Business

3 Top Reasons Why Location Data Are Crucial For Your Business?

Location is a key word when it comes to business data, especially about leads and consumers. Location data offer deeper insights  about potential customers as well as their preferences and behavior. These insights play a major role in the decision-making process of a business and and  their importance spans across all the major sectors including marketing, business operations and supply chain. According to this Forbes article, the “location” component is ubiquitous in at least 80% of overall business data. In fact, the market of location analytics is predicted to reach $16.34 billion by 2021.

The post below offers a brief on why location data is crucial to scale up your business to new heights.

Offer invaluable inputs for business data

Location data offer a wide range of invaluable insights which you don’t usually get from other forms of data or analytics. These include information on-

  • What cusomers or leads are nearby?
  • Location of your largest customers
  • Business opportunities for your company within 50-60 miles of your location
  • Fastest delivery route for the most prospective locations for your business
  • Which zones are delivering biggest growth in revenue
  • Most potential area for your business

Complements and enriches your business intelligence

There is no denying of the fact that pie charts, tables and graphs constitute an important part of your business database. But the catch is without the location data, you will only get a partial picture through these charts and graphs. Location intelligence extends even deeper insights and open up to you crucial trends that you did not even know are possible. In other words, location data provide a holistic view to your business as well as complement and enhance your business intelligence. Consequently, your business will be able to discover new and more efficient ways to target leads, acquire customers and boost sales figures.

The growing awareness of the importance of location data for business has led to the development of varied location intelligence programs and tools. One of the most significant location intelligence programs is location platform for mobile applications. A location platform will enable you to add location context & tracking capabilities to your apps to guide towards better decsiions with your location data.

Helps with more contextual and relevant advertising

Do you know location-based notification or ads perform 2-3x better compared to generic notifications? Yes.

Real-time data on geo-location offer a precise picture on the location of your customers. Based on that data, you can design your targeting practices more strategically according to the particular needs and desires of your leads in that particular location. Put simply, location data help your business to come up with more contextual and relevant advertising which amps up the potential of your targeting campaigns.

Location data are useful for most of the businesses. Retail stores benefit a lot from location intelligence. Other businesses which can capitalize from location data are car dealerships, food & beverage chains and also travel guides.

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