As is the case with investment properties, the catch-cry of “location, location, location” has the same relevance and importance in many areas of the commercial world. The location of a property dictates its value, appeal and popularity. Similarly, precisely identifying the location of your customer, supplier or service delivery points provides considerable potential for maximising the impact of your day-to-day operations and strategic planning.
As a general example, many marketing activities and the organisations that perform them traditionally rely on surveys and statistical information to derive location-based insights. Their ability to accurately segment the target audience, plan for demand in a timely manner as well as create targeted marketing messages, is only as good as the content and quality of the information provided by respondents.
Regardless if your organisation is a marketer or the ‘beneficiary’ of marketing activities, it is crucial to squeeze every last gram of value from any relevant information you have on hand.
In the case of the retail industry it is pushing the concept of location-based insights to its logical limits by experimenting with concepts such as ‘curbside pickup’ or ‘click and commute’. The customer addresses that you already have can be used to derive a latitude/longitude (pin on a map) representing the location of the address. Yet, the validity of the address and the accuracy of the process used to derive a latitude/longitude could determine the ability to deliver on time or at all.
There is a move to embed ’location awareness’ inside various devices, applications, platforms and any other ’touch points’ that can be connected to the Internet. These can all record and transmit location-based information to supplement or complement traditional sources such as customer addresses.
With the advent of new technology (smart phones, tablets, etc.) more location-based information is becoming readily available as are other data sets and technologies that enable an impressive array of analysis and reporting. The usefulness of this analysis and reporting can in turn be enhanced through the inclusion of socio and geo-demographic data often derived from statistical data from the Australian Bureau of Statistics (ABS). These segmentation techniques help to provide new insights that can be derived to form a more complete picture of an organisation’s clients or target audience.
The success of any data enrichment process is the accuracy of the raw information that can be used to derive your location. In short, sometimes the opportunity exists to gather a great deal of useful information relatively easily with the benefit of modern technology.
Accurate and preferably complete and current information is the first step towards gleaning useful location-based insights into customer behaviour and to offering relevant products and services.
By Philip Miles
Philip is a senior consultant at Intech Solutions with over 20 years’ experience working with commercial and government clients investigating data systems and providing innovative solutions.
Read the case study on the Australian Bureau of Statistics to learn how they manage the nationally important statistical information that is gathered from the population Census and the role Intech Solutions plays in validating and geocoding addresses.
Whether you are interested in enriching, validating or otherwise squeezing every last gram of value from the information you have on hand, call the Intech Sales team today on 61 2 8305 2100 or email sales and let us help you lay the groundwork for a robust and intelligent location-based solution.