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How Location Data Can and Should Fuel Business Decisions

Saturday, March 21, 2020 20:50

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How Location Data Can and Should Fuel Business Decisions

In recent years, location data has been helping small businesses to engage with their customer base in a whole new way. A recent study put on by the IHL Group discovered that a whopping 58% of North American retailers plan on investing in location-based marketing. That’s because the information provided by location-based data is absolutely paramount in driving decisions, culling marketing campaigns, and targeting a given customer base. Location data is far from a one-trick-pony when it comes to business. Instead, it may be the most valuable tool in the marketing toolbox. Let’s deep dive exactly how location data can and should fuel business decisions.

Why Is Location Data Helpful?

Simply put, location technology and data are powerful because they provide businesses and industries with highly accurate insights into customers’ behaviors and interests. Data is leveraged to fuel the decision-making process. Suddenly, a business no longer has to blindly assume a customer is one way or another. Instead, they know with certainty who they are engaging with and how to best reach those individuals. Used in conjunction with local marketing tactics, location data can provide a more impactful experience with touchpoints that resonate with customers.

Location Data Can Be Used for Predictive Analysis

One key reason to hire location based development services to utilize location data is for predictive analysis purposes. Location data can substantially improve the decision-making process through the use of predictive analysis. With this data in mind, any business can leverage the insights taken from data. This information is then used to make important decisions, such as where to open a physical store or where to put the right billboard.

Location data allows you to know which area is rich with your target demographic or whether or not a competitor recently closed/opened a store. This not only allows you a valuable opportunity, it grants you the upper hand and the advantage, allowing you to take proactive measures when making big decisions.

Improve a Customer’s In-Store Experience

Brick-and-mortar stores may be struggling to compete with online retailers, but that doesn’t mean they can’t use location data to glean and the upper hand. With location-based development services and data, you can make better decisions surrounding the in-store experience your customers enjoy. With this data at hand, you can map customer journeys and know how long each person is spending inside the store. This information not only helps you to improve store layout, but it can also allow you to provide better customer service by knowing how to best address your base.

Bolster Direct Mail Campaigns

With the help of location data, any business can maximize the overall effectiveness of their direct mail campaigns. How is this done? Simply put, location data can allow valuable insights into customer interest, behaviors, and purchase intentions. When it comes to making decisions for your marketing, this is the ideal information to have in mind.

For example, with a direct mail campaign, you would be able to decide where to target recipients. Additionally, you would know how to engage them digitally before, during, or after they have received your physical mailer. Research suggests that merging physical and digital mail campaigns is 118% more effective than relying on one or the other.

The Takeaway

Location data and location based development services are key in learning about your customers. Knowing demographics, behaviors, and location can help you to make sound business decisions without all of the risks. Give location data a try for your business and watch your customer engagement thrive.

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