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Marketing and Location Intelligence

3 Ways Brick-and-Mortar Stores Are Using Location Intelligence

Many brick-and-mortar stores suffered financial losses in recent years due to the ease and efficiency of online shopping. While some businesses view the rise of online shopping as the ultimate enemy, innovative businesses are using the shift in consumer shopping habits as an opportunity to develop new and exciting incentives for driving traffic into their stores.

Omnichannel marketing is a powerful way for brick-and-mortar businesses to leverage multiple marketing channels to drive greater brand awareness, in-store traffic, and sales. Location based insights are at the core of this, helping businesses illustrate their unique value proposition and provide fun and fresh ways for customers to engage with their brand.

Here’s how successful brick-and-mortar stores drive foot traffic and generate sales using location intelligence:

Leverage Geofencing:

  • Gain competitive insights: Conduct trade area analysis by placing geofences around competitors to reveal how often your customers visit them. You can pair this with tracking competitor deals and incentives to gain knowledge on how to steer customers back to you…or keep them from visiting competitors in the first place.
  • In-store incentives: If your customers allow notifications, you can deliver limited time pop-up ads every time they are within a certain distance from your store, or an extra deal when they are about to leave your store.  Input customer data: Location intelligence platforms allow you to input customer information, useful for developing targeted marketing campaigns. This includes precise mailing addresses and detailed demographic information.

Precise direct mail campaigns:

Studies show that direct mail ROI is strong when marketers use omnichannel marketing methods to deliver a seamless and personalized customer experience to match lifestyles with customer buying trends. Pairing digital intelligence with direct mail can produce powerful results. Location technology delivers detailed demographic information along with accurate postal codes so that you are delivering the right message to the right people rather than wasting time and money on consumers that are unlikely to be interested in your product or service.

Location-based insights for site selection:

For brick and-mortar stores looking to open a new shop or to relocate, location intelligence platforms provide essential information on ideal locations. This includes demographic data, a historic view of how an area has changed over time, new developments, nearby points of interest, and much more.

Using location technology and the powerful insights it provides helps businesses integrate marketing channels for an omnichannel marketing approach. This leads to precise messaging and a highly compelling customer-centric experience that will have customers regularly engaging with your business on and offline.

To learn more download our guide Using Location Based Insights for Omnichannel Marketing

Additional Reading:  

Retail Store Site Selection Location Data

5 Ways Canadian Retailers Should Be Using Location Data and Technology

Read to know why location technology and location data sets are indispensable weapons in any retailer’s artillery

Customer Experience

How Spatial Technology is Transforming Customer Experiences in the Insurance Industry

Using Spatial Technology to Improve the Customer Experience in the Insurance Industry…While Increasing Profits

Customer experience in the insurance industry is a hot topic, and it’s easy to see why. A strong customer experience is the key to growth and profitability, requiring many companies to focus on differentiating their customer experience to stay ahead of the competition. However, despite the obvious benefits of cultivating happy customers, many insurance providers struggle with how to deliver a great customer experience and increase profits.

You must find ways to maintain the integrity of your business alongside ways to serve customers better – because if you don’t someone else will. In a 2016 letter to his shareholders, Amazon CEO Jeff Bezos explained that being customer-centric is about staying ahead of customers and developing new ways to keep them happy. Bezos says that if you shift your focus from trying to create great customer experiences, then you’re already on your way down.

Insurance providers are concerned that providing better customer experiences could conflict with the established rules and processes they’ve developed for risk selection and pricing. This certainly doesn’t have to be the case. The solution is using a spatial technology platform that supports and strengthens existing workflows while helping develop meaningful digital experiences for customers.

Digital Customer Experience in the Insurance Industry

In today’s tech-enabled world, your customer’s digital experience plays a huge role in how they perceive your company. Your website is often a customer’s first touch-point with your company and will be the first time they assess if you can meet their needs. Studies show you’ve got less than 1 minute to convince website visitors whether or not they should try your product or service. In insurance, that translates to showing customers they can expect fair pricing and an efficient turnaround time.

That’s where your spatial technology platform comes in.

Use Spatial Technology to Deliver What Customers Want

People expect online experiences to be simple and intuitive and they are accustomed to instantly accessing the information they want. In the insurance industry, providing a great customer experience means being able to quickly deliver information or a plan for coverage. Leveraging a spatial technology platform enables automation and self-service, making the process of generating insurance quotes and pricing simple, fast and efficient.

