Corporate systems only tell you what they already know. They understand your company’s operations and how your customers interact with you, but they don't inform you about what is happening outside your organization. This oversight can cause your company to miss multiple levels of insight about your customers and their pain-points.
A large proportion of data relates to location in one way or another. What if you could use the power of location to better understand your customers? If you could enrich what you already know about your customers with external data sources, you would understand them better. This allows you to service them more effectively, sell more and even acquire more customers with similar needs. Understanding the complexity of your customers’ business requirement – as well as their service level expectations – positions you to add huge value to your business relationship.
More data is what facilitates these insights. A combination of dynamic data sets, customized to your analytic targets, can reveal unexpected and useful insights. Incorporating location data enables you to fully understand your customers and your operations.
It is so much more than simply knowing where your clients live. The key to any successful outreach is not just knowing, but understanding the facts about where your clients do business, who their customers are and why they make the decisions they do. This is where demographic and geodemographic data comes into play.
Information such as income, ethnicity and education add extra layers of depth when paired with the location of your client’s business – where their clients come from and what kind of infrastructure they use to interact with each other. In the digital world, this infrastructure is both physical, with street data and traffic data, as well as online, with social media and ecommerce data. Both individuals and companies engage in activities and buying habits that differ depending on their locations. For example, a person on vacation makes different choices regarding spending and activities than they do when they are home. But in both situations, their behaviors and choices are linked to their location. That’s why pairing location data with your customer data creates the most well rounded view of your clients.
Location data adds context, enabling systems to find similarities in pattern and behavior that translates into a reliable understanding of the subject. By carefully layering location data – like lifestyle and demographic data – you gain a new perspective into your customers’ current needs. This can help you predict their future needs. That’s the kind of perspective that can improve customer retention rates, help with upselling and cross-selling, and better position you to attract new business.
Many companies understand the importance of location data, but have a deficit in understanding the additional data that associates with that location. To solve the location knowledge deficit, you need the most dynamic location data available.
To find out more about Pitney Bowes' data offerings, visit pitneybowes.com/us/data.