Why the right location data means better business decisions

Over the past decade, consumer adoption of mobile devices has revolutionised the way people shop, compare goods and interact with brands. From a business perspective, the same devices are also powerful when it comes to understanding consumer behaviours. 

Location intelligence has fast become a cornerstone for making smarter business decisions. That said, it’s crucial that companies harness the right location data to see tangible results. In this article, we’ll focus on the fundamentals of location analytics, and how your brand can make more informed choices with this information at hand. 

How location intelligence works  

Location data is geographical intelligence pertaining to the specific whereabouts of a smartphone or other digital device. It’s associated with time and device identifiers, which allow the separation of a person’s private information from the insights generated by the data.  

It is typically gathered via GPS, in-store Wi-Fi connectivity and/or mobile network towers. When a consumer visits a location, their phone registers the visit. This generates data that can be used by businesses for a variety of purposes. 

Why the right location data matters  

With Periscope® from Newgrove, businesses can access useful and engaging visualisations of their location analytics on a customised, corporate version of Google Maps. Here’s how different teams within an organisation can benefit from access to relevant location intelligence: 

  • Improved customer experiences

Location intelligence allows brands to take a detailed look at the in-store retail experiences of their customers. By mapping customer journeys, businesses can better gauge consumer behaviours. By gaining a deeper understanding of these behaviours, they can then improve the customer experience. From revamping store layouts to understanding the regional preferences of customers in specific sites, location intelligence helps brands to understand their consumers and adjust accordingly in line with their requirements.  

  • Business intelligence

Understanding how local audiences interact allows brands to develop strategic moves with greater certainty of success. Let’s imagine you want to identify prospects who live nearby but are yet to use your services – with location analytics, you can! With Periscope®, your marketing team will find it much easier to identify new audiences, develop a user-first approach and ultimately generate higher revenues than ever before.  

  • Identifying new store locations

Location is everything if you’re looking to expand your business. With Periscope®, you can take what works about your current setup, and make strategic selections as to where you’re most likely to repeat this success. Periscope® achieves this by comparing local demographics and customer insights between your existing and prospective locations. The inbuilt MatchIt tool does the work for you, providing you with potential new locations in a clear, visual format.  

  • Streamlined logistics

Enjoy more efficiency in your fulfilment chain with location intelligence. With the right location data, you can ensure goods are in stock at their most in-demand sites. This ensures customers get what they want when they want it, and could help reduce your transportation costs.  

Find out how location analytics could transform your business today 

These are just a handful of examples of how the right location data can help to improve brand loyalty, reduce overheads and improve revenues. We’ll show you how location data can drive important strategic decisions in your business. To find out more about Periscope® – or to request a free demonstration –  contact us today.