Location Is Everything: The Art & Science of Leveraging Location Intelligence
Location data is a crucial element of market intelligence — it is (or should be) the corner stone of consumer insights that drives go-to-market strategies, from brand to demand; from creative to awareness, activation, advocacy, loyalty and lifetime customer value. The ability to track consumer behavior over time and in-the-moment, allows for real-time marketing and personalization that leads to better customer engagement, improves marketing efficiency, drives better business outcomes that impact enterprise value.
If data is the new currency of the modern organization, location data intelligence is the gold standard.
Location intelligence has emerged as the critical ingredient to building predictive real-time marketing measurement models that create value and growth at scale across the entire marketing mix. Mobile media and applications represent the world’s largest living data universe, with an installed base of 2.8 billion users who spend 3.3 hours a day on smartphones.
Location-based data insights and understanding can help organizations unlock significant value by eliminating the obstacles to aggregating, integrating and development models that connect online and offline channels, and by demonstrating the downstream sales impact of upper funnel marketing investments and actions, improving measurement competency, customer understanding and marketing effectiveness.
Location-based attribution and targeting analysis has emerged as a key organizational competence, improving measurement capabilities, customer understanding and marketing effectiveness. Leading brands in the automotive, restaurant, retail, entertainment and media industries are using location-based customer behavioral data to create enterprise value by:
Enriching multi-touch attribution models with sales outcomes at physical locations that tie online marketing investment strategies to offline sales outcomes.
Enhancing the measurability of traditional media, sponsorship, events and promotion, and events with location-based activations, actions and traffic data.
Improving sales, service and digital channel performance with better models of customer behavior that connect upstream marketing actions to sales outcomes deeper into the customer journey.
Building organizational measurement competencies that share data across silos in real time and better understand the effectiveness of a wide range of investment options.
Insights into Action: How To Use Location Intelligence for Better Data-Driven Decisions
Recent research from the Forbes Marketing Accountability Initiative in partnership with MASB (Marketing Accountability Standards Board) identified three ways that high-performing marketers are taking advantage of real-time location intelligence insights to improve marketing performance. Highly accountable marketers are partnering with top location insights providers to:
Establish a process to continuously improve location accuracy and precision by aggregating location intelligence from multiple data sources and validating it by cross-referencing visitation, cartographic, pattern and device data.
Systematically resolve location-based intelligence around a single customer identifier to connect online and offline media and customer touch points and attribute upstream marketing actions to downstream sales outcomes using multi touch attribution.
Incorporate location-based insights into multi-touch attribution and marketing mix models to understand the performance of more elements of the marketing mix and stages of the journey to better support marketing strategy, targeting, investment and resource allocation.