If you didn't read Part I first, you should.
Significant market research resources are spent to identify the
characteristics of the target market. This is usually done in the
absence of geo-analytics. In many cases, accurate analysis is
performed, but at what cost? Consider this example:
You sell sunscreen in 700 stores across the region. Your media buy is important - and timing is everything. Targeting ads to sunny days makes sense, no? Integrate 'weather forecast' data with your store locations to ensure you buy in each market at the right time.
What can you gain?
- save money on an advertising blitz in a rainy area
- move stock around to stores expecting a spike
- replace sun-friendly products with rain-friendly products
It comes down to time. How quickly can you identify a trend or recognize a pattern? How much more quickly would it happen if you could see the problem on a map, as we demonstrated above?
Would the example above be as obvious without the map image? When I write ‘northern Ohio and southern Michigan and on through to Western New York’ but in the time it took you to read that sentence (and me to type it) you could glance at the mapped output and simply ‘know’ the same. So, what is your time worth? How many people in your business translate raw data into actionable intelligence? Is that number going to increase or decrease in the next nine months?
Take some time to integrate geo-analysis and mapping into your business. It might be the best investment you make this year. |