#LBS Solution - Overview
In fact approximately 80 % of all business data are related to location. Businesses manage a world of information about sales, customers, inventory, demographic profiles, mailing lists, and so much more. No matter what industry you are in, business success means making wiser decisions faster than your competition. Being able to understand the market based on location and obtain information quickly so you can take fast action is a key.
#Location Based Services offers New Business Insight…
New Business Insight ! is solving some questions :
#LBS Solution – Business Process
To achieve New Business Insight, there are several stages of the business process, such as :
#LBS Solution – Methods
Location Based Services has several methods to break down a variety of business challenges:
Gain an Accurate Description of Your Customer (Customer profiling)
Solving almost any sales and marketing challenge starts with knowing who your customer is. We help you find out who your best customers are and apply location analysis techniques to discover where to find more of them
Customer profiling services create descriptive segments or groups of your customers. Each segment has specific defining characteristics. A customer segment is not as simple as applying a demographic label, such as "women age 45-54" or "businesses with revenue >$500 million."
Those descriptions alone won't tell you enough about your customer. For example, not all women age 45-54 have the same tendency to purchase your products. So a profile like this may not help you much, and you may waste resources marketing and selling to the wrong people.
That's why we take a more comprehensive and disciplined approach to customer profiling. We use your own customer data, lifestyle cluster data, and analytical techniques. The result is a more accurate description of your customer that can be used to identify areas where you can find more of your best customers.
Market Potential and Market Sizing Analysis
Market analysis services help you know the economic opportunity available to you in any geographic market. Whether you sell to consumers, to businesses, or both, market sizing provides intelligence you need to deploy sales and marketing resources effectively.
Let's say you sell reverse mortgages and your ideal customer is 65 years of age or older and owns a home valued at $150,000 or higher.
Find out "who" your customer is (Customer profiling services), we will then perform market potential analysis using market data, demographics and/or lifestyle clustering systems to find areas where high concentrations of your ideal customer live.
From there, it's ranking the potential markets and deploying resources by selecting locations of branches or performing targeted direct marketing.
What's the market potential for your products and services?
Trade Area Analysis
Trade area analysis and mapping describe the characteristics of the area around a store or network of stores. Without accurate trade area definitions, you cannot measure the key statistics that impact a store's performance.
Trade area analysis and mapping tell you:
Benefits of Trade Area Analysis :
Sales Territory Alignment, Design and Optimization
Sales organizations often change. Sales management needs to change sales territories as well. Key customers, sales people, sales managers, products, and competitors come and go. Each of these factors impacts sales productivity and creates the need for sales territory analysis. Sometimes just a small sales territory realignment can have a big impact on your sales force productivity.
Sales territory management is a critical and ongoing process to help maximize sales productivity and revenue. When was the last time your company underwent a sales territory alignment project or created new sales territory maps?
Is Your Sales Force Productive?
Optimized sales territories that are compact in size and aligned to each other without gaps will help you achieve a number of measurable and sustainable benefits including:
If Your Territories are Not Balanced . . .
Studies show that 80% of companies are missing 2-7% of unrealized sales because their territories are misaligned. Poorly aligned and unbalanced territories have negative consequences. They include:
Customer analysis and demographic analysis are essential to choosing the best retail store locations. You won't want to make decisions without knowing the profile of your best customers and the demographics of the area you are considering for store network expansion.
Where are there More Customers Like Yours?
We should re-phrase that: Where are there more customers like your best customers?
Reality is, not all your customers are ideal.
We will help you find more of these customers with our site selection services
Various types of external data required to support LBS Solution, such as outlet data(customer), demographic data, socio-economic data, financial and business data, etc. , even unstructured data from social media such as Twitter, facebook etc.
Methods of collecting data :
# LBS Solution – Related to Products & Services