Location intelligence is a form of business intelligence that combines the collection of business and location data. It is used to improve a company’s business intelligence through multiple sets of defined data. According to a recent global data and analytics study, companies that derive new value from analyzing their data are more likely to become leaders in their industries and are poised for rapid growth.
Customer analytics
According to the report, 30% of customer interactions will rely on real-time geolocation analytics. Companies still have a lot to learn about customers’ interests and activities. Location intelligence can help companies create different customer personas for sales, marketing, and customer service. When applied to a customer relationship management (CRM) system, these buyer images will help provide relevant customer-centric communication.
Opportunities for expansion
The data generated by location intelligence also helps in identifying the best locations by analyzing the areas of interest and their sales potential. It is one of the most important tools used for conducting detailed market research and competitive analysis. It also plays a crucial role in identifying external factors affecting the performance of existing and potential organizations. Intelligence maps provide business leaders with insights into how specific areas are changing, helping to maintain a competitive advantage across a wide range of industries.
Improving the customer experience
Geolocation tools or platforms, along with big data operational and customer data, help companies improve their customer experience. Companies can use location data to gain valuable insights into customer interests and preferences. For example, retail stores or restaurants can send offers to their customers outside of their normal outlets. This helps build brand loyalty and improve customer relationship management.
Functions
Because location intelligence data is based on real-world actions, companies can correlate online activity with the offline behavior of their customers. They can use location analytics to link mobile advertising to traffic in offline stores, restaurants, and other places of commerce. This will also help examine changes in face-to-face traffic data in mobile ad campaigns to understand which ads are working and which are not.