How Can Location Data Help You Grow Your Business

The importance of data is growing daily and its impact on the businesses as well. Gathered and used in smart ways it can help you reach the right audience, in the right way. In other words, it’s a known fact that location intelligence has become a fundamental part of some of the most successful businesses in the world today. Tough economic times and the advancement of new technology in recent years have massively pushed the need for businesses to gain more transparent and competitive insights on their performance and opportunities.

According to geovation.uk, location provides meaningful context. It can identify essential relationships between geography and consumer experiences, products and services. Location intelligence answers important questions, such as ‘where are my most valuable customers?’, ‘where are the issues impacting my supply chain?’ Location intelligence can detect clusters and patterns of events, make predictions, and provide the basis on which to make better business decisions.

Knowing the location of users, employees and company assets is becoming a vital part of many businesses in order to act efficiently and make informed decisions. From helping customers locate relevant amenities (e.g. Foursquare, Tripadvisor) to logistics companies optimizing delivery routes (UPS, Hermes), location, spatial data and digital mapping are playing a pivotal role in these business functions.

At the same time, location represents a great manner of revealing relationships between data sets that might not have otherwise been obvious and, through location analytics, arrive at great insights.

Worries about concerns like user privacy and data quality are valid: Know that it’s important to source location-informed insights from opt-in data that is thoroughly cleansed and, most importantly, aggregated and anonymized (the Location Search Association recently published a valuable landscape report analyzing the key providers in the space). Be sure to work with a data provider that adheres to emerging industry best practices, including use of data sourced only from apps with specific user opt-in (like Apple is now mandating), and complies with country-specific regulations, like GDPR. – entrepreneur.com

Data company Carto partnered with market research firm Hanover Research on a February 2018 study called “The State of Location Intelligence 2018,” surveying more than 200 C-level executives about the ways their companies are using location data to identify new consumer markets, improve marketing strategies and improve customer service. Here are some of their main findings:

• 66% of respondents said that Location Intelligence was “Very” or “Extremely” important today for their businesses, 78% said it would be in the next year, and 85% said it would be in the next three years.
• Only 27% said that they use any kind of custom geography and 17% use block groups. To understand location data, businesses must begin visualizing and analyzing at a deeper geographic level.
• Nearly all C-level and management level respondents,especially those from small to mid-sized organizations, note a strong likelihood to invest in Location
  Intelligence within the next one (78%) to three years (84%).
• Companies are very interested in finding data scientists that understand how to manipulate spatial data effectively, and conducting iterative spatial analysis is the most important step in applying Location Intelligence.
• “Ensuring data quality and accuracy” (49%), “gathering data real time” (40%), and “extracting data from existing systems in a usable way” (39%) are more commonplace challenges in terms of data collection.

Taking a closer look at these data, we can see for sure that if you know how to tap into the Location Intelligence right, your business can have a bright future and even expand, especially because many aren’t already using it at its full potential.

Therefore, how can you do more and be ahead of the rest? Entrepreneur.com is giving you some ideas:

1. Use the big potential that research is offering you. “Location data can provide a stronger context of your target audience to better activate consumers. Beyond just marketing what you already have, it can also help reveal opportunities for products or services that you’ve not yet developed or marketed.”
2. Competitive Intelligence. “This wealth of insight about where people go in the real world and, in particular, how they interact with your competition, is invaluable intelligence to your business and can help inform decisions about everything from pricing and inventory to in-store promotions and staffing levels.”
3. Acquisition and investments. “Asset managers are increasingly turning to location data to inform their investments, according to a recent report from Optimas. Given this trend, location data should most definitely be part of your due diligence when evaluating any prospective investment or acquisition. Evaluate the foot traffic patterns in and around the business you’re considering and think about what it might reveal.”
   More on the subject, tap here.

Inspirational study cases one can find in this Forbes article.

LinkedIn Learning and How is helping your business

LinkedIn Learning was launched in 2016 in San Francisco, about a year and a half after LinkedIn acquired online learning site Lynda.com for $1.5 billion. A large part of LinkedIn Learning is based on Lynda content, and went live, accordingly to Tech Crunch, with around 9,000 courses on offer. Subjects taught through the service include business, technology and creative topics, with courses running from programming skills to writing and accounting.

“With more than 450 million member profiles and billions of engagements, we have a unique view of how jobs, industries, organizations and skills evolve over time. From this, we can identify the skills you need and deliver expert-led courses to help you obtain those skills. We’re taking the guesswork out of learning. The pressure on individuals and organizations to adapt to change has never been greater. The skills that got you to where you are today are not the skills to prepare you for tomorrow. In fact, the shelf-life of skills is less than five years, and many of today’s fastest growing job categories didn’t even exist five years ago,”declared LinkedIn representatives at the time of the launch.

Managers can customize multi-course “learning paths” for employees, and examine analytics to measure employee progress. The courses (divided into business, technology and creative categories) are available free with a LinkedIn Premium subscription for individuals and there is also an enterprise version. The platform offers solutions for business, higher education, government agencies and libraries.

