How Geospatial Data Analysis Can Help Business Planning and Strategy
What is location intelligence and why does it matter to business owners and marketers? Demographic reporting is an important part of online marketing, proving accurate and detailed informational about a trade area and consumers. To put it simply, it tells businesses where customers are located and how to find them.
What is location intelligence?
Geospatial analysis relies on integrating new technology across a number of fields, from mobile devices to GPS satellites. GPS satellites circling the earth provide a continuous stream of constantly updated consumer information. There are always at least 24 GPS satellites in orbit, and right now the number is closer to 30. There are even a couple of spares in case of accidents and outages.
Such spatial data analysis provides information to businesses about consumers and their purchasing habits, buyer trends, and even real-time engagement. It can help businesses improve their planning and strategy at every stage.
How does geospatial data analysis help businesses?
With such detailed information on consumer demographics and preferences, businesses are able to make better decisions at every stage of their operations. It’s not quite the advertiser’s dream of getting inside the consumer’ mind, but it comes close, tracking and analyzing behavior and location in real time.
A survey conducted by Dresner Advisory Services in February 2014 found that across all industries, over half of those surveyed felt that location intelligence was critically important or very important for business planning and strategy.
Geospatial mapping on the path to growth
Geospatial data analysis provides businesses with the information and tools they need to focus their marketing efforts and drive sales. With all the advantages of marketing analytics services, demand is set to grow. Jobs connected with GIS and location intelligence are predicted to grow, according to the U.S. Bureau of Labor Statistics.
For the decade 2012 to 2022, jobs for geographers are expected to increase at a rate of 29%, for cartographers and photogrammetrists at 20% and for surveying and mapping technicians at 14%. As of 2011, revenues in the geospatial industry were worth $73 billion. In addition, the industry helped to generate revenues of $1.6 trillion.
Looking forward, the industry is expected to grow at a stunning rate, going from $27.42 billion in 2015 to $72.21 billion in 2020.
In a world of rapidly changing technology, it can be important for businesses and individuals to keep up with the newest developments. It would help most businesses, marketers and strategist to investigate what is location intelligence and how it can work for them.