When to use Location Intelligence? Five most common use cases
Seeing the term location intelligence all around but still not sure what it means and what it does? This article will introduce the five most common use cases of location intelligence in the real (business) world.
Turning to location intelligence is a good idea when location plays a vital role in the decision-making process. It offers enterprises the benefits to leverage location information and convert them to actions and insights visualized on an interactive map. With that said, continue reading to discover the use cases of location intelligence that CleverMaps most commonly delivers to its clients.
Brick and mortar businesses often face strategic decisions that cost a lot of money. For example, having a store in a wrong location is not a good starting point for success. Leveraging location intelligence for planning your new stores, branches, or other customer touchpoints will help you avoid costly mistakes and move from guesswork to data-driven approach.
Although using data to base the decision on is nothing new for retailers, the added value CleverMaps brings is how the insights are displayed.
For example, with the CleverMaps platform, you'll get immediate access to evaluation of the business potential of any location. How do we measure the business potential? Well, it can be based on any criteria that are important for your business. But what we work with the most is the so-called Retail Exposure Index and the client's competitors in the area.
Evaluation of the business potential of custom location in CleverMaps.
Even if your business already has a robust network of branches, stores or other customer touchpoints, location intelligence may come in handy for its optimization. Sometimes hard decisions like reducing the number of branches have to be made, especially if there have been significant changes on the market (COVID) or if you are planning on merging multiple branch networks.
Through CleverMaps Branch Network optimization, you'll be able to analyze your current branch network based on the locations of your branches, customers, competitors or any other data. This helps you find out if the individual branches perform up to their potential established on location-based insights. With the provided analytics, it's much easier for you to decide what to do, whether to close the branch or adjust the business hours.
Analysis of white spaces - areas with unused business potential.
Delivery Service businesses benefit from location intelligence to optimize the supply chain, reduce delays and keep the customers satisfied.
Delivery zones are a substantial part of a successful delivery business. CleverMaps can help you plan the delivery zones to ensure excellent customer experience and profitability of the service.
Delivery zone analysis in the CleverMaps platform.
The global ad spending counted 572 300 000 000 USD in 2020. That's a lot of zeros. It's impossible to determine the ROI globally. Still, the sure thing is that location intelligence can supercharge yours, because all humans targeted through advertising are connected to several locations - their homes, jobs, hobbies, families, interests and the list could grow on.
CleverMaps can help you to utilize location insights to plan, measure, and target Out-of-Home advertising effectively based on location aspects such as human mobility, points of interest, customer segments and more.
Among other use cases in marketing is leaflet distribution optimization, market intelligence insights or loyalty program analysis.
Customer Intelligence insights visualized in the CleverMaps platform.
A definition of retail catchment area says it is a place from where a particular area attracts customers and potential customers.
CleverMaps can help you to analyze both, natural catchment area and the actual catchment area. What's the difference? The natural catchment area is based on driving, walking, biking, or perimeter around any location. The natural catchment area is excellent at the phase when you are looking for a new place for your business, as it can tell you how many people live in the area, what is the competitive pressure, how many cars pass through the area, what is the public transportation density and so on.
The real catchment area shows where your real customers are coming from to your store. The real catchment area analysis is usually based on data from loyalty programs, transactions, visits or orders. This information is beneficial when optimizing your branch network.
Catchment area analysis in the CleverMaps platform.
Conclusion
Overall, location intelligence is helpful to businesses in many ways. By understanding the location aspects of your business, you can utilize it in many ways and skyrocket your revenues, customer base or ROI.
Want to learn more? Schedule a demo with us!