And, as techrepublic.com is pointing out, LinkedIn Learning differs from other online training options because managers can customize multi-course “learning paths” for employees, and examine analytics to measure employee progress.

Moreover, the platform has a blog attached to it that will offer you even more pieces of information and interesting articles.

According to “Learning at the Speed of Business”, McKinsey & Company, May 2016, How the Digital Skills Gap is Killing Productivity IBM, quoted by LinkedIn, organizations that embrace a culture of learning can boost employee productivity by up to 50%.

How relevant is still TV for your brand?

We are smarter and smarter consumers, more up-to-date with everything that is new and happening in the world of technology, people constantly changing and improving their laptops, mobile phones and software that they are using. Moreover, 2017 proves to be the first year that the media investments in digital are surpassing the TV ones. In this context, it’s only natural for a CEO or a marketing specialist to wonder how relevant is still TV for the brand they are taking care of?

In other words is video killing the radio star? Or is it a non-subject that the specialists are over-exaggerating talking about? What do you think? Well, this is what we think.

First of all we believe that there is not a general answer of yes or no. The right answer for your brand will come from your target: who are they, what are their consumption preferences, their passions, hobbies, desires, etc. Better knowing your target will give you the right answer. Because if you are looking at the younger generation the answer is pretty easy, but if you are targeting the Millennials or the older generation you will have for sure another look at the situation and things will not seem that much black and white.

Along with the channels and devices available for watching TV, the ways for brands to reach consumers through the medium are proliferating.  Quoted by Marketing Week, Otto Rosenberger, CMO at Hostelworld.com, believes that TV buying is changing, and with good reason. He says: “It really always starts with being obsessed about where the customer is. It’s about where they are and what drives them, which drives our creative and media decisions.” Research released by Ofcom earlier this month shows that while live television remains hugely important, catch-up TV viewed via the internet and programming premiered online are taking up an increasing share of viewing time for younger audiences in particular. It reveals that today, only 50% of 16- to 24-year-olds’ TV consumption is through live television, rising to 61% for 25-to 34-year-olds.

“The overarching shift, therefore, is in the power of technology and the internet. It is not only changing the way people watch TV, it is also creating a significant change in the way TV advertising is being traded towards targeting specific segments of audiences known to be watching rather than programmes that research panel data suggests they might see,” explains Marketing Week.

Not a long time ago, Turner Broadcasting and Horizon Media partnered on with marketing-analytics company MarketShare, which meta-analyzed thousands of marketing optimizations used by major advertisers from 2009 to 2014. MarketShare’s analysis found that TV advertising effectiveness has remained steady during that time period and outperforms digital and offline channels at driving key performance metrics like sales and new accounts. The study also showed that networks’ premium digital video delivered higher than average returns when compared with short-form video content from non-premium publishers. More on the main results you can read here.

Moreover, we need to think about the fact that a deep investigation of the decision journey often reveals the need for a plan that will make the customer’s experience coherent—and may extend the boundaries of the brand itself. The details of a customer experience plan will vary according to the company’s products, target segments, campaign strategy, and media mix. But when the plan is well executed, consumers’ perception of the brand will include everything from discussions in social media to the in-store shopping experience to continued interactions with the company and the retailer.

“Consumers’ perception of a brand during the decision journey has always been important, but the phenomenal reach, speed, and interactivity of digital touch points makes close attention to the brand experience essential—and requires an executive-level steward. At many start-ups the founder brings to this role the needed vision and the power to enforce it. Established enterprises should have a steward as well. Now is the time for CMOs to seize this opportunity to take on a leadership role, establishing a stronger position in the executive suite and making consumers’ brand experience central to enterprise strategy,” said David C. Edelman for Harvard Business Review.

A study done by Arris showed that 84% of respondents wanted to fast forward through the ads they watch, while 60% of them download or record shows so they can skip commercials. Even Super Bowl ads have lost their effectiveness: a 2014 study showed that 80% of them do not increase sales for the companies running them. The increased use of smartphones and tablets also detracts from TV commercials’ relevance. A study in May 2015, quoted by The Guardian, showed that researchers found that viewers who focused just on the TV screen were able to recall 2.43 out of every three brands mentioned, while smartphone and tablet users only managed to recall 1.62 on average.

Moreover, advertising’s even losing its role as an information source: a study by Mindshare earlier in 2015 showed that the percentage of Americans who said advertising helped them learn about products and services dropped from 52% in 2005 to 41% in 2014.

Still, all in all, TV is still relevant and will still be as long as the brands will know how to adapt to the new changes it brings and will know how to showcase its added value.  As long as the TV advertising will continue to adapt and become better and more relevant for its audience, it will of course remain very important.

On how brands can optimize their TVCs to drive product discovery, you can read here.

The ways the digital and the technology are changing the OOH

source: Screen Media Daily

Digital out-of-home is no longer standing by and being just a follower or a passenger.  It has changed the face of outdoor advertising – and the future’s looking bright for this medium. According to the Advertising Association/Warc Expenditure Report, quoted by Campaign, DOOH claimed a 31% share of total out-of-home adspend in 2015 – set to rise to 40% in 2017. And PwC predicts that DOOH advertising revenues will overtake traditional spend in 2020, growing at a rate of 15% a year for the next four years.

