What is Geospatial data and how can it help businesses?

Geospatial data is nothing but information that describes objects, events, or other features with a location attribute.

It typically combines location information, usually the latitude and longitude coordinates, with temporal information. The location attribute might be static or dynamic, for example, a moving vehicle or the spread of pandemics.

Geospatial data basically involves large data sets of information extracted from diverse sources like census, satellite imagery, weather data, mobile data, drawn images, and social media data. It is most relevant when it can be discovered, shared, and analyzed, in combination with traditional business data.

Moreover, the prevalence of smartphones and other digital mediums has given businesses access to immense location data. Since mobile devices remain closest to the majority of the population these days, they generate immense amounts of data about customers’ whereabouts–the businesses they explore and visit, and even the duration of time they spend there.

Why should businesses add location intelligence to their action plan?

Location intelligence has more benefits than one, but why should your business add location intelligence to its course of action? Read on to understand in detail.

Boost your customer journey

It has been difficult for businesses to connect with their customers and match their online efforts to the physical actions of their customers. The ones who purchase from the store, and are seeing the online ads will eventually fall off the grid and impact the ROI from campaigns adversely.

Knowing which of your marketing efforts are yielding the best results is crucial to optimizing your marketing spending.

With location data, businesses can bridge the gap in the customer journey and follow the customer right from the click in the app to their visit to the offline store. With GIS mapping and location intelligence, not only will you be able to gauge the digital footprint of the customer, but also the details when that device comes in close proximity to your store.

Moreover, location intelligence combined with other important attributes like online habits, and preferences reveal trends and behaviors that can prove to be groundbreaking for your business. Insights like whether my audience prefers online shopping or an in-store brick and mortar experience, will they respond to in-store discounts quicker than online ones? Location analytics has all the answers for you.

Keep you relevant in the marketplace

In today’s digital world of information overload, consumers see over 4,000 to 10,000 marketing messages per day. Advertising experts agree that personalizing your messages and making them more relevant is the only way to build a loyal customer base and multiply your revenue.

Location intelligence and geospatial solutions add a very crucial component to your business data–context. Real-time location updates about your audience enable you to craft more personalized and relevant marketing messages to help you cut through the clutter. Businesses can drive valuable customer engagement based on these location parameters.

Improve your targeting approach

Re targeting is another marketing strategy that can bring in much better results than your initial campaigns. Re targeting comes in handy when consumers are buying high-value products that require extra time and consideration.

Moreover, re-targeting helps you identify customer patterns and trends and eventually, their decisions. With these insights, you can identify the purchase intentions and reach out to them proactively, before your competitors make their move.

For example, with geolocation, you can track a client of yours when they visit your store, or even when they check out your competitors. They are at a stage where they are searching for the best discounts to make a final call.

Streamlines supply chain

If you are a business that relies heavily on frequent deliveries, location intelligence solutions like spatial mapping can make the process a lot easier. For example, you might want to expand your warehouse facility to a location from where maximum orders are coming from with specialized supply links

This would allow products to reach your audience faster and cost-effectively. Moreover, real estate prices and rates are lower in low-density areas, with less commercialization. Location intelligence can facilitate this planning and help your business save huge amounts of money.

Added accessibility for your business

Most businesses want to make it convenient for their customers to reach them. If the offline store is closer to where your customers live, relevance is increased and you can deliver to them on time. This also boosts the overall customer satisfaction for your business and serves them with ease.

Improves strategic analysis

Location intelligence allows businesses to identify upcoming opportunities and threats. Location intelligence shares insights and valuable analysis that help them stay prepared in advance and make the most of externalizes.

Conclusion:

Businesses need to gather, access, and properly analyze the information to reap the most benefit. Location intelligence enables you to add contextual information and identify patterns and customer trends, which are vital to business success.

If you’re looking to deploy GIS mapping and geospatial solutions in your business, Lepton Software can be a reliable partner for you.