What is location based analytics?
What gets measured, gets managed. Peter Drucker
Mobile location analytics (MLA) is a type of customer intelligence (CI) that tracks smart phones and other Internet-capable computing devices as they move through a store. Mobile technology has provided the opportunity to engage customers like never before. Serving the right information, at the right time, in the right place is now possible through Mobile Location Analytics.
Business intelligence and analytics and the related field of big data analytics have become increasingly important in both the academic and the business communities over the past couple of years. The business communities are realizing that by using location analytics, they can increase their potential sales. Also in academics, it’s being discusses by students and professors in classrooms.
The need for Mobile Location Analytics
As it stands, the estimated growth for the percent of people who own a Smartphone is currently 65%. Location-Based Marketing is on the rise which is the ability to reach consumers in a targeted method. It provides huge opportunities for marketers and business professionals. In store based analytics could be a great source of competitive advantage for a company and can increase customer retention.
By using In-store analytics, the management can pay particular attention to the place component of their marketing mix. The effective or the most popular place could be used where marketing activities can take place. Location plays an important role in analytics in many different ways. It allows a potential local business to know who is around the store. It can allow targeting these individuals with special advertising, promotions and offers.
Customers may be more receptive to the coupon or a good deal because they are close to the location rather than if they were far away. These findings could be used to improve business insights and processes, upgrade customer relations, and make decisions such as where to locate branch offices or introduce new products. In comparison, if the competitors are not using the same technology, they are missing out on an opportunity to increase the important traffic that they need at their store.
To improve corporate decision making, Business Intelligence typically focuses on information such as sales figures and supplier transactions. In-store Analytics information is critical to many aspects of business such as consumer analysis; where to locate stores, warehouses, and manufacturing facilities as well as marketing campaign effectiveness. To further the analysis, data mining can be used to gain better business insights. One of the companies that implement such services is Mobile Customer Connect (mobilecustomerconnect.com). They offer variety of services like heat maps, real time reports, mobile application development and integration including push notifications. This information can be used by companies to predict whether people in specific areas are likely to buy a new product or respond positively to a marketing campaign. This is resulting in positive directions in terms of customer management for automotive, retail and neighborhood communities.
Companies can improve their ROI by having marketing campaigns at locations that are the most effective. Using the services of Mobile Customer Connect (mobilecustomerconnect.com), the Brick-and-Mortar stores would be in a better position to improve onsite performance. In-store Analytics services can improve productivity as well as business intelligence. Moreover, customizable push notifications improve sales and it can be an effective tool for Customer Relationship Management. The business performance is visible as you can get real time data stored on cloud in the form of interactive dashboards.
Benefits of Mobile Location Analytics to businesses
Overall using location analytics can improve your business and enhance many areas of the business including marketing and sales not to mentioned staff optimization and improving business demand. There is strong growth in utilizing mobile location analytics as more and more companies are using it.
Companies like Mobile Customer Connect are reaching new horizons in stretching the technology further to avenue such as emergency services and security purposes.
The Big data is transforming the business intelligence to make smart and more informed business decisions. It’s a new trend that helps keep customers engaged and satisfied. It can be said without a doubt that it’s a technology that has great potential for future. Therefore, more businesses should adopt this inexpensive technology so that they can get ahead in the marketing analytics race and improve their customer relationship management processes.
References: Garber, Lee. “Analytics goes on location with new approaches.” Computer 46.4 (2013): 14-17.
Written and edited by: Mobile Customer Connect Team.