More and more insurance companies are experiencing the transformative effects of automation, including improved accuracy and efficiency. Data gathered by customer inputs can be automatically delivered into your underwriting process, and remain consistent with the risk selection and pricing models developed by your company’s actuarial/risk group. A well-defined process can easily interface with a spatial technology platform to automate inputs for calculation resulting in instant assessment and pricing.

Spatial technology platforms deliver location-based insights, including tools like geocoding, digital mapping, data analytics and visual dashboards, helping insurers use location intelligence throughout the policy lifecycle to deliver on client needs without sacrificing profitability. Using automated workflows, your spatial technology platform will geocode addresses in real time providing high precision coordinates, and automatically cross reference this data with the appropriate risk factors within your risk assessment models and pricing engine.

In addition to improving profitability by streamlining customer’s access to plans and policies, spatial data paired with customer information can also be used to assess additional plans that consumers may not realize they could benefit from, therefore offering ample opportunity for your company to cross-sell or upsell additional plans and features.

Using Spatial Intelligence to Improve Risk Assessment and Pricing

A strong spatial technology platform provides the location-based insights and analytics necessary to support underwriting, exposure management and claims. This data allows you to improve auditability with defined automated rules and quickly aggregate and visualize location information for more effective and accurate analysis when determining risk.

Real time location intelligence helps insurers quickly respond to policy applications, catastrophic events, and claims with greater accuracy. The ability to apply geographic coordinates (geocoding) to the property of interest offers insurers the ability to associate complex data sets with those coordinates, enabling deeper insights on concentration risk and exposure to hazards. This includes earthquakes, flooding, windstorms and more. These insights can better enable no-touch, low-touch adjudication processes, or provide better insights through visualization for exception handling or portfolio risk analysis.

Finally, the data on a strong spatial technology platform is continually updated to reflect the most current, precise location data, improving risk assessment to ensure accurate pricing.

DMTI Helps Insurance Companies Improve the Customer Experience

When it comes to developing a great customer experience in the insurance industry, it’s important to keep things simple. Companies now have the tools to gather data on what customers want and need to keep them happy, loyal to your brand, and refer you to other potential customers. Using spatial technology, you can manage and monitor risk exposure in real time, with complete location data on one platform.

DMTI is the gold standard for GIS and location-based data in Canada, offering insurers scalable on-demand tools that support real time workflows. DMTI Spatial’s Location Hub® & UAID® is the only solution of its kind in Canada, and supports you company’s risk assessment process by delivering data visualization tools, and data delivery infrastructure to provide high-precision location accuracy.

Click here to find out how DMTI will help your insurance company experience greater growth and profitability.

IoT and Location Intelligence

5 Industries Being Transformed by IoT and Location Intelligence

Read to learn how the fusion of location data with the Internet of Things (IoT) is making organizations smarter and more efficient across industries

So many devices around us have steadily gotten connected to the Internet that we hardly even notice how extensive the Internet of Things (IoT) ecosystem has become. Our computers and smartphones may be the most obvious IoT players, but today, everything from household items to manufacturing machinery has been embedded with sensors which are generating and streaming data without any kind of human intervention.

Given this pace of proliferation, Gartner says we should expect to see more than 20 billion Internet-connected devices by 2020. And McKinsey maintains that IoT applications could have a global economic impact to the tune of $3.9 trillion to $11.1 trillion per year by 2025. These incredible figures start to sound all too plausible when you look at the developments closer home.

According to IDC Canada, over 45% of Canadian organizations today have dipped their toes in the IoT pool and the IoT market in the Great White North alone is predicted to reach a value of $13.5 billion by 2019. When you consider how IoT is giving businesses access to knowledge they could never tap into before, the optimism for IoT applications gets more than justified.

IoT sensors generate a massive amount of data every day. To both increase revenue and decrease costs, all companies need to do is know how to extract actionable insights from the information at their disposal. Many industries have discovered that the best way to do that is to tie disparate information streams together using an easy-to-recognize context called location.

By using precise location data, organizations can easily visualize what is happening where. And by analyzing historical data bound by spatial awareness, they can map trends and use these insights to optimize business processes.

