Location analytics rely on anonymized geospatial data from mobile devices, which can be used to gather information on foot traffic trends and typical profiles of consumers visiting a specific area or zone.
Location intelligence collects and analyzes competitive data, helping to gain a deep understanding of customers, market, and competitor strategy, identifying opportunities that would otherwise be more difficult to recognize.
Also Read: “Foot traffic analytics for urban mobility solutions“
This data is collected from an individual’s physical movements and, with the aggregate of various data layers, provides information about their habits, activities, and interactions in any given area or point of interest.
These analytics include overlaying event data, providing an additional layer of information that helps to identify where a person was and where they went after visiting a place, which places they tend to visit the most in a given time period, and understanding preferences and habits, enriching customer profiles.
Location data, while not widely used for competitive intelligence today, can provide key information that helps companies learn about their competitors and their customer base.
Do you know how many people visit your competitors’ locations, and where they go before and after? Location intelligence can tell you because thanks to this tool business leaders can monitor in-store activity, focusing on foot traffic broken down by unique and repeat visitors, providing insights into the number and type of customers that make up a competitor’s customer base.
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Geospatial data allows you to identify the behavioral patterns, habits, and interests of your competitors’ customers. Distinguishing consumer behavior patterns can lead to insights that greatly improve business.
This tool also makes it possible to directly target a competitor’s customers and reach them in the right place at the right time. With a marketing strategy that generates results, it provides company information in the form of advertising audiences, allowing you to deliver ads directly to your competitors’ customers to increase market share while determining interests and identifying patterns.
Here are some answers that this type of tool can help answer:
- What is the volume trend at my competitors’ locations?
- Do my competitors experience the same type of seasonality in visits as I do?
- Do my competitors attract the same type of consumers that I want to attract?
- What type of consumers visits your competitors’ locations?
- Are they the same type of consumers you are trying to reach or a completely different consumer base?
PREDIK Data-Driven tools allow you to compare foot traffic volumes across an entire industry or brand, drilling down by location or point of interest, defining custom study areas rather than pre-defined areas.