A review of a competitor’s performance benefits greatly from the use of location analytics
Understanding location data and visualizing it on map dashboards rather than in tabular form is at the heart of location analytics. Humans have an innate ability to recognize patterns in images, and a map view makes it much simpler to rapidly evaluate the impact of varying a single factor to see how it affects the whole. Because of this, any review of a competitor’s performance benefits greatly from the use of location analytics, which far outshines the results of conventional research methods.
Store Vs. Competition Analysis from People Movement Data for Harvey Norman & JB -HIFI
Analyse Movement: Existing or New customers based on store visits, competitor store visits, new prospect VIP customers.
Loyalty: Know your customer, track and increase brand loyalty through personalized targeted content. (Rewards, special offers, discounts, etc)
Product: Introduce New products tailored to Socio-demographic groups, attributes of household, location, etc.
The Value of Location-Based Information
Competitor mapping is only one component of location intelligence. Your company’s potential for generating revenue and profit can be optimized with the help of this analytical method for strategic planning.
If this happens, how will it affect your profits? You can do the following with this data:
- Seek out areas of expansion for your retail business that could yield a positive return on investment for your company’s new shop openings.
- Insight into the offerings of your rivals might help you attract and retain a larger customer base.
- To maximize profits, it is important to monitor the working hours and prices of rival businesses and make any necessary adjustments both to attract new consumers and to keep existing ones from defecting.
- Offer information to store managers on the locations, services, and hours of their nearest competitors.
- Think of ways to expand your customer base by researching consumer preferences and adapting your offerings.
- You can save time and money by avoiding closed-down competitors’ stores.
What is LVA?
Location visitation attribution (LVA) measures the effectiveness of advertising campaigns in driving visits to specific brick-and-mortar locations, otherwise referred to as Points of Interest (POI). LVA works by considering the effect a campaign has on consumers with selected demographics, specific needs, or spending habits and analyzing consumers visiting for the selected location/s.
Location Visitation Attribution Benefits
- More effective ad spend: An LVA report can help you identify ad campaigns that aren’t driving visits, so you can either reduce or reallocate your advertising budget accordingly.
- Competitor analysis: How do you know if your advertising initiatives successfully differentiate you from the competition? An LVA study that compares data between your customers and your competitors’ customers can help you measure how well your ads influence your competitors’ audience.
- Reveal customer demographics and behavior: Learn who sees and interacts with your ads and insights about POI visitation history.
AFFIXCON has developed proven techniques to retrieve results on the above-mentioned audience insight identification concepts. We are looking forward to collaborating with you as channel partners to share our techniques with the community. Are you interested in learning more about how we can more efficiently identify your client’s audience insights?