What is location intelligence ?
Location intelligence or spatial intelligence is a visual representation of geospatial data on a map. It is mainly used by companies for analysis, decision-making and strategy optimization.
This arm of data science relates to location-based analytics, whereas business intelligence uses various types of insight and chart. With location data, a different type of insight analysis is possible, offering a more global view for better decision-making. Location intelligence has existed for a long time, but analysts used to use custom maps. Now, however, digital technology has been used to create several platforms known as mapping tools or geographic information systems (GISs).
Why do we use location-intelligence software?
A location-intelligence program has several uses, applicable to multiple sectors and businesses:
- Site selection: knowing which location is the best for a retail company
- Geomarketing: analysis and local market research
- Targeted OOH (out-of-home) marketing campaigns
- Business intelligence: what are my customers doing? Where do they come from?
- And many other use cases, such as sales territories, logistics optimization, the environment and health.
How much does a location-intelligence app cost?
Different location-intelligence tools offer distinct methods and features. It is important to choose the solution that is the right fit for your needs. It can depend on your industry, your business, the purpose and context, and the types of data you need.
The average price of this kind of service is between $1,500 and $40,000 a year. Some of them let you sign up with no commitment, to allow you to use the software in whatever way you need, without having to commit for a year or more. That is the case with smappen, which offers subscriptions starting at $79 per month.
What is the best location for your business?
There’s no one-size-fits-all answer to this question! The best location for you depends on your company. Every organization has its own criteria. To work out the best location for your business, you need to pay attention to these factors:
- Potential customers
You must know who your customers are. Are they young? Are they female? Work out who they are and then check demographics in your trade area. You will need a platform where you can easily get this data for your specific area.
Don’t set up your business in an area if there are too many competitors there! You need to check this out. Which types of business or brand are my direct competitors?
Next, to help with your search for real estate, check the following criteria relating to your future commercial premises:
Does your local store need to be visible to passersby? If not, do not include this in your search criteria.
- In-person visitors
Is your business dependent on pedestrian or vehicle traffic? This could be important for a restaurant or a clothing store. Do not include it if you don’t need it.
Your business may be a DIY store, where your customers need to bring a car. So, you will need parking.
Next… Let’s go!
Try smappen, the best location-intelligence platform
Find the best location for your business, conduct local market research, launch OOH (out-of-home) campaigns, and more.