Let’s dig a little deeper into how various industries are becoming smarter and more efficient by fusing IoT with location intelligence:

Smart Cities

Urban analytics is an essential component of smart city development. IoT and location intelligence are allowing governments and municipal agencies to quickly gather regional insights to identify inefficiencies as well as environmental impacts and risks. For instance, smart sensors on wheels can not only identify most congested areas, they can also provide a telling picture of pollution hotspots. Further, IoT and location intelligence are also creating ladders of opportunities for businesses. For example, the Canadian city of Mississauga publishes its real-time bus locations as a live open data set. A gallery can easily use that information to tell a commuter about an art exhibit they could visit at the next stop.

Supply Chain and Logistics

The marriage of IoT with location intelligence is bringing greater levels of transparency and efficiency in the supply chain, and changing the playing field for organizations that deal with logistics. Embedding tags in cargos is leading to an unprecedented ease in asset tracking and tracing – both during in-freight operations and at the time of inventory management in a warehouse. Distribution centres are also able to manage their yards more effectively by providing up-to-the-minute directions to truckers based on the type of goods they are carrying. And businesses even have an opportunity to provide early intervention in case an asset goes missing or is out-of-place.

Consumer Retail

A study undertaken by Deloitte and the Retail Council of Canada has found that retailers are using smartphone-based traffic analysis to understand the foot traffic outside and inside stores during different times of the day. This data is helping retailers to implement strategies to grow in-store traffic at preferred times. But that’s not the only way how location intelligence and IoT are transforming consumer retail in Canada. Retailers are also using these technologies to execute everything from offering in-store navigation to identifying profitable locations for new stores.

Insurance Companies

According to PWC Canada, 63% of insurance CEOs are convinced that IoT will be strategically important for their organization. And location intelligence is a natural fit for this bundle. Sensor data backed by spatial awareness can give insurance providers first-hand information about what happened, improving their ability to proactively address claims. Insurance companies can also use the location-backed data to improve their risk rating, detect fraud, and improve customer loyalty. For instance, a car insurance provider can offer discounts on premiums to its customers based on their real-time driving data.

Energy and Utilities

Providing reliable, high-quality and uninterrupted service requires a great amount of visibility and control across the entire utility network. IoT and location intelligence make that possible in ways more than one. Peterborough Utilities Group in Ontario, Canada efficiently manages outages and voltage discrepancies in its distribution network by using IoT to capture multiple data points like temperature, board status, etc., every few minutes from its metering points. Meanwhile, BC Hydro, the chief electric utility for British Columbia, has found that it can restore power faster and isolate faults to the smallest possible area leveraging an IoT-based smart grid system.

Clearly, location awareness is indispensable for an effective IoT network. Location intelligence can provide both context and relevance to an organization’s decisions supported by sensor data and open up a wealth of opportunities for smarter growth.

To know more about how you can benefit from adding precise location data to your IoT setup, contact us.

Additional Reading:

Location Intelligence and Summertime

The productive days of summer?

Many businesses think summer is the time to relax. It’s also a great time to gain a competitive advantage through location intelligence and data insights.

Your summer business strategy may consist of three (3) simple steps to gain that competitive edge:

  1. Look for easy access to data
  2. Ensure comprehensive data selection
  3. Better understand your risk

Look for Easy Access to GIS Data

When looking for risk related data:

  • Confirm the data is available through a web service.  This allows you to integrate information into your current platform such as the Purview AVM data and perils related data.
  • Understand how to obtain the highest match rate between your database and data services. This helps to avoid ambiguous addressing through the use of a unique address identifier (UAID®).

Location Intelligence Success Story

Lenders using DMTI Spatial’s™ Location Hub® platform can search the national Purview web service using the UAID which is assigned to every address for Canada with roof-top precision.

Ensure Comprehensive GIS Data Selection

Teranet partnered together with DMTI Spatial to provide complimentary capabilities to shared clients. This partnership provides clients with a complete view of their data.

TeranetDMTI Spatial
Addresses
Property OwnershipFlood
Property ValuationEarthquake
Equity EstimateCrime
Comparable SalesEnvironmental Risk
Fraud ChecksDemographics
House Price Index (HPI)Firmographics

With over 15M addresses in Canada, having access to the most comprehensive risk-based information at the property level allows insurance and finance companies to generate new insights.

