Use Location Analytics If You Want Your Business to Grow Significantly

In today’s era, understanding geospatial impacts on the business by using location analytics is highly critical for their success. What is exactly location analytics?

Location analytics combines geographic data on assets, infrastructure, transportation, and the environment with data on a company’s operations and customers to discover powerful answers and accurate predictions to any business challenges.

Companies that utilize location analytics will be able to evaluate their company strategy in order to decrease costs, find new opportunities, and make operational efficiency adjustments. Location analytics is also extremely visual, making it easier for non-experts to comprehend data insights and share them across the business.Companies that utilize location analytics will be able to evaluate their company strategy in order to decrease costs, find new opportunities, and make operational efficiency adjustments. Location analytics is also extremely visual, making it easier for non-experts to comprehend data insights and share them across the business.

2 Types of Location Analytics

1. Business Data-Driven Location Analytics

Business data-driven location analytics covers mapping, visualizing, and mining the location data to reveal patterns, trends, and relationships hidden in the business data. It can map and capture large volumes of geo-specific data which provides useful information based on customers’ location. Business data-driven location analytics has several uses which are as follows.

Powerful Intelligence

Simple maps have been widely used; however, they are restricted in their ability to provide useful information. Clustering, data aggregation, and color-coded mapping are some of the mapping techniques used to provide valuable business intelligence.

Geo-Enrichment

Customer data, such as demographics, consumer spending, lifestyle, and locations, can be augmented with simple data maps, providing more insights for business. For example, where do loyal customers spend the majority of their time?

Collaboration and Sharing

Maps are easy to understand and use; they can also be a great tool for communication and collaboration. Business data can be mapped using location analytics for cross-organization collaboration. It can also be used to exchange information with customers.

2. Social Media Data-Driven Location Analytics

Social media data-driven analytics covers mining and mapping the locations of social media users, content, and data using social media location data. GPS and IP addresses are the primary sources of social media location data. Social media data-driven location analytics has several uses which are as follows.

Recommendation Purposes

As people approach specified areas, businesses can gather location data to offer products, services, and events to potential clients in real time. Tinder, for example, suggests potential social relationships based on a user’s location, while Yelp likewise offers location and venue recommendations to its customers.

Customer Segmentation

Customers can be segmented depending on their geographic location using social media location data. For example, Tweepsmap (https://tweepsmap.com) can help you locate your Twitter followers by country, state, or city.

Advertising

Location-based advertising enables for targeted marketing and promotion campaigns to reach specific target customers. The accuracy and options for geo-targeting have improved, and social media platforms now have rich advertising tools that can target potential customers within a mile of a business.

3 Benefits of Location Analytics for Business

Hyper-local Intelligence

Companies can use location analytics to transform data into location-based insights for Geographic Information Systems (GIS) and communicate with business users, analysts, scientists, and developers to create more informed decisions.

Real-World Context

A map links data to the real world which clearly demonstrates how location relates to other data aspects. This strengthens the insights obtained as analytics teams and end users delve down into visualizations to discover new opportunities and enhance operations.

Actionable Insights

Users may create insightful geographical analysis instantly without the learning curve of other GIS tools with location analytics. It also still has the depth of analytical capabilities required for predictive analysis and other location-based optimizations.

By using historical and real-time data trends, location analytics can be quite valuable in making prediction about future company and market trends. As a result, companies can monitor, analyze, and make decisions precisely.

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