With most data points updated daily, keeping a tab on the latest trends, demands, and customer interests in real time is challenging. However, when we talk about location data specifically, it is not just about getting information about the location but also about understanding the traffic, user behavior, reviews, ratings, and other crucial data points.
Business intelligence data makes it easier for businesses to obtain granular solutions for understanding potential leads and resolving business issues.
What Is Location Data?
Location data is information about a service, business, store, or area. Innovative data extraction tools help gather detailed information about actions, behavioral factors, and routes depending on the business requirements.
Using raw location data, business intelligence helps build strategies in time and improve customer experience to generate leads. It also ensures the right investments in marketing, advertising, forecasting, and planning outreach activities with structured data sets.
What Are Types Of Location Data?
By understanding the center of interactions, businesses can optimize their services and solutions to cater to the geographic areas. The different types of location data available for improving business intelligence are:
Country
Access to the country of data gives you a general overview of the audience. With data analysis, your business can understand which nations are gaining more attention for specific content, products, and services.
City
City-level data offers a closer view of urban interactions, helping you identify active and responsive cities for your business. You can address urban consumers’ unique needs and behaviors with in-depth business intelligence.
Region
Professional services allow you to discover region-specific data about states, provinces, or other subnational entities. This information helps you build global strategies considering regional preferences and local audiences.
GPS Coordinates
The latitude and longitude of the locations help extract the geographical area. Businesses can use this information to track movements and determine proximity, navigation, geofencing, and real-time location analysis.
Points Of Interest
POI data is required for mapping specific locations, such as popular landmarks, restaurants, and hospitals. This makes managing targeted advertising and user experience in real estate, travel, and local businesses easier.
How To Handle Business Intelligence With Location Data?
Raw location data is an essential asset for businesses, but the original requirement was to transform it into actionable business intelligence. Analyzing the location data, including GPS coordinates, mobility patterns, and customer purchases, will help meet the demands of a dynamic market. Let us explore the meaningful Intelligence from raw location data that can be applied:
Collect & Process Raw Location Data
Before optimizing the business, a structured dataset with real-time extraction and processing of raw location data is required. Data sources include mobile applications, Wi-Fi hotspots, geotagged social networks, GPS signals, and IoT devices. Simple steps to gather and process data are:
- Gather data from store visits, online check-ins, or third-party providers.
- Remove errors, duplicates, and inconsistent data points for accurate analysis.
- Convert the raw data into an organized format compatible with multiple platforms.
- Store information in a scalable database while ensuring compliance with privacy laws.
Geospatial Analysis & Visualization
After gathering the raw location data, businesses can utilize geospatial analysis to visualize the patterns and trends in the market. Some unique strategies are:
- Identify the locations with high traffic for placing your store and advertising to gain attention from potential audiences.
- Group location data points detect regular movements and foot traffic in various regions.
- To optimize logistics and supply chain efficiently, analyze to ensure quicker and cost-effective deliveries.
Know Your Customers
With business intelligence, you have the power to understand consumer behavior, allowing you to confidently monitor and adjust your strategies:
- Keep track of loyal customers and analyze their engagement with your store.
- To refine your target audience, link the location data with age, interests, income, gender, and other variables.
- Compare the customer footfall in your business with the competitors to make necessary changes.
Marketing With Location Intelligence
Businesses with real-time location data can focus on their marketing efforts and boost the conversion rates:
- Build methods to deliver targeted ads to the user based on their location.
- Share discounts and promotions when customers reach a particular zone of engagement.
- Adjust marketing strategies based on the specific area’s events, festivals, or occasions.
- Identify competitors’ exclusive deals to gain customers’ attention towards your brand.
Optimize Supply Chains
When you deal with smart data scraping technologies, focusing on efficient supply chains and logistics operations that benefit your business becomes more manageable. Here are some applications of location data for logistics:
- Monitor the shipments and deliveries of your business to reduce delays, if any.
- Utilize AI-driven models to pick the fastest route, saving you time and costs, and providing a sense of security in your operations.
- Structure your warehouse locations depending on customer demands and sales trends.
What Are The Applications Of Location Intelligence Across Industries?
Location intelligence is changing how various industries work in the market, which helps enhance operations and improve customer experience and decisions. It requires special tools to drive efficiency and build strategies based on the market needs. Here are the key industries that leverage raw location data for optimizing their operations:
Retail & Ecommerce
Online businesses depend on location-sensitive data to know the customers closely, optimize store locations, and boost marketing strategies.
- Retailers consider foot traffic and data analysis to pick the right locations to gain profits.
- Strategize store and inventory layouts by analyzing movement patterns, making you feel strategic and forward-thinking in your business operations.
- It becomes easier for brands to target customers with personalized promotions.
Healthcare Industry
Introducing location-driven strategies has become inevitable for public health, pharmaceutical logistics, and hospital management.
- Governments and healthcare providers will develop feasible locations for pharmacies, clinics, and hospitals, depending on needs and population density.
- Geospatial real-time location data helps monitor outbreaks, allowing authorities to take preventive measures quickly.
- Tracking ambulances and hospital capacity will improve response times in emergencies.
Real Estate & Urban Planning
Utilizing location intelligence helps assess market demands and sustainable cities and predict future property values with time.
- It becomes easier for investors to evaluate trends, neighborhoods, and buyer demographics before making the final decisions.
- Planners can analyze raw location data to transport network public services and optimize land usage efficiently.
- Authorities can analyze pollution levels, climate patterns, and green spaces if required to build sustainable spaces.
Finance Service Providers
Banks, insurance companies, and financial institutions require location-specific data for fraud prevention, service optimization, and risk assessment.
- Financial institutions analyze the structured data to monitor illegal transactions and card usage within short timeframes.
- Before issuing any policies, insurers assess the risks depending on crime rates, environmental factors, and geographical hazards.
- It is easier for insurers to predict potential claims by analyzing real-time geographical data.
End Note
Location data has become a business asset, offering insights that drive strategies for businesses in different industries. Retail and healthcare businesses utilize raw location data to optimize operations and deliver a smooth customer experience.
Using advanced tools helps in real-time tracking of ethical data usage and compliance with privacy regulations. At LocationsCloud, we are experienced in delivering hassle-free scarping services that can be customized to meet business requirements and goals.
