Big data: the benefits of geoanalytics services
When a company enters a new market, it is necessary to analyze a huge number of factors, which in the future will help to achieve success. And in this case, geo-analytics comes to the rescue – big data makes it possible to assess the potential of the market, and study the characteristics of the target audience and other parameters, without taking into account that it is difficult to win the market. Modern technologies provide effective tools that can process important information in a short time with accuracy, which is inaccessible even to super-professionals.
There are a variety of platforms for analyzing data sets from various market sectors. Even the smallest patterns in the consumer behavior can be identified by examining their sales receipts at stores or gas stations. This data will help to timely update the assortment, and add items that will be in demand by customers. Geoanalytics helps to create a detailed portrait of the target audience, based not only on its place of residence, gender, or age but also on the coincidence of behavior or frequency of purchase of certain goods. In addition, such services allow choosing the most optimal location for a new object, taking into account the preferences of potential customers and the peculiarities of the city. This factor is extremely important because, according to experts, the wrong location leads to a loss of 30-50% of investment at the initial stage of business development.Big data analytics services provide location options based on several parameters, including the cost of rent, quality of the space itself, and others. Geoanalytics evaluation technologies are already being used by many retailers before they enter new markets. For example, they evaluate the city’s terrain, the number of streets that are lit, and the growth of new properties over a period of time. These statistics show the rate of development of the city and help make a decision about whether to open a store in it.
Services for geoanalytics are also relevant for the tourist sector. They track the habits of holidaymakers and the peculiarities of their leisure during the holiday season. Such information helps determine where it is best to open an entertainment complex or hotel. The services are based on a mathematical model, so the system can predict business development by identifying patterns of activity and taking into account many metrics.
Geoanalytics tools also help in business promotion. They allow you to determine where to place outdoor advertising, and where the maximum concentration of potential customers will be. In addition, the services evaluate the response to targeting or contextual advertising, so the business understands how effective the promotion is.
Starting a business or scaling it up is important to start with an in-depth analysis of the market and target audience, a task best left to modern technology.