“It’s no surprise, then, that in a 2016 Ocean survey of executives from media agencies and outdoor specialists, 86.3% identified DOOH as having the biggest growth potential over mobile, video on demand and other media channels. That growth is being fuelled by a rapid expansion of DOOH inventory, new technologies and innovative creative that plays to the medium’s strengths,” added the famous advertising magazine.

Taking a look at the Romanian situation, several major industry specialists agree that the main international trends are around digital OOH media. More and more of the OOH trades will go programmatic, following the development of more advanced markets where programmatic OOH is already a norm. Moreover, it’s very likely that the virtual and hologram revolution which began this year, fueled by large international technology players like Google, Facebook and other mobile technology firms, will be the beginning of a significant new trend in OOH reality, overlapping with a virtual reality experience.

The advantage that digital OOH has over traditional OOH is that one can better control the programmatic process, granting more flexibility in everything, from planning to the display of ads at a specific moment, in a desired context, to a desired audience.

Another big trend in the OOH industry nowadays is that OOH programming will help DOOH to grow faster than expected. Moreover, programmatic advertising doesn’t belong to only one media channel; it can be extended from online and mobile to other media, like TV, radio and OOH. And all media must be very well measured in order to be traded in a programmatic way.

More trends and influences that the marketers must watch for in DOOH are:

The number of digital screens will increase significantly due to several factors, including the significantly lower cost to produce LED screens.

source: Digital Signage

New developments in hyper-targeting. OOH planning systems are integrating with data sources including mobile carrier data, online browsing behavior and shopper purchase records. Marketers will be able to utilize OOH to target micro-specific segments on the move.

Real-Time OOH trading will steadily increase, as more OOH vendors integrate inventory into demand-side-platforms. The format’s ability to target consumers in real-time based on previous location histories has led to automotive, travel and retail advertisers dipping their toes in the water. Location-based mobile and digital out-of-home media are part of a larger multiscreen ecosystem that effectively amplifies brand messages to create a deeper level of engagement with active consumers.

source: Bell Media

OOH will become more intelligent as forward-thinking brands take advantage of developments in Internet-connected screens, facial/object recognition and external data feeds. A convergence of art and science will lead to OOH creative that self-optimizes based on how people react. Dynamic content triggered by data feeds already allows advertisers to change creative in real-time based on external conditions including CRM data, weather, sports scores, traffic and social media sentiment.

Beacon adoption will grow, focused on analytics. Smart marketers will utilize Bluetooth Low Energy Devices (beacons) for data collection to gain a better understanding of their customers’ in store behavior. Large retailers already have rolled out beacons across their network of stores; this provides a wealth of valuable data such as popular products and aisles, with the ability to track store promotions right to the register.

Targeting drivers. Car manufacturers are the early adopters of smart billboard technology. In partnership with OOH Media,  Porsche launched the world’s first interactive billboard campaign in Australia in January 2015. It used image recognition software to detect Porsches and display a company ad saying, “It’s so easy to pick you out in a crowd.”  Lexus followed suit later in the month with a similar but more sophisticated Australian ad campaign. It used an algorithm to match vehicle information with environmental information, such as local traffic and weather conditions, to generate 80 variations of the same ad.

Porsche is teaming up with video surveillance software manufacturer Milestone Systems and IBM Analytics to deliver targeted billboard ads to specific vehicle models on their way to Australia’s Melbourne airport. These smart billboard software applications do not yet identify specific drivers, but Sydney University of Technology professor Jim Macnamara says that is coming soon.

In the United States, some smart billboard ads are targeting drivers based on speed. For instance, in 2014,  Cisco used a billboard near San Francisco International Airport to promote its Cisco Live event by delivering messages of varying length, with faster drivers getting shorter messages.

OOH will be a core part of social and mobile strategies, and we will see more campaigns with OOH as a centerpiece.  Coca-Cola launched an integrated digital campaign in Times Square as an extension of its hugely successful “Share a Coke” campaign, incorporating large digital billboards, Google search data, mobile and a socially activated call to action.

OOH will start being recognized as a direct response medium. As cardless payments including mobile payments gain traction with merchants, consumer usage will increase beyond early adopters. This boom in contactless “card-free” mobile payments is forecast to more than double this year, and over the next five years, U.S. mobile payments alone are forecasted to grow from $52 billion in 2014 to $142 billion by 2019 (Forrester). OOH will increase its relevance along the consumer journey; a format perceived primarily as a brand-awareness driver can now become an instrument in driving real-time purchase.

“OOH offers audience reach opportunities unsurpassed in the media landscape, particularly reaching young and upmarket audiences. The blurring of media boundaries, epitomised by the digital OOH landscape and the rise of mobile, should offer smarter solutions to brands feeling the pinch or exploiting consumer sentiment opportunities, particularly those targeting millennial audiences and expecting an immediate response,” concludes talonoutdoor.com.