What is location intelligence ?
Location intelligence or spatial intelligence is a visualization of geospatial data on a map. It is mainly used by companies for analysis, decision-making, strategies optimization.
This is part of data science which is location-based analytics whereas business intelligence uses different types of insights and charts. Location data permit a different analysis of insights, offering a more global view to make better decisions. Location intelligence exists for a long time now, analysts were using custom maps. But with digital technology, several platforms were created, they are called mapping tools or Geographic Information System (GIS).
Why do we use location intelligence software?
Location intelligence program can be used for several usages, in multiple sectors, and for different professions:
- Site selection: knowing which location is the best for a retail company
- Geomarketing: analysis & local market research
- Targeted marketing campaigns (OOH)
- Business intelligence: what are my customers doing? Where do they come from?
- And many other cases like sales territories, optimize logistics, environment, health…
How much does a location intelligence app cost?
Several location intelligence tools offer different methods and features. It is important to choose the right solution that fits your needs. It can depend on your industry, your business, the purpose and context, and the types of data you need.
The average price of this kind of services is between $1,500 and $40,000 a year. Some of them propose a subscription without any engagement to permit you to use it according to your needs, without being engaged for a year or more. This is the case for OALLEY that offers subscriptions starting at $79/month.
What is the best location for business?
There is no correct answer to this question! The best location depends on your company. Every organization has its criteria. To define what is the best location for your business, you need to pay attention to these criteria:
- Potential customers
You must know who are your customers. Are they young? Are they female? Answer that and then check demographics in your trade area. You will need a platform where you cant get easily this data for your precise area.
Don’t establish your business if there are too many competitors in the area! You need to check this. Which type of business or brands are my direct competitors?
Then, check the following criteria that concern your future commercial space to help you in the real estate research:
Does your local store need to be visible to passengers in the street? If not, do not include this criterion in your research
Is your business dependent on pedestrian or vehicle traffic? It could be important for a restaurant or a clothing shop. Do not include it if you don’t need it.
You may be a DIY store where your customers need to have a car. So you will need parking.
Then… Let’s go!
Try OALLEY, the best location intelligence platform
Find the best location for your business, drive local market research, launch OOH campaigns…