Utilities: Identifying New Market Opportunities with Location Intelligence
Location intelligence platforms offer data that can be layered onto digital maps and analyzed in several different ways, uncovering unique opportunities to capture a greater share of the market and to uncover opportunities for growth and increased profitability. Utility company marketing teams can develop campaigns informed by location information to ensure they are leveraging trends and identifying the right areas to market to. Marketing campaigns developed according to location-based data points allows utility marketers to make smart decisions that ultimately reduce efforts and optimize resources while maximizing marketing dollar
Growth in a Competitive Marketplace
Utilities is a competitive marketplace, and location data reveals growth potential in areas that may be underserved, showing where sales staff should be sent to talk with customers and learn how to serve them better. Location shows exactly how many people are in a given area, increasing ROI because you have a better understanding of how many customers you have the potential to reach. Map-based data speeds up collaboration, shortening the cycle for market growth. Pairing location with business data empowers your marketing team to make data-based decisions that can be reviewed against a digital map, set attributions, service availability in a certain area, and who the customers are.
Here are some ways location data offers growth opportunities:
Find New Prospects in Existing Infrastructure:
Using a location intelligence platform like DMTI Spatial, you can use Rooftop Address Precision to see which addresses have your services, and who does not. This allows your marketing team to get very specific about who to target.
Additionally, location intelligence platforms deliver detailed analytics like household income, demographics, purchasing power, property types, sales value, and much more. All of this information can be used to find potential customers similar to your existing customers.
Break into New Markets:
Use location intelligence to identify underserved markets that are reasonably located within range of accessibility to services and in-person customer care. Find areas your competitors have missed. For example, an underserved market might show the optimal location for a new gas or electric line to further your company’s reach into a new area. Some areas might even reveal an opportunity for government incentives that will benefit your company. Or perhaps an area with outdated infrastructure reveals an opportunity for green service initiatives.
Upselling Your Customers:
Existing customers are already warm leads and are more likely to purchase additional features and products than new customers. Location intelligence platforms can be leveraged to reveal areas where your customers are spending their time so that you know where to market to them.
DMTI Spatial is the Choice of Canadian Utility Companies
Spatial data is fundamental to optimal marketing operations for Canadian utility companies. Location technology empowers teams to leverage location data and use advanced mapping to deliver real-time location information to inform marketing campaigns and optimize customer experiences. It’s a solution that can help everyone, from the field to the office. To learn more contact us today.