Location planning involves scrutinising the territories of your business and considering whether you’re in the right physical place to meet the needs of your customers. However, it takes two to tango and you should also consider your customers’ locations. The use of location intelligence is invaluable in this context. By collecting insightful information about your customers’ home territories, you’ll be in an enhanced position to target them with your marketing, be able to introduce more streamlined logistics and ultimately provide a better service all-round.
Improving customer relationships
Combining location intelligence with sales and volume metrics can help you to engage with your customers in a more meaningful way. If you’re planning on expanding or opening new premises, you can use location planning to select a unit that is easily accessible to your most loyal customers.
If you operate solely online, you can combine your sales data with location data to segment your marketing and target customers with the products they already love. These techniques involve utilising location intelligence to stack the deck in your favour by being as relevant as you can to your customers based on your customer’s location. This will help you to add a personal touch to your communications and ultimately improve customer relationships.
Location intelligence allows you to verify customer addresses. When addresses are verified, you’ll reduce delivery delays, avoid packages being sent to the wrong address and eliminate packages being returned as “undeliverable” (which comes at a cost to your business).
By improving the accuracy of your logistics, you’ll improve the customer experience and therefore improve customer loyalty in the future. Who would have thought that something as simple as verifying an address could lead to an increase in repeat sales?
Location and purchasing patterns
With location intelligence and customer profiling, it’s now possible to predict which products are likely to be popular in certain areas. Your organisation can use this information to its advantage to ensure localised warehouses/fulfilment centres are sufficiently stocked to meet the location-specific demands of customers.
Location-specific purchasing patterns can also be used to help your organisation to visualise potential market growth. You’ll be able to identify which markets are saturated, and which are ready for new product rollouts or money-off promotions. Geo-location data can be used to help set achievable sales goals based on customer density, location and average spend in specific areas.
Mapping your engagement
Location intelligence can bring further context to data you already utilise, like consumer engagement. By collecting the locations of your customers, you’ll not only be able to find out who is talking about your brand, but where. This enables your organisation to identify where your brand is taking off, and perhaps more crucially, where you need to focus your efforts to boost brand awareness.
In addition to this, location data can help you to identify areas of brand conflict and areas where potential sales are being lost to your competitors.
Ultimately, organisations can better mitigate risk, allocate resources, create effective marketing strategies and monitor market movements by realising the power of location intelligence. With so many technological tools and analytics options available, perhaps it is time your business fully unleashed the possibilities contained within LI?
Watch the video or book a 10-minute demo of Periscope® – a complete location intelligence solution, providing you with a whole new level of commercial insight.