Knowing the direction you’re heading in is important in both life and business. Not having a strategy for your company can be like setting off in your car without knowing where you’re going. You may strike lucky and discover something exciting, but you may also find yourself somewhere that doesn’t quite match the vision you had in mind when you started.
Barclays found one in four small firms in the UK doesn’t have a business plan, and according to growth funding specialist Fundsquire, 20% of companies fail within their first year and 60% go under within three years.
It’s therefore essential to consider both the journey and the destination when it comes to business. If you’re going on a trip, you might turn to a sat nav for guidance. Like a sat nav, location intelligence can help your business arrive at the right destination.
What is location intelligence software?
In today’s world, having a strategy that involves data management is key. With 3.5 billion searches every day on Google alone and an estimated 2.5 quintillion bytes generated daily, data is big business.
The sheer volume of digital information created every second may feel overwhelming and it can be hard to know where to start. Location intelligence technology can provide you with an easy solution.
Put simply, location intelligence software uses location-based data (also known as geospatial data) to help businesses solve problems and discover meaningful insight. This could be where you should open a new store or outlet, if a competitor’s location is affecting your footfall or sales, or the best places to target your out-of-home marketing. It also analyses key metrics to allow you to change the direction of your business at crucial moments, so you don’t find yourself in a data traffic jam.
The most popular forms of location intelligence software tend to use maps to visualise the data in an easily digestible format.
How can location intelligence help my business?
GPS isn’t just a tool for helping you when you travel. With the rise of mobile devices and their in-built GPS systems, you can now use geolocation to help you answer strategic questions, including:
- Where are my customers?
- How do customers in one location differ from another?
- How can I maximise footfall in my commercial premises?
- Where should I open my next site(s)? Is one potential location better than another?
- Where should I spend my marketing budget?
- How should we change our offers and target our marketing for each location?
- Which global markets should I enter?
How do I pick the right location intelligence platform for my business?
Satnav technology has been around since the 1950s, but portable devices were made popular by TomTom which launched in 2004. Using a satnav is now part of everyday traveling with transportable devices ranging in quality and price, as well as the rise of navigation apps on smartphones and tablets.
Just like satnavs, not all location intelligence software is created equal. You want to look for a protected platform that is only accessible by nominated representatives from your company and allows you to keep your data GDPR compliant.
Data is evolving, so it’s advisable to pick flexible software where new information can be added quickly. It’s also worth checking that a location intelligence company is invested in keeping its platform up to date with the latest location metrics to allow you to make informed decisions based on the newest information.
Our location intelligence platform Periscope® provides you with a secure, corporate version of Google Maps. We chose Google Maps because it’s the most popular and reliable map of its kind. It’s also user-friendly and our clients are familiar with it.
Within Periscope®, you’re able to easily integrate your customer data and marry it up with local demographics and the latest data added by our team. You decide who in your company has access, whether that’s your whole team, select members of staff, or key stakeholders.
Periscope® is based in the cloud, allowing you to access it 24/7 on any device. Whether you’re in the office or on site, working from home or on the road, you can take Periscope® with you.
We know the world of business moves fast. Unlike some location intelligence software which takes weeks to set up, we can get you up and running with Periscope® in less than 24 hours. Our seamless onboarding process means you can use it to inform your business plans and decisions in days, not months.
Want to find out more about how Periscope® can support your business? Book a free 10-minute demo with our Sales Director, Paul Thomas. Click here to book your appointment.