One of the ways to counter uncertainty and get ahead of the game is asking the right questions. But there’s also another way; finding the answers built off real world insights from location technology, which provides true and precise intelligence.
We’re living in rapidly changing times, especially when it comes to business. Uncertainty about a world post-Brexit, continuous regulation and compliance requirements, advances in technology, competing on a global stage, performance monitoring and heightening customer expectations are just a few challenges facing businesses today.
Many businesses are uncovering the possibilities accurate location technology offers to gather an understanding of their customers’ purchase intent and using this to fuel strategic business decisions.
Heightening customer expectations
Technology has broken down the barriers between businesses and customers, bringing about the ability to communicate on a one-to-one level at scale. But a challenge many organisations still face is understanding the real behaviour of customers, and they’re not to blame – people are unpredictable!
As location is the most accurate indicator of human intent, businesses are recognising that with location technology insights, they can get a picture of their customers’ real world behaviour both now and in future, not just their online behaviour.
After all, where we go and what we do in the real world says more about who we are than anything else, as location behaviour demonstrates an event that happened, not just something people were looking into.
Customers are more demanding than ever when it comes to their relationships with brands. By building tailored communications built on precise location technology, brands are improving their customer relations by offering relevant personalised experiences to people in the moments that matter.
For example, recently we’ve helped people learn about company car packages using 360 video experience with Renault, and introduced a new generation of shoppers to Timberland.
The competition is heating up
Competition between businesses across every industry is higher than ever. As location goes far beyond helping to increase sales or store visits through ads, many businesses are recognising its value to separate themselves from the competition by providing insights which enable them to move markets and drive innovation.
An example of this is using foot traffic insights to make more strategic investments such as where to open or close physical store locations. Despite its impressive and measureable ability to aid marketing campaigns, data doesn’t have to be limited to media. Real estate and traffic to out-of-home planning and the weather has an impact on visitation and harnessing this data can be used to boost the bottom line.
If I had a pound for every time I read “The High Street is Dead” in the headlines I’d be a very rich man, but I’d also be thief because it couldn’t be further from the truth.
Online shopping and advances in technology have changed the game for brick-and-mortar but they’ve in no way killed it – and those businesses using location technology know just that.
72 per cent of young shoppers research products before ever stepping foot into a store, and two thirds of in-store shoppers will check prices on their phone before buying.
For retailers with a tight integration between online and offline shopping systems, brick-and-mortar becomes a persuasive final touchpoint.
An example of this is ecommerce giant Amazon and online fashion house Missguided successfully opening up high street stores as they recognised the opportunity to provide a fully merged online/offline experience for their customers.
Performance monitoring is key
With numerous technologies to adopt across numerous platforms it’s becoming increasingly complicated for businesses to keep track of what’s working, what needs to be tweaked and what’s a dead end.
This uncertainty has made forecasting more challenging for businesses and it’s causing them to think carefully about where they place their budgets – and rightly so. ROI is everything.
Marketers want insights that will help them answer questions like which campaigns are driving customers in store? How am I doing against competitors? Where are the best areas to open a physical shop?
These new data points are available with location technology and can be actioned and fed into the business strategy. Fear of the unknown is giving businesses a clear call to invest in partnerships that are measurable and therefore more transparent and accountable.
By unlocking location technology and insights, businesses can build off what people are doing in the real world and influence what they do next. Location technology is more than just where we; it’s a strong indication of intent and beliefs.
It’s the key for businesses in being able to provide experiences that make their customers’ lives easier, more convenient and provide unexpected value in their interactions and communications. Real insights drive real and measurable results – essential in today’s dynamic and fast paced world of business.
Theo Theodorou is MD of GroundTruth