Location data has been in the marketing industry for quite some time now. Proximity ads that pop up as one passes by business have been the essence of location-based advertising. But, the location data, has much more potential than this, the broader and strategic power that it can provide businesses is immense.
Although the concerns like user privacy are valid, and most consumers don’t like companies tracking their location data, but companies need this data to make strategic business decisions. Data like the places consumers visited, events they attended, outlets they frequent for their groceries etc. can fetch them actionable insight to stay ahead in the competition.
The location data insights stretch from macro to micro. Getting actionable intelligence, trends, and patterns at 30,000 feet or at a granular distinct geo-fenced location, whether zoomed in or out, location data always is the richest source of information about consumers, narrating their visitations and interests at a particular place. Equipped with these location insights companies better understand the situation in the markets, the behaviors, and patterns of their customers, what motivates their purchases like events or festivals, and industry benchmarks to meet specific challenges, to stay ahead in the game.
Location data is especially known to shed some light on blind spots, to reveal untapped information that generally would go completely unnoticed. As per market reports and trends, today the most successful businesses are those that were truly able to understand the customers’ each and every tiny needs and demand. This attention to detail can’t just come from purchase history, location data helps them to deliver a stronger context to the targeted audience to better activate them.