Why Every Business Needs a Location Data Strategy
It doesn’t matter whether you are a digital native brand or operate out of a brick-and-mortar store, location data is crucial for all businesses. When over 200 C-level executives, managers, and analysts in the United States were recently quizzed about the importance of location data to their organization’s success, 78% said it was ‘very’ or ‘extremely important’ in today’s competitive landscape. In the same survey, more than three-quarters of the respondents indicated they will invest in location data in 2019.
Location Data Strategy: The Competitive Edge
When you think of location data, the most obvious use case which comes to mind is that of marketing. And while there is no denying that precise and up-to-date location data is helping marketers to create much more effective campaigns, especially by reducing the costs associated with misdirected mails, there are several compelling, non-marketing uses of location data which organizations are now leveraging to gain a competitive edge.
Market Analysis for Retailers:
Having access to accurate location data simplifies several aspects of store management, right from market planning and supporting optimized locations of new facilities to store relocations and closures. Location data solutions such as postal codes and demographic information help to analyze customer behavior based on buying habits and provide a calculated estimate of how far a customer is willing to travel to make a purchase.
Risk Reduction for Insurance Companies:
Due to the nature of their business, insurance service providers require the most accurate and up-to-date address information as part of their workflows. With manual underwriting, insurers’ visibility to risks decreases, while costs go up and turnaround time increases. Authoritative location data, meanwhile, helps to increase the speed of the underwriting policy approval and pricing processes by providing real-time risk information to underwriting teams. Apart from speeding-up these critical workflows, quality data reduces the amount of rework and corrections needed for address verification and improves customer satisfaction.
Network Planning for Telecommunications:
While planning a cell site, network operators have to take several factors into consideration – population counts, surrounding buildings, land use types, etc. With accurate street and address points, telecom companies can plan and prioritize their infrastructure development by calculating potential returns on investment. Moreover, integrating postal data into customer-facing portals allows companies to enable self-serve functions that let prospects know the exact set of services available in their region.
Customer Service Management for Utilities:
With increased competition, ensuring customer satisfaction is extremely important to electric utilities. This is especially true in the case of managing outages. With precise address information and postal code data, utilities can distribute territories to field agents in a manner that enables them to react quickly and effectively to reduce downtime. And to accommodate emergencies, location data solutions can be integrated directly into call center software, allowing managers to manipulate territories on-the-fly.
Clearly, there are many industries that are benefiting from location data. But as is the case with any big data, spatial information is also accompanied by certain challenges. In part two we will explore the different challenges organizations encounter when using location data.
Discover the power of location intelligence today.