Deciding on a new tool or platform for your business can be daunting. When it comes to location intelligence solutions, you want to choose a partner with an intuitive platform that will provide high-quality, meaningful insights to improve your business strategies and marketing activations. To simplify your decision-making process, we’ve compiled three features you should look for when selecting a new solution.
1. Dynamic and customizable interface
It’s important to select a platform that allows you to tailor the analytics to your business’ specific needs. That entails being able to customize your competitive set. For example, if you’re a niche beauty brand, you’ll probably want to see analytics on brands that are your direct competitors. But you may also want to see how your brand’s foot traffic compares to that of specific drugstores selling beauty products, or even big box stores. Being able to create customized competitive sets — and then visualize the results — is a key quality to look for in a location intelligence platform.
You also want to be able to customize the time frame of your report. Being able to understand patterns over time is one of the main benefits of location data, and you can’t do that without being able to adjust the report’s time window to your brand’s needs. It’s important to choose a platform that enables you to slice and dice the data at a granular level.
2. Smart recommendations on how to activate insights
Gaining access to customized analytics is only one piece of the puzzle, though. In order for a location intelligence platform to be as helpful as possible, it should enable you to act on those insights. Through artificial intelligence, some platforms are able to not only generate specific recommendations catered to you, but also allow you to activate them with the click of a button.
This level of assistance will save you time and enable you to leverage location analytics effortlessly to help with your business and marketing strategies. For example, if a platform allows you to target a customized audience segment, such as your competitor’s most vulnerable customers, it will dramatically improve your conquesting efforts.
3. Accurate data at scale
When evaluating a new location intelligence tool or platform, it’s imperative to choose one that leverages accurate data at scale. In order to determine this, you need to understand the source of the data, how the data is collected (i.e. methodology), and if it’s a large enough dataset to produce accurate insights for smart recommendations. You need to get to know the data, because if it’s not accurate and scalable then you will not get meaningful analytics.
We hope these tips make your selection process a little easier. For more information on what Cuebiq does, click here.