Discovery appropriate data is a critical element when monitoring and directing marketing efforts accurately. The maximum benefit of data can be extracted by taking the time to purposefully implement location dimensions of the consumer into tactical marketing, customer relationship management and sales data. Just as Sankary said, “In the long term, marketers will be able to develop location-based engagement applications that customers trust and use. He also added, that is where the future is going, more precise marketing based on time, location and customer.”
Big data technologies have changed the way we relate, review and leverage volumes of information. They have given rise to a multitude appetite for new solutions, specifically automated and highly-efficient analytics streams that could systematically improve operations. This unquenchable thirst for content is something that marketers must view as an opportunity to capitalize on. In terms of marketing, Location Intelligence has the capability to turn the once-problematic geographic location of consumers from an inherent challenge into a competitive advantage.
In order to exploit the potential of location-based data, it is vital for businesses to scheme geographical points of interest as they relate to the consumer patterns, trends, and distinct dependencies. Doing so will finally transform this data into convincing information, capable of making a large sales-related effect for the business. Artificial Intelligence can be used to create highly complex algorithms using big data technologies with a high level of precision. These algorithms can then be leveraged to take effective action or deploy a solution.
When it comes to making real- time business decisions, Algorithmic marketing can be an essential component of any business strategy. Incorporating it with location intelligence gives a business the ability to understand the real-time conditions and locations of its assets and other core business needs.
Predictive Analytics Lab developed a Business Intelligent System that allows businesses to , take photos, enter the details, then post and wait for it to reflect on Location Intelligence Software. In this article, we have discussed how this system together with our Algorithmic Marketing Class are transforming the way businesses are carrying out their daily operations.
Geo Location Intelligent System
This Location Intelligence System is interlinked with our Mobile App and has the ability of gathering a wide spectrum of data across a diverse geographical location and interlay with multiple layers of data to give a more precise view of information. It provides businesses with the advantage of unlocking patterns and trends that will help them understand their markets.
By using Geo location technology, businesses can supplement the context of location and time and will be able to monitor their business site by considering how visitor traffic fluctuates at different times of the day and by launching marketing and employment strategies. This technology can also help create a training data set of previous events with details on the time, location and other conditions. The information will enable the business to answer questions at effectively while displaying accessibility and demographics on dashboards and maps.
Using various cutting edge visualization formats our system pervades models into graphical mapping displays and built in analytics with an easy user interface to identify, curate and comprehend relevant insights for your business. It has an inbuilt Machine Learning recommender engine that enables a magnifying view to guide practical strategies and well-versed decisions.
By gathering location-based insights from geofenced shops, a business can understand foot traffic patterns for leading shops. Our system includes where consumers go before and after they visit a particular location, allowing insight into performance individually and in relation to nearby competitors.
For example, a bookshop retailer might find that its customers go to a nearby school uniform shop and a competitor that offers school uniforms after they purchase the books. Using this information, the retailer can expand its inventory to include school uniforms rather than just books, or consider partnering with the school uniforms shop.
Predicting Consumer Behavior
While understanding online consumer behavior is becoming incredibly helpful to marketers, going the extra mile to combine these data sets with basic Data Science Algorithms to predict customer activity is the real game-change in marketing. Multiple companies in the market are already developing sophisticated algorithms that utilize digital footprints to enable the ability to predict their consumer’s next action or reaction.
If you can know what your consumers are thinking then you will be able to serve them better with bespoke solutions. Business Intelligence can help your business in this case as it will help you to generate helpful reports that add immense prowess to insight generation in the business. These reports contain detailed data about the customers’ demands, their expectations, what they want, what they buy, how they buy, etc.
To be able to use location data effectively businesses should apply it to data that segments consumers based on their preferences and insights. This segmentation helps build more precise buyer personas and improve their journey. Once marketing executives see the brands, places and events consumers visit frequently, they have a better understanding of what will catch a consumer’s interest and where they are most likely to see marketing messages.
In an era where enterprises and brands are receiving an inordinate amount of data to process and leverage about their consumers, marketers today are have no excuse of not getting more than enough data turn it into actionable insights on developing proper and more accurate marketing strategies as well as increasing the ROI. Combining location data with other datasets concerning consumers, to find more patterns and trend is important as market research moves towards using machine learning tools to conduct deeper segmentation analyses. This helps a business to understand the consumers mindset and be able to think about a customer-oriented business strategy.
Predicting Future Market Trends
In the wake of COVID-19, it’ll be important for marketers to monitor the reemergence of economies and get an idea about where people are (and aren’t) going as shelter-in-place orders are lifted across the country. Location intelligence to discover market trends and to better segment audiences can provide context and help businesses understand changes in consumer behavior, especially when reaching consumers through focus groups is not a viable option.
But the success of online marketing or E-Commerce cannot be made possible without mentioning innovations such as Location Intelligence. Online marketing moguls have during this season perfected the art of tailoring their products to the exact target audience they intended to reach – a factor that has accelerated business in this period.
Location intelligence, lay manly translated as using a consumer’s digital footprints to understand their interests and dislikes and then proceed to channel ads they would presumably be interested in, depending on their browsing activity, page visits, online subscriptions and the time of day in which they mostly surf on the Internet.
While basic Mathematics is the starting point for any Data Scientist, understanding your market is the number one rule for successful marketing. Today’s phones and wearable devices are able to leave traces of online consumer activity; allowing keen business owners to know where their customers have been, their browsing habits, page subscriptions and the likes. And while it is a scare to privacy terms, it is enough data that can adequately inform business owners how to treat their customers and how to reach their customers.
Algorithmic marketing allows a business to ensure that the marketing system is intelligent and knowledgeable enough to understand a high-level objective, such as revenue maximization and acquisition of new clients. It also allows a business to plan and execute a sequence of business actions, such as price adjustment or an advertisement campaign with the aim of achieving the objective.
Predictive Analytics Lab CEO Timothy, gives his speech during the 2019 Marketers Conference held in Arusha Tanzania
The main objectives of the Algorithmic Marketing Masterclass, is to help your business:
- Bring together marketing, financial and operational data from various siloed sources, providing a unified view of information that enables entire business partners to make better strategic decisions.
- Use PowerBI to create dashboards that enables Marketing departments to quickly arm business managers with accurate, timely marketing reporting so they can make more data-driven decisions and run a more profitable business.
- To get equipped with tools that will enable organizations to proactively uncover emerging market trends and helps them navigate the risks associated with operations, advertising, product distribution with a greater degree of confidence and efficiency.
- Equip themselves with Analytics tools that enables Marketing teams to leverage real-time internal and orthogonal data to improve marketing performance, increase profitability, and capitalize on growth opportunities.
- Learn how to feed Marketing data into sophisticated data models, algorithms, and tools to gain actionable insights.
Many businesses worldwide have had to change the way they function entirely. While many of them closed, others are serving customers safely while following government mandates. It is through Business intelligence system, Location intelligence and Marketing algorithmic that this businesses have been able to survive and serve consumers in a much better manner.
The Bottom Line
Its time for businesses to to turn away from ancient marketing methods and instead implement a more comprehensive means of making accurate predictions and framing growth-oriented strategies. There’s no question that Location Intelligence will blow up over the next few years as Business Intelligent System enables companies to consume more data with Algorithmic Marketing enabling marketers to manage massive data sets about customers and make sense out of it.