Leverage Location Intelligence to Attract More Revenue Dollars to Your Business
The emerging field of location intelligence represents the convergence of two modern technological wonders: advanced digital mapping systems and database-driven analytics. It can be applied to almost any field, but it is finding a particularly strong foothold in the realm of competitive business intelligence.
While the term “location intelligence” sounds like it should be reserved for use by mega-corporations, its fruits are also highly applicable to mom-and-pop businesses, professional services firms, and medium-size companies alike.
In fact, location intelligence is tailor-made for local businesses, since its main purpose in life is to let you differentiate, rank and prioritize some of the most important details about your local market. With this technology, you can collect data, draw inferences and make informed business decisions. You can even slice and dice your geography several ways, including by radius around your location, a polygon-style trade area designation, zip codes, census block groups, or even building-by-building.
Precisely how location intelligence works is a large subject than can be treated here, but for a moment, think about the process itself as an unknown “black box,” with known inputs and outputs. Below are some examples of common inputs and outputs for location intelligence analytics projects:
Some Common Inputs:
1. Customer addresses
2. Historical purchase information, include products/services and dollar amounts
3. Competitors’ business addresses
4. Major and minor roadways
5. Points of interest, bodies of water
6. Trade area household psychographic and demographic data
7. Global Information System (GIS) data about the local area
Some Possible Outputs:
1. A color-coded map that shows you where your best prospects – those households or businesses most likely to buy fro you – are located
2. A direct mail list containing only households that are 3-5 times more likely to buy from you than the average household
3. A list of prospective businesses in your trade area, along with key company characteristics, ranked in order of those which are most likely to do business with your firm
4. A ranked zip code list showing you which zip codes you should target for your Google Ads or similar online marketing campaign
Can you see your company benefiting from this kind of targeted, analytical approach to better marketing? Contact MindEcology today to learn how.