Location intelligence is utilized by a wide variety of businesses and enterprises across all industries. According to a February 2014 global business survey that was conducted by Dresner Advisory Services, location intelligence was found to be critical or very important for business planning. This was the case with over 50% of the participants within this survey.
There are a variety of reasons why a business would utilize marketing analysis services. This includes determining where best to place business marketing dollars to whether or not they are making wise investments. For a business to succeed, it’s vital that they ask the following question: “Are we receiving a solid return on our investments?” When businesses have an increased awareness of their target audience, they are much more likely to succeed.
Marketing analysis services can also provide businesses with relevant information. In order to accomplish this task, there are a variety of demographic reporting tools that have demonstrated their effectiveness. This information, or data, can assist businesses with creating more effective campaigns. This is due to having more accurate demographic data, which is based on age, gender, interests, and other important data such as occupation and geographical location. In many cases, a business may discover an audience that they weren’t aware of previously as a result of effective demographic reporting.
Given that the world’s population is expected to expand by 50% within the next 40 years, marketing analytics services are even more valuable for strategic planning. Currently, the world’s population is approximately 6.5 billion, and in four decades it is expected to exceed nine billion. Given this, marketing analytics can assist with pinpointing the most effective target audience for a business’ products and/or services.
Since marketing analysts need to plan, collect, report, and analyze data, they need to anticipate the correct ratios. The goal of these combined activities is to create the best possible marketing strategy. It’s interesting to note that Google’s data experts recommend the following ratios:
- Data capture: 15%
- Data reporting: 20%
- Data analysis: 65%
When various industries utilize the services of a marketing analyst, they will be better prepared to conduct business in the decades to come. Whether these industries provide products and/or services, a marketing analyst will be able to assist them with strategic planning.