However, with the location intelligence market growing and becoming ever more diverse, it can be difficult to decide which solution is right for your business.
In this article, we’ll use our vast industry experience to help you understand more about the key features you should be looking for in an effective location intelligence platform.
What to look for in a location intelligence platform?
Here are three of the elements we and our clients believe are the most important:
1) Intuitive usage
Your location intelligence solution – and, the insights it generates – shouldn’t be the preserve of a few tech-minded individuals within your company.
Periscope® is an immensely intuitive system that anyone can use to conduct a meaningful search. It turns raw numbers into easily readable data visualisations that can be understood at a glance.
The system features a simple, yet comprehensive, search and filtering system that enables you to gain specific insights fast.
As well as this, the interface that displays these findings – your own secure, corporate version of Google Maps – should be familiar to almost everyone.
2) Extensive data pool
You need to know you’re gaining access to all the data you require to make informed decisions, and that this data is both accurate and indicative of commercial trends.
With Periscope®, you can access a huge variety of actionable information, including:
- Census data: Ages, genders, jobs, education level, socio-economic factors, cultural factors and more
- Council tax data: A more accurate wealth indicator than house price data alone
- Customer data: What they purchase, where they purchase, when they purchase, how regularly they make purchases, where they travel etc.
- Sales data: What products are performing well, at which stores, and under what conditions
- Competitor data: Locations, footfall, premises type and comparative sales data (where available)
3) Automated functionality
Periscope® comes complete with a host of functions that enable you to carry out useful functions automatically, including:
- Drive-time calculator: Estimate drive times between customers and your locations, or between your locations and logistics centres for example
- White space indicator: Find spaces in a market not yet served by your product or service
- Profitability comparison: See how profitable an asset would be if positioned elsewhere within your market
Use the customer and location insights you’ve gained to set up geofences around locations important to you (e.g. your own locations, competitor locations, transport interchanges and so on).
With these in place, you can set up systems that automatically trigger marketing or customer experience-related actions whenever they are entered.
Periscope® is built to enhance profitability by giving executives and other strategic staff a level of insight they’ve never seen before. You – the end user – can conveniently calculate millions of data points at the push of a button.
Optimise your location intelligence capabilities with Periscope® from Newgrove; sign up for a free, 10-minute demo today.