Smart people run intelligent businesses.
While the term smart business may be broad, it focuses on the importance of making a company more intelligent. Given the number of businesses trying their best to stand out from the crowd, focusing on ways to make your business smart(er) is the only way. LBS (Location-based services) is one feature that classifies itself as a necessary business tool rather than just a feature.
LBS is especially needed in sectors like hospitality, automobile, banking, and logistics, given its benefits. It not only helps scale your business but also helps you analyze a tighter pool of customers. CARTO s data mapping software is a data mapping tool that can help you with spatial analytics or get a beautifully looking web map live within a matter of hours. Several other software is available to analyze location-based data and help make better business decisions.
Terms like location-based data, business mapping, geodata, etc., may be intimating for you if you are new to them. Especially if you are unsure of what aspects of your business constitute location-based data, understanding its impact on your business can get more taxing. Fortunately, this article talks everything about location-based data and business mapping.
However, before we learn about location-based data and business, let us understand what location-based data is and which businesses may benefit from it.
What is location-based data?
Location-based services essentially help extract geographical data through using several location-based or business mapping softwares. It is the practice of adding this layer of data to your business’s existing data assets so as to get more valuable insights. This analysis is also referred as “geoanlytics”.
The primary benefit of performing this analysis is that it enables businesses unlock a new level of related insights. It allows them for greater context when asking about different business processes and providing new trends and relationships in the data.
Location-based data can mean different things depending on your business. The best example of an application using LBS is Google Maps. You can easily find the nearest petrol pump or a cafe within a few meters of your current location. LBS makes it easy for users to see what they are seeking.
4 Ways location-based data and business mapping are related
Now that you have a fair idea of location-based services let’s dig a little deeper. We have mentioned five ways location-based services can be related to business mapping and how you can incorporate them into your current strategy.
1. Make informed decisions
Keeping with the latest tech trends is not only a way to stay relevant in the market but also helps in attracting more customers. There are several ways in which location-based services help businesses. We have listed a few of them below:
Helps in monitoring and evaluating
Location-based services offer analytics, which eventually makes a business more intelligent. Plus, it also provides crisis management as a tool to optimize and make your business more efficient.
Enhances employee experience
While big data has proved to keep employees engaged in the era of WFH (Work from home), let’s not downplay the usage of LBS.
Location-based services are not only helpful to businesses to cater better to their consumers but also to employees. Employees working remote and on-premise can detect each other’s locations to conduct meetings. LBS can be installed on individually owned devices, letting employees run a business from any corner of the world.
A successful business is an amalgamation of careful thought, planning, and predicting the future. LBS thus helps you make better decisions
2. Deal effectively with your competitors
Alas, you have competition in your domain, just like Blockbuster had Netflix and Amazon has Walmart. If you aim to deal effectively with your competitors, you will need to rely on the information. From making decisions about products, distribution, sales, and marketing to any other aspect, information helps make better decisions.
So when a business aims to be smart, its managers lead planning sessions to make big decisions. To do so, they gather as much information as they can. They need everything from the sales forecast and the marketing plan to the budget and production plan. They may even develop a SWOT analysis of it. This eventually helps to deal with your competitors better.
3. Target the right pool
One of the most important aspects of a business, be it a startup or an established one, is to target the right audience. Here is when location-based data comes to the rescue. It helps you know the users of a specific demographic. Location-based data can give you insights into many metrics, from their preferences to their dislikes.
For instance, you want to build a dating app. How do you show the potential matches to your user if not through location-based services? In fact, incorporating location-based services into your existing business will improve the accuracy of your business by making it more inclusive and close-knit for people.
So whether you want to build a dating app (where location-based services are a must) or an online grocery store, incorporating location-based services will make your business more efficient.
If you haven’t already thought about this service, consider the laps your current business may have and see if they can be solved through location-based services.
4. Build partnerships and network with other similar businesses
You can even use LBS to network with other companies and enter into a mutually benefiting setting via tie-ups and collaborations. Once you form a network of companies that support and promote each other, even if one company gets successful, it will directly impact the success of other companies in its network.
Such efforts enable various opportunities and avenues to flourish and increase profits.
Wrapping up 4 ways how location-based data and business mapping are related
Hopefully, the article helped you understand how to effectively use location-based data with your business strategy. Ensure that your business strategy and decision making is supported by several business mapping software and tools, as they are simply a must-have option these days. Moreover, businesses are rapidly moving towards being smart, so it is only wise not to get left behind.
So, it is time you really understand the nature of your business, see if location-based data could help, and think about how to incorporate it into your business strategy. Consider these points mentioned in the article and plan your business’ future by seeking new perspectives and reliable information.
Parita Pandya is an Engineer turned Writer. She usually finds herself writing for businesses. When she is not writing, she is either strumming her guitar or penning her thoughts down on her blog.