As consumers demand more personalization, delivering the right content, at the right time, and place, had been the holy grail for marketers looking to satisfy today’s busy, demanding customers.
Location intelligence is becoming crucial for marketers in providing better audience targeting, actionable audience insights, and measurable offline attributions.
From the early days of location-based functionality on social media, e.g. Facebook’s “Check-ins”, to Google Maps navigation, consumers around the world are navigating their daily lives through connected devices with location data. Even ride-sharing services like Uber and Grab, are built entirely on Location Intelligence.
What is Location Intelligence?
Broadly defined, it’s a combination of business intelligence with location data to derive valuable consumer insights. It’s a geographical journey of your customer, that can be translated into behavioral insights for better business decisions.
How is this Data Collected?
Location data can be collected from several sources - social, traffic, telco, and proprietary IoT sensors. Together with Artificial Intelligence (AI), the data is further refined and processed, to retrieve more accurate information.
Why Marketers need this?
In recent years, digital advertising space had been solely dominated by two media giants - Facebook & Google. There are growing concerns over their duopoly in the digital ad space, and the majority of marketers are actively seeking alternatives¹.
Among brand and agencies surveyed², the topmost concerns when advertising with Facebook and Google are: False Impression, Transparency, Pricing, and Inaccuracies in metrics and reporting.
Marketers who are using location-based data are seeing a boost in their campaigns across multiple metrics.
While marketers have a comprehensive view of online audience intent, their offline consumer journey is largely unknown. Location intelligence is here to solve that.
With location intelligence, marketers can,
Observe audience movement to answer the where, when and what about their consumer journey.
Analyze consumers' behaviors based on store and location visits.
Provide demographic details so that they can reach the right people at the right places, during the right time
Combining all these capabilities, there’s probably no other media segment that will benefit from this advent of location intelligence as much as out-of-home (OOH). With the introduction of programmatic OOH, and by adding Location Intelligence to the mix, OOH remains the only traditional media to continue to sees consistent growth in the region.
It's Already Happening!
More Data is Coming
The world produces 2.5 quintillions of data every day. By 2020, 20 billion devices will be connected globally. Together with digital businesses and apps, along with IoT, a huge amount of location data will be produced. At the same time, wearables, smart appliances, smart homes, transactional data, blockchain and more will add on to a tremendous wealth of consumer data.
There’s no question that location intelligence will see exponential growth over the next couple of years. This will create a whole new connected ecosystem that will power personalization of everything. In the long term, marketers will be able to develop location-based engagement applications that customers trust and use.
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¹As mentioned in Lawless Research: “2018 Location-Based Marketing Report”
²Lawless Research’s surveyed results - 534 from consumer brands companies & 166 from advertising and marketing agencies.