Understand Your Risk

With this wealth of location-based information businesses can benefit in the following ways:

  • Understand the risks associated with specific geographical areas and leverage that knowledge to fine-tune pricing
  • Link disparate information for real-time decision making
  • Enhance portfolio analysis across the entire book of business

Summary

Take advantage of the down-time that summer offers. Evaluate your current systems and workflows and explore solutions that provide comprehensive information to help you hit the ground running in the fall.

Learn how location intelligence can help your business by contacting DMTI Spatial.

Location Intelligence for Enterprise

Challenges, Drivers and the Need for Location Intelligence

Even organizations that understand the value of location intelligence struggle to translate that understanding into meaningful profit-generating activities.

Much of the difficulty stems from the challenges of marrying enterprise data, which is typically housed in relational databases, to fully spatial-enabled information. New solutions that provide access to a platform of technology and crucial data building blocks that are integrated into an enterprise’s information processing cycle are available.

The result is a clean, current and consolidated view of enterprise information revealing new opportunities to enhance profitability.

3 drivers of location intelligence in the enterprise market are:

  1. The availability of high quality, current and complete data: Commercial geographic content providers are getting more sophisticated in the data offerings made available (e.g. to the building units in apartment buildings) allowing for a hyper-local perspective in business applications not previously available. Full service providers of location intelligence include subscriptions to geographic data that is maintained and developed on an on-going basis.
  2. Growing awareness of location-enabled services: Location intelligence has been popularized by business to consumer (B2C) applications from Internet search portals and personal navigation device (PND) vendors; and this increased awareness is moving into the Enterprise segment of the market.
  3. The rise of web services as a better-faster-cheaper deployment model: Software as a Service (SaaS) is now recognized as an agent that transforms how companies do business and is one of the most compelling innovations allowing for deployments of location intelligence that are cost effective. Solutions and delivery models are maturing and can be adopted without any disruption to existing IT structures or data modeling applications, reducing the attendant risk and expense.

More and more, the value of location intelligence is being linked to strategic and operational success at an enterprise level. As a means of generating revenues and controlling expenditures, location intelligence can directly impact profitability. Click here to learn more about how DMTI can help you leverage location intelligence.

Risk management for earthquakes

The Importance of Managing Earthquake Risk

Do your risk management processes consider the risk of Earthquake?

October 16th marked the 7th annual ShakeOut where over 24 million participants worldwide will practice how to drop, cover and hold on at 10:16 a.m. during Great ShakeOut Earthquake Drills.

“ShakeOut BC Day” started in 2011 and this year over 660,000 participants in British Columbia will participate in drills.  The Charlevoix region in Quebec started participating in 2013 and the entire province has joined in for 2014 with over 80,000 participants registered.

Canadian Regions at Risk for Earthquake

Most people would initially think that British Columbia is most at risk when thinking about the risk of earthquakes in Canada.  However, parts of Quebec and Eastern Ontario are also at risk for earthquakes.  At a recent earthquake response seminar held in Toronto by the Catastrophe Response Unit (CRU), Dr. Kristy Tiampo, professor of geophysical modeling methods at Western University’s department of earth sciences in London, Ont. who also works with the Institute for Catastrophic Loss Reduction (ICLR) stated that “Montreal and Ottawa are both at significant risk of ground shaking” and noted that both cities have seen earthquakes that have measured around 6 on the Richter scale.

In an October 2013 report commissioned by the Insurance Bureau of Canada titled “Study of Impact and the Insurance and Economic Cost of a Major Earthquake in British Columbia and Ontario/Québec” two hypothetical earthquakes were modeled by AIR Worldwide.  One off the west coast of British Columbia measuring 9.0 on the Richter scale and one northeast of Quebec City measuring 7.1.  These two hypothetical scenarios would result in a combined estimated total insured losses of over $30 billion.

It is imperative for insurance companies to have a complete and accurate picture of the location of the property that they are insuring in context to the risks that surround that property.  This will allow them to rate the policy correctly and also to determine whether or not they want to assume the risk.  Understanding where the property is in relation to an earthquake zone is very important.  But not only is it important to know if the property itself is at risk, but also knowing where that property is in relation to other items that could be impacted by an earthquake.  For example, what if the property was close to a natural gas pipeline or propane processing facility?  Knowing about these potential risks in isolation is important to the underwriting and rating decision. But, what about when you also factor in earthquake?  An earthquake of a small magnitude may not be enough to cause much damage the property.  But what if it was enough to cause a gas leak, that then lead to a fire and an explosion?  Having this level of information could mean a big difference.

