Have you ever wondered why many companies spend millions of dollars on maintaining their cyber security? It’s because of the big data concept of storing valuable data in their systems. Businesses use years of different types of data to analyze and evaluate current market trends to come up with the next business decision. One such segment of data that many businesses consider highly significant is location data.
Location data is related to where your customers go, which events they attend, where they buy products from, where they live, etc. Wondering how that can help? It’s quite simple actually. You can use this data to organize your next marketing campaign or analyze where you can launch your new outlet. With all this data you can easily understand your consumer’s behavior. E.g., if your targeted audience is regular visitors to a nearby mall, then that could be the place where you’d want to launch your new outlet.
This process is a part of what we call big data analytics. Many businesses even use big data technology to gather and store all valuable data that could turn the tables for them in the future. Here are five ways you can grow your business with the help of location data.
1. Use it For Research
The best businesses are those that know and understand their customers the most. If your business decisions are solely based on purchase patterns, you could be missing something big here. You can use location data to keep track of what your customers are up to. The insights you get from this form of data can reveal many overlooked aspects that you may have been ignoring over the past few years. In addition, this research can also help you relocate to a better spot where more customers can easily find you.
2. Competitive intelligence
Big data analytics can help you understand why your potential prospects are buying products from your competitors. Location data will reveal when and which shop your customers visit the most. From this analysis, you can understand if your customers are hungry for discounted sales, or they simply find your competitor’s outlet nearby. It also shows you which route they usually take to reach their destination. This data can be beneficial for you to understand what your customers prefer. If you know which courses they are using, even a billboard displaying your product ad on this route can convince them to turn their cars around and consider buying from you.
3. Acquisition and investments
Many financial experts prefer considering location data before making any future investments. The reason being, it’s important to understand that consumers are always attracted to destinations where they can find many amenities or other shops of their interest. Even a small ice cream cart outside your store can attract many new prospects to have a look at your products. – Trust me; you wouldn’t want to invest in opening a store in the middle of nowhere without knowing about the current foot traffic there!
4. Leverage Your Location
In 2018 according to Statista, the expected number of global smartphone users is expected to rise to over 2.53 billion. Smartphones are the primary generators of location data that businesses actually use. All those Facebook check-ins, and Google Map reviews can come in handy to understand what you’re missing from your business. E.g., if you are planning to open a new ice cream parlor somewhere in your neighborhood, the ideal location would probably be nearby the most visited restaurant. – Who doesn’t love ice cream for dessert after a scrumptious meal? You could ask your new customers to post reviews of their experience on social networks. A few good ones can easily take your business to new heights.
5. Operational Purposes
Have you taught about where you should send your employees to distribute flyers for your upcoming sale? Could it be a nearby mall or a cinema? To be sure, first, you need to analyze where you’ll find the most foot traffic. If a new Avenger’s movie is expected to release in the coming weekend, then the cinema will be a great place to be. On the other hand, you’ll always experience many customers with their whole family at malls during the back to school season. If you also sell products like backpacks, stationaries and lunch boxes, you’ll also have to maintain enough stock to get through the season. Your job is to be alert and keep track of where, when and why people are visiting a particular place. When you see the right time and location, grasp the opportunity to market your products.
Big data technology can provide your business with many new ideas that’ll increase your sales. You can focus on location data and capitalize on this opportunity by keeping track of your consumers. Understand the importance of this type of data to come up with new ideas to grow your business. For starters, you can consider our ideas. If you would like to add anything, feel free to share it in the comments section below.