The Power of Location

In today’s world, businesses focus more on providing unique customer value than anything else. It is conspicuous that location data and analysis is more frequently the solution to create opportunities and establish precious, competitive advantages. The power of location is as strong as never before.
A recently published report by Forbes narrows down the three main possibilities location data offers: location-based services, decision making and marketing & advertising.

Location-Based Services

With services like Uber, Lyft or mytaxi, we have already seen that location data can be fundamental for new innovations. Those apps let the customer know about what driver is available, the estimated price and time for the planned route and even lets the user know at what particular traffic light the car is stuck when being on the way. On the other hand the driver receives the exact location of where to pick his customer up. Here, location offers to manage time in the most effective way - an obvious value for the customer.

AdWeek reports that 90% of smartphone owners use location-based services. More than 4 Million apps are available now - no matter from what industry. For instance airlines are enabling travellers to plan their trips in a quick and effective way by using route maps; customers can find the nearest branch of their favourite retailer; and by having the opportunity to live track a parcel, it is easier than ever before to ensure the delivery fits in someone’s daily routine. Also city departments benefit from location based services. Chicago is coordinating their construction work in a much more effective way. Deli informs the people about traffic jams in real time. Homeless people in Australia receive relevant information about nearby support facilities.
Location-based services allow people to interact with their surrounding and simplify their daily life routine to a high extent.

Decision Making

Both users and companies can profit from location in making their decisions. By visualising various data sets in a map, everyone, even non-professionals, can understand them. As a result information can be managed effectively and more informed and better decisions can be made.

Almost everyone of us is considering the position of a hotel before booking it. When purchasing a house it is now possible to take the surrounding area into consideration before starting the buying process. Whereas an insurance company can adjust their pricing based on information about characteristics of a property address like flood zones. And most likely there is no franchise company left that does not look into location when deciding on opening or closing a shop.

These are just a few examples on how location informationS are constantly used to make smarter and more effective decisions. The usage of maps provides an understandable visualisation of the relevant location attributes.

Marketing & Advertising

That location data is valuable for both customers and businesses got illustrated above. Furthermore there is a lot potential of it to be used in the marketing and advertising strategies. It can help to understand the target customers, creating a valuable profile of him or her. As a result the relationship between the business and the user can be enhances. Improving the general customer experience by making sure he gets the right offers or provide him or her with relevant information will strengthen the loyalty. Today, customers are able to simply make their bank appointments with the nearest agent via their smartphone and, in the same time, receive promotions the bank's offers.

Location certainly is a powerful tool for all industries.

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