No matter what kind of business you own, marketing analytics are important because they’re a way for you to track the effectiveness of your marketing strategies. But there’s more to marketing analytics than just studying strategy.
In fact, one of the most important tools that helps with marketing analytics is geospatial data analysis software. If you’re familiar with census data or location intelligence, geospatial data falls into the same general area. Here’s a more in-depth analysis of what geospatial data is and how it can help you.
What is geospatial data?
To put it simply, geospatial data refers to any sort of data with what is called a spacial identifier. This includes houses, commercial buildings, roads, and much more. If you can think of something that takes up space and has a specific location, then it could be part of a geospatial data set.
How is geospatial data used?
Geospatial data is used in a variety of ways, but most of its benefits are extremely beneficial for the commercial industry. Here are a few of the most common reasons why it matters in terms of marketing strategy:
- Predicting Characteristics: Detailed information about demographic areas can be developed using this data and can actually help you predict the characteristics of that area so you can better tailor your marketing.
- Determining Future Behaviors: Using geospatial data from the past can not only give you an idea of past behavior, it can help you determine what kind of behavior residents of that area may exhibit in the future.
- Targeting Prospective Customers:
If you’re looking to open a new location, it helps to know if residents in a certain area are interested in the products that your business will be selling.
There are always 24 or more active GPS satellites orbiting Earth, which makes gathering spatial data fairly easy for many companies. When that simplicity is combined with all of the benefits that geospatial data analysis software has, it’s abundantly clear that this is a necessity for any company seeking to improve its marketing analytics.