“LOCATION DRIVEN MARKET INTELLIGENCE”

Location-driven market intelligence term is used for the process of creating location data-based strategies to transform the market. This technology can assemble and enhance a variety of enormous datasets for deep geographic analysis, including GPS data, sociodemographic data, transactional data, point of sale data, and footfall traffic data. Allowing the users to visualize the location data from all kind of sources mentioned by representing it on a simple map interface.

In other words, location-driven marketing intelligence is the technique of using location data relationships to establish your marketing operations.  This data may be shown to help you find new regions to target, reach out to potential consumers, or boost individual customer value by delivering a more personalized service or offer. Location intelligence utilizing audience activation tools can lead to immediate consumer actions.

Personalized marketing based on location intelligence data has been shown to enhance ROI by up to 30%. By pinpointing places where potential consumers are likely to be, you may lower the cost of new customer marketing efforts. It cuts down on the number of marketing resources you'll need to buy and the number of person-hours it'll take to distribute them. You can do all of this and more with current clients based on the sales data you've gathered.

Retailers could utilize sales data to discover that consumers go to the same store to conduct their weekly shopping. This client is loyal and buys the same goods almost every week, but they've suddenly stopped buying cosmetics from you, and you suspect they're shopping at a competitor's store. You might send them a marketing email telling them about your cosmetics line as they walk past on their way to work using location intelligence marketing. A geofence might be programmed to automatically send out a text message explaining the cosmetics specialties relevant to this particular consumer when they enter the store that evening for their weekly purchase.

Consumers are demanding more relevant information and offerings; therefore, location intelligence is a relatively new concept in marketing that is gaining prominence. A location data platform can collect data from users' mobile devices with their agreement to get this information. Point of interest marketing is solely based on location data combined with audience activation intelligence tools.

Location driven market intelligence can help marketers to achieve their goals through following four ways:

AD TARGETING

One of the most frequent and straightforward uses of location data is ad targeting. Ad targeting or targeted advertising is the process of targeting ad campaigns at specific locations by utilizing location-driven market intelligence. According to research published by the Network Advertising Initiative in 2009, ad targeting generated 2.7 times as much profit as non-targeted advertising. Companies can buy 'advertising audiences' based on location intelligence data from data providers.

HIGH CTR (CLICK-THROUGH-RATE)

Companies may learn more about their customers' interests, activities, and habits by using location intelligence, which subsequently is used to construct detailed personas for sales, marketing, and customer support. When combined with a customer relationship management (CRM) system, personas enable each team to communicate with customers and prospects appropriately and timely.

Using accurate personas to optimize interactions across the customer lifecycle improves the customer experience and may boost your company performance significantly. Advertisements and highly relevant offers produce better outcomes, increasing campaign CTR and ROI. By employing location-based marketing intelligence to target relevant consumers and give more tailored recommendations, organizations have experienced a 250 % improvement in CTR for marketing efforts.

OMNICHANNEL ATTRIBUTION

Because location-driven market intelligence is based consumer’s real-world actions, it may assist businesses in linking offline activities of the consumers with online activity. That means companies may connect mobile ads to offline foot traffic in stores, restaurants, and other commercial destinations using location data. You can discover which commercials work and which ones don't by correlating changes in your foot traffic data to mobile advertising campaigns, providing you with the information to make better decisions and boost your ROI in the future.

COMPETITOR ANALYSIS

Most businesses utilize location-driven market intelligence to learn about their competitors rather than focusing simply on their clients. Companies can compare their shop visits to their competitors by tracking visits to competitor sites. They may also monitor where clients of their competitors go before and after visiting the store. Companies can use this information to create conquesting operations to win over the clients of their competitors. Location data platform provides tools and strategies to measure foot traffic data, to gain insights about competitors.

ROLE OF LOCATION-DRIVEN MARKET INTELLIGENCE

Location driven market intelligence modifies data into meaningful insights that provide businesses with the expertise necessary to improve a firm's operational performance. Businesses may use location-driven market intelligence to put data into action more efficiently and rapidly with the help of audience activation tool, resulting in tangible outcomes and gaining a competitive edge by following ways:

• Improving overall pricing structure

• Identifying underperforming sales territories

• Boosting advertising and direct marketing promotions

• Identifying possible markets

• Analyzing overall marketing and business achievements are just a few of the significant roles that location-driven market intelligence will play in a company's marketing strategy.

Companies may use location-driven market intelligence to gain a better knowledge and more nuanced insight into the outcomes of previous marketing activities and how they affected the company's success indicators. Businesses that include location-driven market intelligence into their marketing strategy obtain better data to acquire insight into their customers, take action concerning customer location, distribution routes, and networks, and boost marketing decision-making. For example, your organization may employ location analytics to discover that more than half of your rivals' clients frequent their shop late at night. You can better target those consumers who are ready to make a purchase or visit a business by optimizing your ads to appear later in the evening.

Customer experience: With businesses reopening and improvising how they engage with customers, having a superhero solution like location-driven market intelligence may assist take the guesswork out of what your customers desire from your company. Location driven market intelligence produces measurable business outcomes that enhance the client experience. It may be utilized in various sectors to provide businesses with more excellent knowledge of their consumers, allowing them to develop, improve, and achieve strategic goals without squandering already limited money on ineffective communications. As businesses see results, the advantages of location-driven market intelligence are becoming more generally recognized. Consumers want increasingly relevant, individualized experiences in today's digital age.

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Also read What Is a Location Data Platform And How It Work?

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