There are experiments going on at a regular interval in the world of marketing. There is new innovation in this field at daily basis. Through this the marketers want to gain the maximum profit out of the investment they have made. One such invention is the Location Based Analytics. Location based analytics is a step beyond to see and assess the result or the outcome of the mobile campaign being done by the Retailers. Tracking the views and clicks in the smart phones, laptops for knowing the customer’s choice and behavior is a process that was already in use among the retailers. But what is new is the use of smart phones location data. This allows the marketers to gather information about how many in-store visits are actually happening due to this mobile campaigning process. Thus in-store retail analytics become much more powerful with the use of location based analytics along with it. What Is the Main Objective of the Location Based Analytics Process?
- The data collected from location based analytics gives information about the spatial behavior of the customers in relation to the previous exposed ad’s.
- One of the main objectives of the location based analytics is to keep a track on how the mobile campaigning process or the already exposed mobile ad’s are effecting the buys of the customers in-store or inside the physical stores.
Why Location Analytics Process Can Be Used by the Retailers?
The location based analytics process helps the Retailers or the Marketers in many ways:
- Place IQ: Place IQ or the Place visit rate is the process of finding out ROI of the mobile advertising, targeting and measuring tools. The retailers continuously send various product related advertisement to some existing customers or to some new customers of a particular location. The location based analytics data help to predict PVR rate or the place visit rate which in turn gives an aggregate of the number of messages being sent to the customers and the total number of customers are actually coming to their store physically. This in turn thus also depicts the in-store analytics
- Location Conversation Index: this is a process of understanding how the mobile advertisement influences the in-store visit. Instead of tracking the number of people who had already viewed the ad or clicked the ad the LCI or the location conversation index track the number of people are visiting the geographical location or the physical store after seeing the advertisement. This also help the retailers to keep a track on their message or the advertisement that are being delivered and can also improve them if needed according to the customer’s response to them.
- Placed Attribution: This is a process of linking the advertisement, messages of the retailers, marketers, etc with that of the in-store visit. This also not only depicts data about the in-store visit but it also helps the marketers or the retailers to assess the behavior of their customers very well.
- Foot traffic Index: It helps to assume the foot traffic index of a particular retail shop at a particular geographic location.