How can location intelligence companies allow you to use demographic reporting and geospatial analysis for the benefit of your company? Increasingly, location intelligence solutions should be part of your marketing analytics services if you want to become or remain competitive. Here are some things to consider.
- Location Intelligence is Relatively Easy to Aquire
At any one time, there are a minimum of 24 active GPS satellites orbiting the Earth and often there are more. Each of these is going around our planet once every 12 hours, traveling at 7,000 miles per hour. Devices that communicate with these satellites allow us to pinpoint time and distance with a great deal of accuracy. A GPS receiver can tell the current time wherever it is located to an accuracy of 100 billionths of a second.
With the abilities that GPS satellites provide, the Geospatial Industry is a growing business, with $73 billion in revenue from 2011 just by itself. The industry assisted other aspects of the American economy to the tune of $1.6 trillion that same year. And geospatial revenue is only projected to grow. The analytics market for location intelligence solutions is predicted to reach $72.21 billion by 2020.
Because the industry is so enormous, there?s a lot of revenue going towards RandD and the development of location intelligence companies, spatial data analysis, and manipulation of imagery. It?s getting easier and simpler every day to find ways that geospatial technology can benefit your business.
- Location Intelligence Makes Your Social Presence More Effective
Most of the major social media platforms offer paid advertising options that let your business specifically target local customers as they use these services. This allows you to send promotional messages offering a discount within a particular area, or sponsor an update or post that will draw just the sort of people you?re trying to reach, right where you?re trying to reach them.
Even just a bit of knowledge about geographic information systems can allow you to take advantage of these simple strategies for promoting your brand presence more effectively on social media. Hiring location intelligence companies who can assist you with geospatial data analysis can make it even more effective.
- Use Big Data and Maps Information To Help with Planning
If you?ve got the right location intelligence software or have hired the right location intelligence companies for your demographic reporting and analysis, you can use this with all kinds of long and short term planning.
Say, for example, that you?re considering opening a new store in your restaurant or coffee shop chain. The right software or professional assistance can let you plot your store on a map and analyze the demographics around it. What are the socioeconomic conditions, crime activity, and buying habits in that area? This can also be helpful for existing stores, which can more effectively plan inventory when they know a lot about the demographics of their regional customers.
It?s always been a business axiom that ?location is everything.? That?s never been more true than now.