While location data has always been important for the success of businesses, smartphones and social media have seriously changed the game, allowing consumers to be connected to location 24/7. The ability to generate accurate, real-time geocodes can seriously impact business decisions, results, and customer relationships.
Everything Revolves Around Location
There are more mobile phones in the world today than there are people. Consumers use social media platforms to ‘check-in,’ track their movements and locate nearby businesses and services. Whether it’s tracking the weather, optimizing networks, or assessing marketing opportunities, the ability to precisely pinpoint the location of assets and people makes it easier to engage customers, grow revenues, reduce risk, and lower cost. Geocoding, both forward and reverse, is the right tool for it.
Real-time, Accurate Insight is More Important Than Ever
Geocoding and reverse geocoding offer a type of geographic accuracy and immediacy previously missing from business decisions. Geocoding is the process of converting address data to latitude and longitude coordinates so that records can be placed on a map, compared, calculated, and analyzed. Reverse geocoding catches GPS signals from smartphones and provides accurate, actionable addresses that are easy to understand. Together, they enable smart, real-time actions informed by reliable spatial data. As a result, business decisions are rendered faster, offers are more relevant, and location-based advertising reaches customers where and when they are likely to buy.
The Value of Real-time Geocoding
Accurate, real-time geocoding can improve your business performance in more ways than one. Here are a couple of examples:
Geocoding mitigates costly risks and helps businesses gain a competitive edge: While addresses and ZIP codes can change over time, geocodes stay constant, which minimizes operational risk and improves year-over-year analysis
Geocoding powers up marketing: Accurate, real-time geocodes drive more effective strategies, as businesses can visualize and analyze consumer demographics, growth trends, and competitive threats, resulting in smarter product launches, media campaigns, and site selections.
Reverse geocoding also makes it possible to create a ‘wow experience’ by delivering content and promotional messages at the exact place and time consumers need it most, such as the restaurant around the corner, the hotel near your business, or the sale taking place at your location.
Geocoding optimizes every asset: Retail, healthcare, telecommunications, and other organizations must develop and manage networks to satisfy customers. From a planning standpoint, geocoding makes it easy for businesses to assess their growth potential and identify gaps, quantifying the revenue and cost impact of their every decision. The ability to determine coverage, confirm eligibility, and assess service availability in real-time provides for excellent and more cost-effective customer care.
Take Away
The marketplace is a demanding arena, which insists that businesses stay agile and open to new ideas and directions to stay competitive. This is also the case with location as a customer and operational attribute. The location has become crucial to reaching new customers and servicing existing customers more effectively. However, to use location attributes to operate smarter, businesses need to ensure their location data is timely, accurate, and consistent. Geocoding holds the key.