Understanding and predicting consumer movement is becoming a priority for marketers. Brands are already used to accessing specific online intent information. However, real-world or offline intent has been largely dependent on manual surveys and panel insights. Here's how the availability of location data is changing this.
As audiences have become increasingly connected, they have also become more mobile. Data and other analytical information about this movement has become a prominent currency now more than ever with a predicted 27 billion devices set to be online by 2021.
Seamlessly integrated into most of those devices are forms of location data. Whether audiences realise it or not, location data has become an important window into consumer decisions and habits.
Most audiences today only resonate with ad content that is delivered based on their tastes and context. If brands have any hopes of standing out from the rest, location movement information has to also be leveraged to the full extent.
Understanding location data analytics isn’t just optional for marketers anymore –it is necessary. Leveraging such forms of data would provide businesses with the head start that they need to stay ahead of competitors. Not only that, it would allow brands the opportunity to also deliver on expectations to truly create a strong brand presence both offline and online.
Here are some ways in which marketers are leveraging location data to grow their business today.
It is without a doubt that digital traffic is valuable to a business –but 65% of an average consumer’s budget is still spent in store. Interestingly enough, 49% more more of audiences still hesitate to purchase online products for the reason that they are unable to physically experience their money’s worth.
The physical experience can still be optimised through location data. Brick and mortar shops are vital to a brand’s presence –but how much do brands know about how consumers are interacting with their location?
A successful execution of such information would be through the measurement of foot traffic to and from office buildings, residential areas, shopping malls and many others. Physical brands can also understand and optimise conversions by understanding what drives peak and non-peak footfall.
Location data is also useful when it comes to understanding demographics and where you can reach them physically - either using outdoor media or brand activations. For maximum impact, analysis needs to be carried out into building and business categories, physical foot traffic, and benchmarking footfall against other competitors in the area.
Internal mapping is the method most commonly used. Here, data is measured based on places of interests such as bars, restaurants, office spaces, cafes, retail stores and other locations. The information is then used to determine where and when a brand should position itself to reach its target audience.
Reaching the ‘Moving Consumer’
Location analytics is essential to keep brands in touch with moving audiences. Today, brands are present across multiple offline and online channels. But how can they determine and control the frequency of their reach across all these channels to best optimise their spends?
For instance, Consumer A is exposed to a brand’s mobile ad in the morning when she wakes. On her daily commute to work, she sees the ad on an outdoor media placement along her journey. She may then be exposed to another ad while browsing social media. If it was a weekend, her journey would be completely different.
Location intelligence can help a brand understand how many times a consumer has been exposed to their advertising across both online and offline channels. If the consumer converts - whether by physically visiting a store location or visiting an online store, the marketer can then understand the optimum frequency of brand exposure that drove this conversion.
These learnings can then be used to optimise future campaigns.
Brands, both digital and physical, are rushing to understand the implications of location data because it has been identified as the link between offline and online consumer activities.
What insights have you derived from consumer movement information?