Location intelligence is changing the way businesses operate. With the potential to gain a competitive edge and attract new customers, using location data is essential for successful enterprises.
Beneficial across a variety of industries, hospitality firms, destinations, and event venues, location intelligence can facilitate significant business growth. Used to gain insight, conduct research, and increase the effectiveness of marketing campaigns, accurate location data is one of the most cost-effective ways to generate increased revenue.
What is Location Intelligence?
Location intelligence can be defined as “the process of developing thoughtful insights from a physical location.” Here at AirSage, we like to define location intelligence as a methodology that allows for the visualization and understanding of location data to help solve a wide variety of business problems.
When collated and analyzed, this anonymous, aggregated data produces location intelligence. Sometimes known as geospatial intelligence, this phenomenon enables users to gain actionable insights from location data. For businesses, accurate location data is extremely valuable. In fact, location data is deemed to be so valuable that the market for global location intelligence software is expected to grow by a CAGR rate of 15% by 2027. When used appropriately, location intelligence offers detailed information regarding your customer base and target market. This can be fed into data-driven marketing strategies to increase the effectiveness of your campaigns and generate measurable results.
How is Location Data Collected?
Suppliers gather location data from consumer’s mobile devices with their permission. Protecting user privacy is, and always will be, one of the top priorities for AirSage. To ensure all consumers are protected, location data is only gathered from devices that have consented to share information. Additionally, no personally identifiable information is collected within the data set.
The accuracy of location data is critical to the successful use of location intelligence. No matter what industry you operate in, the accuracy of the data you’re using to make decisions affects your overall success. It’s essential, therefore, that location data is collected using reliable, reputable, and verifiable methodologies.
At AirSage, we’ve been committed to maintaining consumer data privacy as a top priority for more than a decade. We achieve this goal by implementing a three-part strategy when it comes to securing and protecting the data we utilize. We strive to source our data ethically, always deliver our data anonymously, and refine our data responsibly.
Using Local Intelligence
Although local data can be informative and useful, it needs to be analyzed and put into context before it becomes truly actionable. Simply collecting location data results in endless streams of information being produced. Only when this information is collated, segmented, and presented appropriately does it gain significant value.
When presented in usable formats, businesses can begin to incorporate location intelligence into their processes and operations — e.g., identifying where your customers originate from can tell you where to focus marketing activities, increasing awareness and brand loyalty.
There is a myriad of uses for local data and different industries can benefit from using location intelligence in varying ways. By working with location intelligence specialists like AirSage, you’ll benefit from sector-specific products and solutions. Designed to cater to the specific needs of industries, our location intelligence services provide essential insights into your target market and customer base.
Location Data and the Hospitality Industry
Companies operating within the travel, tourism, and hospitality sectors can benefit from measurable insights using location intelligence. Live music venues, stadiums, and arenas routinely attract tens of thousands of visitors. In many cases, people travel long distances to attend concerts, gigs, matches, games, and exhibitions. Given that the hospitality sector prompts significant amounts of travel amongst its target audience, it’s logical that location data should play an integral role in your marketing, advertising, and business development.
While major venues can certainly benefit from using location intelligence, it isn’t just large-scale arenas and stadiums that can increase revenue from gaining location-based insights. In fact, location data can be exceptionally valuable to smaller venues and local event organizers.
Access to accurate, cost-effective data puts smaller, independent venues on a level playing field with larger events companies. Giving enterprises and startups the intelligence they need to compete with established businesses, location data revolutionizes the hospitality industry and the companies that operate within it.
How Can Venues Use Location Data?
Once location data has been collected and segmented, it can be presented in many different formats. Heat maps provide critical location information at a glance, for example, and can be used to monitor large amounts of traffic. Similarly, catchment area analysis and origin-destination (O-D) studies allow venues to identify where their guests are traveling from when visiting their premises and adapt their marketing activities accordingly.
Of course, it isn’t just where people are coming from that you need to know. Understanding where your venue fits into the prospect’s experience is also critical information and can be used to help shape your plans for business growth.
If a significant percentage of guests travel to nearby bars and restaurants after visiting your venue, for example, this may indicate a market for on-site food and beverage retail sites. It is these insights that prove valuable to businesses in relation to both their short and long-term objectives.
In the same way that online businesses need to know where their website traffic is coming from and where it goes, bricks and mortar venues must be able to identify the locations visited and routes taken by their guests.
Increase Attendance with Location Intelligence
Venues and event organizers rely on ticket sales and attendance to secure popular exhibitions, artists, and teams. By taking a data-driven approach to your marketing, you can successfully raise the profile of your venue, attract an increased number of visitors and generate more revenue.
However, to achieve this, you’ll need access to accurate location data, personalized location intelligence, and actionable insights. At AirSage, we’re leading the way when it comes to making location intelligence actionable. Working across a number of industries, our sector-specific products are designed to help you minimize costs, increase profits and grow your business. To find out more, contact us today.
Insights on the EDC Event, LV by ALADIN
People’s movement patterns have undoubtedly evolved due to the pandemic. As a result, determining whether your retail, hospitality, or events business will sell successfully has become even more difficult. Businesses in the events industry, in particular, have faced significant challenges as a result of the pandemic.
ALADIN, AirSage Local Activity Density Interface, is the industry’s first free mobile location intelligence application. The user-friendly interface enables industry professionals to conduct complex location analytics studies on population movement in just a few clicks.
Hence, AirSage conducted a custom study on the EDC event in Las Vegas. Electric Daisy Carnival, also known as EDC, is North America’s largest electronic dance music festival. This exciting festival attracts over 300,000 fans of electronic dance music to the Las Vegas Motor Speedway.
In this custom study of the EDC 2021, the peak hours are typical during afternoon and evening traffic, especially during the event dates between the 21st and 23rd of May. We have further observed the highest activity concentration by date as the first day of the event, 05.21.21 from 18:00 – 24:00. This kind of data can be beneficial as it helps small to large-scale event companies understand the peak hour distribution of any events, thus allowing better scope for improvements in planning and executing events. You can see the full video at this link.
The evolution of smartphones raised the bar for location data. The proliferation of mobile applications that collects massive amounts of location data began to be analyzed to gain insights into the whereabouts of users. As time progressed, businesses became increasingly aware of the need to incorporate the insights gained from location data analysis into their strategic planning. Only then will they be able to successfully grow their businesses and remain relevant in a fractious corporate setting. The evolution of these disciplines is what has fueled the development of Location Intelligence technology and contributed to its technological composition.