Disaster Risk Management for Insurance Companies

Another factor to consider for insurance companies is the accumulation of risk.  While the risk for the single property may be acceptable, knowing where all your existing policyholders are at the time you underwrite a mortgage and their relation to risks such as earthquake zones will be critical in determining whether you are willing to assume this additional risk or if your exposure is too high.  If there are two major events in a given year, would your exposure be too high and you wouldn’t be able to pay out on all the claims?

In Canada, various forms of location such as postal code boundaries, municipalities and Catastrophe Risk Evaluating and Standardizing Target Accumulations (CRESTA) zones (for earthquakes) are used to determine the accumulation of risk.

As per the ICLR, Canadian reinsurers, insurers and regulators use Catastrophe Risk Evaluating and Standardizing Target Accumulations (CRESTA) zones as the minimum standard for the capture of data and first level of calculation of probable maximum loss (PML).  PML evaluations can influence underwriting decisions, and the amount of reinsurance allowed on a risk can be predicated on the PML valuation.

The original CRESTA zones were established in 1981 and introduced in Canada in 1986.  They have been recently re-worked globally and have been re-launched to the market for 2012/2013.

All businesses can use this information to help define their contingency plans in event of an earthquake. Which of my existing store or branch locations might be impacted?  Where are my employees situated?  How would I deploy resources to help my customers most efficiently?  Where would I situate them?Insurance underwriting and exposure analysis is only one area where this information can be used.  Other examples include:

  • Public Safety departments within governments can use this to build contingency plans for their citizens, determine where they would locate remote relief sites, sites for temporary housing or medical facilities.
  • Telecommunication companies could use this to gain a better understanding of the risks associated with building out infrastructure in various parts of the country

Click here to see how DMTI’s disaster risk management tools help insurance companies effectively plan for every possibility.

Marketing Relies on Location

Strong Marketing Relies on Location. Here’s Why.

Accurate location information may not be the most exciting topic for your next dinner party, but under the hood most businesses depend on it to fuel their business processes, and to help them reach the right audience to drive marketing results. The ability to access accurate location information is impacting many of our customers because strong marketing relies on location. Let’s explore why.

Inaccurate Location Data Impacts Business Growth

Inaccurate location data can be a major inhibitor to growth in your business.  Marketing relies on location, and with more than 85% of customer data tied to a location component, it’s important that your company operate on valid and accurate data.

Customer and prospect data isn’t static – customers move, postal codes change and rural areas become urbanized.  As these changes occur, customer location information quickly becomes outdated. In fact, research by Sirius Decisions shows that 30% of B2B data is out of date within 12 months.  To put this into perspective, if your company has a database of 100,000 records and neglects to implement address quality measures, over 50% of your customer records would be entirely outdated in just over 3 years!

The Impact of Outdated Data on Marketing

Outdated data has an impact on sales and marketing. It’s estimated that 30% of marketing campaigns never make it to the intended recipient. That’s wasted marketing dollars, time and efforts – but most of all lost sales opportunities!

According to a study by the Direct Marketing Association (DMA), every dollar spent on direct marketing advertising, on average, results in $12.61 in direct marketing-driven sales.  Calculate how many marketing dollars you can save by focusing on data quality. Maintaining high data quality can help you drive better results and get you to your revenue targets that much faster.

We see that marketing relies on location, and location data acts as one of the information backbones for all your company operations.  Having accurate location information allows you to move beyond simple addresses – it allows you to integrate cloud based solutions to integrate demographics, firmographics, proximity, drive time, drive distances and many other variables into your decision making process.  This additional data can help you gain invaluable insights about your customers, and identify new markets.

Accurate location information solutions will allow your company to:

  • Visualize your market penetration to help you plan your new campaigns
  • Prequalify and identify new entry markets to increase marketing reach
  • Increase direct mail delivery by up to 30%
  • Reduce customer churn and increase customer satisfaction
  • Boost your campaign metrics
  • and learn more about YOUR customers!

Click here to see a free demo of DMTI’s Location Hub for marketing! 

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