Location metrics can be useful in the context of customer analytics to help your business make better decisions. By utilising location data, your brand could improve performance across important KPIs like sales, profits, and return on investment.
To use location metrics for customer analysis, you’ll need access to powerful tools to help make sense of data in a legible, visual and digestible manner. Periscope™ from Newgrove has been designed specifically to meet the demands of brands who want to harness customer location data and gain actionable insights and analyses from it. Here are five ways in which marketing teams can utilise location metrics for customer analytics:
1) Greater accuracy within customer analysis
Traditional customer analysis relies on customer surveys, product reviews, and census information – but these only provide a broad insight into how customers are reacting to your brand, and won’t necessarily reflect current customer behavioural trends in real time. With location intelligence, you’ll gain valuable insights into the interests, preferences, and habits of your customers, as and when they make purchasing decisions.
2) Compare business locations
If you have multiple locations throughout the UK, location metrics can allow you to compare consumer behavioural differences between them. Footfall can be measured to find out which locations are attracting the most customers. You can also establish how long customers are spending at each location. This will help you to gain an understanding of what you’re doing right – and crucially, where room for improvement lies.
Location data can also pinpoint businesses in the vicinity that your customers have an interest in. Are your customers visiting competitors, and is there anything you can do to deter this? Are they visiting non-competing stores or brands that you could potentially partner with on a promotional basis? With Periscope™, these insights can be visually mapped out on your own private, corporate version of Google Maps.
3) Better sales forecasting
Every out-of-stock item that a customer has an interest in equates to a lost sale. Likewise, if your shelves are full of products that customers don’t want, this will also result in lost revenue.
Four out of five shoppers are willing to share personal information in exchange for discounts or other incentives. You can use this personal information in a location intelligence context to create sales forecasts and stock requirement predictions. This will help you to make smarter stock-ordering decisions. It will enable you to optimise your shelf/storage space, increase sales on in-demand items, and run more streamlined fulfilment operations.
4) Get hyper personal
Location metrics can be used to segment both prospects and existing customers by neighbourhood to personalise your messaging. Let’s say your existing customers are likely to visit a salon or spa close to one of your locations. Based on this information, your marketing team can then create a local campaign targeting other consumers who visit spas and salons.
You might even decide to give your marketing a familiar or ‘local’ feel. For example, targeting customers in Scotland with relevant promotions close to Burns’ Night via smartphone push notifications. Customers appreciate the personal touch: in fact, over 90% of consumers agree that they are more likely to shop with brands that provide relevant recommendations. With segmentation based on location metrics, you can deliver this almost effortlessly.
5) Improved customer experience
By analysing the location information of individual customers within your premises, you’re putting yourself in the ideal position to improve the experience of everyone who visits. For example, you might notice there are no eateries or cafes near certain sites – could your business increase revenues by offering food and drink to-go? Could busy sites benefit from extra parking spaces? These may seem like small steps, but they all help to improve the customer experience – and they’re made possible by analysing customer location data.
Location metrics can greatly enhance the quality of your customer data by providing you with insights into real-world behaviours. This helps brands to better understand their customers. In turn, this allows them to improve their marketing and the overall customer journey and experience.
This of course brings with it a set of rewards, from increased profits to greater brand loyalty – and it’s all made possible with Periscope™ from Newgrove. If you’d like more information on how location metrics can help improve your customer analytics, contact Newgrove today to request a free demonstration.