What Is Your Location Data Strategy? May 31, 2019 Location Data By: Jason Holte Share: TwitterFacebookLinkedInEmail Whether you are a digital-native brand or a traditional brick-and-mortar business, a well-defined location data strategy is crucial. Do you have a location data strategy for your business? In a recent survey, over 200 C-level executives, managers, and analysts in the United States were asked about the importance of location data to their organization’s success. To no surprise, 78% responded that location data is ‘very’ or ‘extremely important’ in today’s competitive landscape. Further, over 75% of respondents indicated they will invest in location data in 2019. One thing that is abundantly clear is that if you aren’t properly using location data and your competition is, then you are falling behind. Here are just a few ways that leading professionals in several industries can use location data to streamline their operations. Location Data Strategy: A Competitive Edge in Commercial Real Estate The first rule of real estate is location, location, location. And while this maxim is traditionally tied to the physical location of a home or business, location data gives savvy commercial brokers a significant competitive advantage. Brokers can use location data to identify off-market properties in their territories that meet the target criteria of their clients, including lot size, building square footage and land use category. In addition, property ownership information, transaction history, and assessed value can all help brokers identify the proper point of contact for a target property and a fair market offer. Location-based factors such as opportunity zones, natural hazards, and nearby points of interest can also help brokers compare prospective sites on behalf of their clients. Related: Learn how LandVision™ supplies the location data Newmark Knight Frank needs to identify profitable opportunities! Market Analysis for Brick and Mortar Retailers Accurate location data streamlines several aspects of store management, from market planning and the placement of new facilities to even store relocations and closures. Demographic data helps retailers create target customer profiles around their stores based on household income, age and gender breakdowns, education level, and more. A thorough demographic analysis can even produce a calculated estimate of how far a customer is willing to travel to make a purchase. Armed with this information, retailers can easily identify their best-performing stores and maximize their returns. Network Planning for Telecommunications When placing new infrastructure such as 5G cell towers, network operators have to take several factors into consideration – population counts and growth trends, surrounding buildings, land use categories, etc. A location data strategy that takes these factors into consideration enables telecommunications companies to prioritize their infrastructure development by calculating potential returns on investment. Additionally, integrating location data into customer-facing portals allows service providers to deliver self-serve features to let prospects and existing customers understand the exact set of services available in their region. This facilitates both the acquisition of new customers and product and service upgrades. Customer Service Management for Utilities Customer satisfaction is extremely important to utility companies, particularly when managing planned and unexpected service interruptions. With precise location data, utilities can efficiently route technicians to transmission lines or other infrastructure in need of maintenance or repair. With accurate location data helping ensure that the closest technicians are notified, this allows utilities to react quickly and reduce downtime. In the event of an emergency, location data solutions can be integrated directly into call center software, allowing managers to manipulate territories on-the-fly. The Consequences of Inaccurate Location Data A recent survey by research firm Gartner indicated that poor data quality can cost an organization as much as $15 million. The use of inaccurate, outdated, or incomplete location data causes companies to fail to identify potential customers and plan new retail storefronts efficiently. Reduced insights into market segmentation can also lead to the mismanagement of sales territories. Further, if a company bases its marketing campaigns on inaccurate data, the cost to acquire new customers also increases dramatically and it may miss its target customers entirely. It’s not enough to have data for data’s sake. Companies must build their location data strategy on accurate information that will translate into actionable insights. Choosing a Reliable Location Data Provider To make better-informed business decisions, you must select a location data source that is continually updated and meets strict accuracy standards. Ensure that your location data provider can provide complete information for the area that matters most to your business, whether that be a single county or all of North America. In order to best utilize the information you need, you should also have the ability to receive location data via either onsite delivery or streamed directly into your systems with an API. With a record on every property in the United States and parcel boundaries for over 95% of US properties, the DMP location intelligence platform can provide the location data your business needs to streamline its operations. Our nationwide parcel database, SmartParcels®, ties over 300 property and tax attributes to parcel boundaries. SmartParcels can be delivered onsite, or it can be streamed into your systems using our SpatialStream® web services and APIs. If you don’t currently have a system for accessing and analyzing location data, our award-winning map-based real estate application, LandVision, visualizes SmartParcels and other map-ready content such as hazards, demographics, and opportunity zones to allow you to conduct property and market research within one user-friendly application. To take the next step towards building an effective location data strategy, request a free LandVision demo today! 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