5 Ways to Utilize Location Intelligence to Inform Your Business Strategy

In the digital age, consumer insights and behavioral intelligence have become critical assets for businesses to better understand their current, lapsed, and potential consumers.

Location intelligence, built upon the verification and sequencing of consumer visitation to brand locations and points-of-interest through mobility data, can provide powerful insights into consumer behaviors and preferences. This article highlights five valuable ways to leverage location intelligence to enhance business strategies and customer experiences.

1. Understanding Consumer Pathways

Consumer pathways & journeys are crucial to understanding the touchpoints consumers have on their path to purchase. With location intelligence, you can identify the places consumers visit before and after visiting your location to better understand their behaviors and purchasing journeys. 

This can provide critical insights, such as identifying competitors they are considering, understanding the other brands or points-of-interest that your consumers regularly frequent, and observing where and how consumers spend their time. This empowers you to identify new opportunities to refine strategies around acquisition, retention, and satisfaction of your clientele.

2. Optimizing Retail Store Locations

Optimal store locations are the cornerstone of a successful retail strategy. Location intelligence plays a pivotal role in determining retail store salience.

By analyzing consumer movement patterns and behaviors, businesses can pinpoint high-traffic areas and optimal locations for new stores. Location intelligence goes even further than consumer movement, it also allows brands to understand the demographic profiles of the people who are frequenting a given area. Understanding where consumers frequently visit and spend their time as well as who those consumers actually are helps in strategic decision-making regarding store expansions, relocations, marketing strategies, and much more.

3. Audience Targeting & Activation

Location intelligence allows brands to build consumer segments that meet certain demographic and behavioral criteria. Some observed behaviors that can inform segments include consumers who had been identified as having an affinity or loyalty to a specific brand or brands based on frequent visitation, consumers who have recently visited or visited a brand location during a defined time period, and consumers who fall into larger affinity groups based on cross-visitation data, indicating mutual interests or behaviors. 

Companies can then activate those segments and reach those consumers through programmatic, social, and/or search marketing campaigns.

4. Develop Consumer Profiles & Personas

Expanding upon building and engaging with consumer segments, location intelligence empowers brands to build comprehensive buyer profiles & personas. These profiles & personas allow companies to further segment types of customers who purchase their products and ultimately create more relevant campaigns to reach these buyers.

Some common components to a consumer profile include:

• Demographic composition: Understand key characteristics (age, gender, household income, race, ethnicity) of a consumer segment based on probabilistic distribution and statistics
• Brand preferences: Which brands the consumers favor over other brands in a specified category
• Home location: The home location of a consumer profile based on anonymous device activity 

5. Anticipating Consumer Trends

Staying ahead of consumer trends is a vital aspect of maintaining a competitive edge. Location intelligence data offers valuable insights into emerging consumer trends by analyzing changing preferences and behaviors. This foresight enables businesses to adapt their strategies, innovate products, and modify marketing approaches to align with evolving consumer demands and preferences.

Conclusion

Location intelligence presents immense opportunities for businesses to understand, engage, and cater to consumers effectively. From optimizing store locations to anticipating emerging trends, the potential applications of this data is vast and transformative.

By leveraging the power of location intelligence, businesses can make informed decisions that drive growth, improve customer satisfaction, and create long-lasting value in today's dynamic business landscape.

The People Platform's Location Intelligence service utilizes geo-spatial mapping technology and mobility data to provide valuable insights into consumer movement and behaviors. We organize anonymous device activity data and sequence these daily mobile interactions into verified consumer visitors to brands and points-of-interest across North America. Our processing engine attributes devices to users, who are assigned a unique and persistent identifier, allowing consumer movement and behavior to be identified and analyzed.