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BizReport : Advertising archives : July 14, 2016

Top 3 tips to build a location intelligence strategy

SiteZeus has developed an AI system that enhances Location Intelligence (LI), proving to be increasingly capable, the SiteZeus software can run through billions of data points in the blink of an eye and is always advancing. Here are three tips to build a strong LI strategy.

by Kristina Knight

First, identify objectives

"Before implementing an LI strategy, you must know what your main objectives are. Knowing this information upfront will save you a lot of time during the integration period. Be ambitious but also be realistic. Think strategically," said Jorge Hermez, Director of Marketing, SiteZeus. "Here are some examples:
• What do you want to get out of the process?
• Are you looking for fast growth, moderate growth, or slow growth?
• Are you looking to re-evaluate current locations?
• Will this process prove or disprove gut instincts?
• What are your positive and negative affecting demographics?
• Does certain competition affect revenue?
By defining what you want your output to be, you'll have a better chance of optimizing the use of the LI tool."

Second, identify the data

"Your expectations should be predicated on the data you bring to the table as well as the data sets delivered by the LI tool. The value of the output will be based on the input. Data matters and the more you have of it, the greater in value the output will be. Along those lines, you must trust the data, it has a way of being unbiased and objective. Go into the LI implementation with confidence and ensure your team is on your side. The data's not there to tell you what you want to hear, it's there to uncover the facts - so get ready to upset some co-workers. Last, look for a tool that'll give you measurable confidence in your model, derived from hard data and proprietary sales information," said Hermez.

Third, dedicate resources

"To implement a sound LI strategy, you'll need to dedicate the necessary resources to the project. Look for a user driven tool with great ease of use that you can manage in house. Be sure to dedicate the right individual or individuals to it. Alternatively, depending on resource availability, you may consider solutions that can be outsourced with minimal involvement internally. This is all dependent on your lifecycle stage as an organization, budget constraints, and overall objectives & expectations," said Hermez. "All of these tips go hand in hand with finding the right LI technology partner. Focus on your objectives and find a partner that allows you to drive your model with applicable data and ease of use. Before you know it, you'll begin to see the promised insight and an instant return on investment."

Tags: advertising, advertising data, location data, location intelligence, SiteZeus

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