Location intelligence software is no longer a privilege for larger companies. Making informed decisions about a business location is a right that should be accessible for all retailers. That’s the only way to make the most out of their investment and deliver greater efficiencies.
More than two-thirds of business executives have already incorporated location intelligence into their business practices to gain a competitive advantage. Analyzing geographical business data not only helps retailers understand location characteristics but also specify their delivery area.
According to Statista, by 2023, delivery revenue is expected to grow to USD 154,34 billion. That’s why businesses must have their data right. In this guide, we’ll analyze the importance of location intelligence and how it helps boost revenue. Let’s dive in!
What is location intelligence software?
Location intelligence software is based on geospatial data and analyzes different location characteristics. The aim is to provide insights on traffic, demographics, or even whether, and help retailers make informed decisions about their business location.
Visualizing data through maps or dashboards is essential for gaining location insights. For example, suppose you’re on the hunt for a prosperous location to build your restaurant. In that case, you can use location intelligence software to track income levels, statistics of nearby competition, city areas your delivery will cover, as well as expected sales.
How does location intelligence boost revenue?
Here are 5 ways how location intelligence software boosts your business revenue:
1. Helps retailers decide on their business location
The best location intelligence software reveals hidden patterns and trends in business locations, encouraging holistic planning and prediction. Leading organizations worldwide use location data to uncover new business opportunities and resolve business problems.
The key here is potential. When opening a new business, retailers want to ensure that they’re making the best decision for their investment. Many factors go into the equation, such as where the business’s most profitable customers live or the proximity of competitive stores.
For example, if you’re opening a new restaurant, you need to dig more into the future instead of picking a random location and calling it a day. What delivery areas will you be able to cover? How will the neighborhood’s reputation affect your long-term growth?
So instead of guessing or collecting random information, the best thing you can do is opt for location intelligence software. Not only will it save you time and money, but it will also provide valuable data on nearby points of interest, historical data of customers in the area, and more.
2. Enhances customer experience
Location intelligence software collects data on customers’ pattern behaviors, trends, and preferences. For example, where do they enjoy shopping and socializing? What are their habits? This allows you to consider different days of the week, events, festivals, or weather conditions into a more fulfilling customer experience.
In addition, you can also optimize your marketing efforts and customer communication by tailoring your messages. For example, when you know that an event is coming and people want to attend it, you can customize advertising messages with special discounts for that particular day.
3. Assists loyalty programs
Taking customer experience one step further, we have customer loyalty programs. Loyalty programs are the hooks that keep customers coming back for more. According to a study from Oracle, 65% of US internet users are members of food service loyalty programs, so we’d say this method works.
Location data can help retailers refine their loyalty programs by taking advantage of customer insights and what consumers value the most. This way, they can serve them better and reward them for their loyalty.
4. Improves marketing campaigns
The core of marketing is targeting. With the data retailers collect from the best location intelligence software, they can customize their messages to their target audience after specifying their demographics and behavioral data.
By mixing offline users’ behaviors, social media geofilters, and their customers’ demographics, they’re able to create innovative advertising campaigns that ultimately attract more visitors. But, of course, the dream of every marketer is personalization. With location intelligence software, personalization is now back in the game.
5. Grants a competitive advantage
With location intelligence software, retailers can dig deeper into competition and figure out where they choose to locate themselves, as well as detailed information on their opening hours, price points, top outlets, and more. This gives them a competitive advantage to make a stellar location opening decision substantiated on data.
Expand your business with the best location intelligence software
Hopefully, by now, you know the answer to “What is location intelligence software?”. As the competition gets more fierce, you’ll need the right allies to put your foot right into the retail world. Don’t leave your business location to mere luck. Instead, use the insights provided by location intelligence software and plan your business’s future.
At Dotlas, we know the importance of the right business location to maximize market share, increase customer base, and improve customer retention. Finding the right location shouldn’t be hard! Whether it’s a fast-food chain, a clothing store, or anything in between, we got you covered. Book a demo today and make your way to location success!