interested in
Marketing with Social: Almost all social platforms – Facebook, Twitter, LinkedIn etc. allow businesses to identify the location of users and the content of their posts. Location based social listening tools (along with other parameters like gender, age) allows for segmenting user sentiment, opinion and identify what they are talking about. The insights derived from hyper-local social listening is invaluable to almost all businesses
With increasing penetration of smart phones, it is more important for businesses to strategize and utilize location as a marketing tool. It is however very important for brands to understand that they should reach out to leads judiciously so as not to stoke privacy concerns. Businesses should be looking at location data as a treasure trove with the potential to boost customer engagement, conversions and revenue.
Xtage Labs is an advanced analytics and machine learning based decision insights company. We work with businesses to derive insights from data, and improve the decision making processes.
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