How Retailers Can See Beyond Customer Insight With Location Analytics

How Retailers Can See Beyond Customer Insight With Location Analytics

In the current marketplace it’s crucial for businesses to have a multi-channel marketing strategy that aims to communicate a consistent brand message.

The success of this strategy depends mostly on being able to have a complete understanding of current and potential customers. As mobile technologies dominate, it’s imperative for businesses to achieve a single customer view that synchronises online and offline footprint.

Traditionally retailers have depended on customer insight to roll-out daily operations, but with new technology they now access in-depth data that enables them to discover unprecedented consumer trends.

Companies today have numerous tools to better understand client behaviour: third party research and datasets, online analytics, loyalty cards and online activity logs. Yet despite receiving enormous amounts of information from their customers about their preferences, challenges and satisfaction levels, most brands are failing to understand the context of their data.

This is where location analytics becomes a game changer, enabling businesses to extend beyond customer insight.

By exploiting the location element in data and different data visualisation outputs, location analytics empowers retailers to better understand every step of the purchase funnels . This is because as a strategy it allows for more complex segmentation, efficient territory management, competitor mapping, location planning and much more.

Location analytics enables the synchronisation between offline and online customer information. Merging the two gets companies closer to the much researched single customer view. Ultimately, reaching a single customer view increases customer loyalty, relevant marketing communications, effective product development and secures healthy long term organisational development.

According to the Harvard Business School Press, it costs 5 to 10 times as much to win a new customer as it does to keep a customer, and a 5% increase in customer loyalty can translate into a 75% increase in profitability. Why spend money to lose customers? Use location analytics to win long-term custom for your business.

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