Interest in offline/online integration a primary driver, but desire for better consumer insights and competitive intelligence seen as factor for increased use moving forward
New York, NY (May 29, 2018) – An overwhelming majority of marketers, some 82%, plan to increase their use of location data over the next two years, according to research commissioned by location intelligence company, Cuebiq. The findings, released today, are detailed in a white paper “Where Are We? A Marketer’s Guide to Navigating Location Intelligence,” based on the study by 451 Research, an information technology research and advisory company.
While 57% of respondents said interest in integration of offline and online promotions is a primary factor for consideration of increased spending on location data moving forward, 71% indicated that competitive intelligence would be the most likely new use case.
“While targeted and more relevant advertising has long been the primary application of location data, we are seeing a change in the way marketers are viewing use of insights,” says Antonio Tomarchio, CEO of Cuebiq. “There is a growing interest not only in location data as a tool for competitive intelligence, but also as a way to help marketers better understand consumer behavior on an aggregated, anonymous basis.”
The research, conducted in April of 2018 among 150 North American marketers in large companies primarily within four vertical markets (automotive, retail, quick-service restaurants and banking), also found that:
- 73% of respondents agreed it was very important to leverage location data for a deeper understanding of customer behavior across channels. 65% said it was very important to gain greater understanding of attribution across channels.
- Nearly half (43%) of respondents expressed a desire to use location data to send promotions to customers when they entered a specific geofence. Similar numbers want to deliver targeted ads or offers, and to better analyze attribution.
- 72% strongly agreed with the idea that knowing how customers spend time in the real world would be useful in planning their campaigns; 74% strongly agreed that location information is key to understanding how customers interact with businesses. A slightly smaller majority (65%) ratified the idea that mapping the off-line journey provides actionable insights on customer behavior and brand affinity.
- The most cited reason as to what hinders use of location data (rated as important or somewhat important by 73% of respondents) was lack of ability to measure success across channels, followed closely by not having a technology infrastructure that is set up to gather and analyze detailed data (70%). Lack of budget was cited by 64%, still significant but apparently not as urgent a problem as being able to actually analyze and quantify location data.
“The study indicates there are three main factors that marketers need to consider as they build out their location-based programs,” says Tomarchio. “One, they need to learn how to better measure success. It was clear in the survey that metrics and KPIs were identified as factors holding back marketers from expanding the way they were using location analytics. Secondly, there is a need to improve coordination between brick and mortar teams and the overall marketing teams. These operational silos are hampering effectiveness of location insights. Finally, marketers need to build upon what they already have developed with location data. Marketers are using what is familiar, but to move forward, they need to leverage what they already know, such as CRM data, with a greater knowledge of what is happening in stores, made possible through location insights.”
The report is based on 451 Research’s primary research survey data, assessing the market dynamics of a key enterprise technology segment through the lens of the “on the ground” experience and opinions of real practitioners- what they are doing and why they are doing it.
Cuebiq commissioned the study to better understand marketers needs as it relates to location-based data. Cuebiq’s proprietary methodology enables anonymous collection of location data and analysis of aggregated offline trends. This data and intelligence layer helps marketers with brick and mortar sites better understand the offline consumer journey, analyze store performance, measure marketing activation effectiveness and ultimately better compete with e-commerce companies.
Cuebiq is GDPR compliant, providing partner apps with a turnkey solution to protect users’ information, as well as systems for improved consent and opt-out management, including the development of a proprietary app that provides users with an additional way to exercise their privacy rights.
Cuebiq has also been a leader in utilizing data and insights in the service of a variety of causes. Through its “Data for Good” initiative the company shares its location insights with researchers at top universities and nonprofit organizations to drive innovation for causes such as improving quality of life in underserved communities, natural disaster response, and smart city development.
A copy of the white paper can be downloaded here http://www2.cuebiq.com/LocationIntelligenceGuide
Cuebiq is a leading location intelligence and consumer insights company leveraging the largest database of accurate and precise location data in the U.S. Its data intelligence platform analyzes anonymous location patterns to allow businesses to glean actionable insights and better understand the offline consumer journey. Cuebiq’s SaaS platform provides clients offline location analytics, real-time campaign optimization and footfall attribution, as well as geo-behavioral audiences for cross-platform ad targeting. Cuebiq is headquartered in New York with offices in San Francisco, Chicago, Italy, and China.