n the world of business, artificial intelligence is here to stay. Over recent years, there has been a push to develop location intelligence. This intuitive software provides access to vast sets of sociodemographic data to analyse a situation and identify opportunities for businesses. The interactive technology can generate maps and graphics in real time. As such, patterns and trends related to the company’s needs can be easily detected and better strategic decisions can be made.
The benefits of location intelligence
Here are just some of the main benefits of geolocalisation technology for businesses:
Business intelligence
Location intelligence is a form of business intelligence that combines commercial and location data. A number of specific datasets can be used to improve a company’s business intelligence. According to a recent global study on data and analysis by McKinsey, companies that extract value from data are more likely to be leaders in their industries and experience rapid growth.
Client analysis
According to a Gartner report, by 2022, 30% of client interactions will be influenced by real time geolocalisation analyses, compared with just 4% in 2017. Companies still have a lot more to learn about their customers’ interests and activities. Location intelligence can help companies create buyer personas for their sales, marketing and customer service departments. When used in a customer relationship management system (CRM), these buyer personas can help create communication that is targeted to a specific type of buyer.
Opportunities to expand
Data obtained through location intelligence - specifically analyses of areas of interest and their sales potential - can also help identify the best locations. This is an essential part of conducting market surveys and detailed competitor analyses. It also plays a crucial role in flagging external factors that are impacting the performance of current and future stores. Intelligence mapping gives business leaders an idea of how specific areas are changing such that they can maintain their competitive advantage in a wide range of industries.
Improved customer experience
Geolocalisation tools and platforms, when combined with vast sets of operational and customer data, can help companies improve their customer experience. Brands can use location data to obtain valuable information about customers’ interests and preferences. For instance, retail stores and restaurants can identify which sales points their customers prefer and then send them offers for different locations. This helps boost brand loyalty and build stronger customer relationships.
Attribution
As location intelligence data is based on actions in the real world, companies can establish a connection between their customers’ online and offline behaviours. Location intelligence can be used to connect online advertising with physical traffic in stores, restaurants and other commercial venues. It can also serve to analyse changes in physical traffic related to mobile advertising campaigns to see which ads work and which don’t.
Artificial intelligence and location intelligence technologies are a powerful tool when it comes to helping companies and marketing specialists personalise their customer experience. Geolocalisation tools offer companies valuable information such that they can take better decisions and improve their ROI. So what are you waiting for? Start applying the technology in your company today.
