You’ve heard it before; location is everything, especially when it comes running a successful brick-and-mortar retail business. Location, location, location. But location is nothing without a proper understanding of it how it relates to consumer behavior. After all, it’s entirely possible to have a struggling business in what would be otherwise be considered a thriving area. That’s where local intelligence comes into play.
So what is location intelligence and how does it factor into the success of a retail business with a physical location? Before you can answer this question, you should ask yourself how much you actually know about your customers, such as where they go, what they do, and how much time they spend doing it.
Location intelligence solutions help brick-and-mortar businesses answer these questions and more everyday. Here’s how the answer to what is location intelligence can support your overall business strategy as a retailer:
Location intelligence allows you to stay relevant
Did you know that one of the greatest challenges today’s brick-and-mortar businesses face is information overload? It’s estimated that the average consumer sees a staggering 4,000 to 10,000 marketing messages each day, which makes it easy to become disengaged.
Using geospatial data analysis from smartphones, location intelligence software helps businesses gain a better understanding of consumer behavior. From there, businesses can creating more effective and tailored marketing campaigns that are relevant to their specific target market.
Location intelligence connects the dots
Ever since digital marketing became the norm, businesses have struggled to find ways to connect the actions of their physical presence with their online efforts. This disconnect creates a lack of continuity and consistency in branding, which consumers are sure to notice, even if it’s on a subconscious level. Typically what happens is that a customer may use an online promotion for an in-store purchase and then eventually disappear, which ultimately paints an inaccurate picture of ROI.
Using location data, businesses can connect the missing dots between digital and physical marketing efforts. Location intelligence allows a business to journey alongside the customer as they make their way from clicking an online promotion to making an in-store purchase. When combined with other data, these invaluable location insights can help businesses identify trends in consumer behavior.
Location intelligence makes you smarter
Knowledge is power, especially when it comes to retargeting. When done correctly, retargeting has the potential to bring in even more revenue than initial advertising efforts. Retargeting helps to “capture” customers who are on the fence about large or high-value purchases and who may need more time to consider.
The data provided by location intelligence can help businesses better anticipate their customers’ purchase intention, allowing them to reach out at just the right moment ? like right before the competition does! Location intelligence allows businesses to retarget in a way that’s subtle, natural, and still incredibly effective.
And all of this is just the beginning! So what is location intelligence? It’s relevance, it’s a knowledge, it’s unparalleled customer service, and successful marketing campaigns. Simply put, location intelligence is the future of business as you know it.