The use of location intelligence in terms of marketing analytics has become one of the most important forms of business marketing today. Previously, a marketing department?s goal was to market the business to a new and untouched market. Today, however, the goal has advanced into truly understanding your customer base and opportunities of untouched markets. This is done with location intelligence and geospatial data. The question becomes, what can you do with this demographic reporting?
Utilize it to create future marketing strategies
In the past, marketing was largely an estimated industry. You could look at similar businesses and attempt to implement factors that seemed to be causing success. However, you could never truly know how effective that marketing strategy was. When you use demographic reporting services, such as location intelligence, you can prove success. You can learn exactly who is visiting your business, how often they are coming, and their specific demographics. Take this data and turn it into an effective marketing strategy to branch out your current customer base.
Analyze it for current demographics
There are many reasons that you might require current data on marketing and demographics. If you are attempting to obtain a business loan or sell your business, you will have to prove this data. When you are faced with planning, collecting, reporting, and analyzing data, it is important to anticipate the right ratios. One helpful suggestion comes via Google?s data experts, who suggest that about 15% data capture, 20% data reporting, and 65% data analysis are reasonable ratios. However, the specific ratios used for your business will depend on the type of business and the reason for the demographic analysis.
Use it to understand the world better
Our country is often rated based on certain data, such as unemployment rates, currency values, and business success rates. Many other countries are rated in a similar fashion and then compared to our own country. Location intelligence can help businesses and the US economy better understand the business and spending world we are currently in. The world?s population will grow by 50% in the next four decades to more than 9 billion from about 6.5 billion now. As the world grows and becomes more populated, it is important to understand these analyses.
To connect with the world
World unity is a common goal of many. Although we have not yet achieved full unity, many countries do currently work together with similar goals. The use of location analysis and geospatial analysis helps us better connect with other countries. It allows us to connect technologically and to better understand other countries. The use of satellites is implemented to understand time differences, business differences, and even internet connectivity differences. Each GPS satellite goes around the world every 12 hours. The satellites travel 12,500 miles (20,000 km) above us at roughly 7,000 miles per hour (11,000 km per hour). It is mind blowing to consider how quickly we can share and gather information from other countries, all over the world.
Location intelligence is a highly technological service that serves many purposes, both nationally and internationally. Businesses can benefit from location intelligence and geospatial demographic information by creating successful marketing strategies. These marketing plans help businesses understand and better reach new customers. Location intelligence can also be used at a higher level, allowing us to connect with and understand countries all over the world. We can expect that this form of geospatial analysis will be around for many years, and we will continue to see highly advanced improvements and uses.