Usually, when we have someone’s address, we just assume where they live. However, by utilizing appropriate technology and additional data, businesses can obtain more detailed insights from just an address. Curious to know what kind of insights businesses can gain from someone’s address? Check out this article for a complete answer.
Location Intelligence Helps Provide Valuable Insights
Location Intelligence is a technology that helps extract valuable insights from location and geographic data. By using this technology, businesses can gain a better understanding of their customers just by analyzing their addresses. This process involves validating data, geocoding location coordinates, and enriching data with additional information from other sources.
Data enrichment is all about adding more context to information. For example, retailers can use their store location data along with demographic data to determine which products are suitable for specific locations.
By combining Location Intelligence with addresses, businesses can offer personalized experiences to their target markets. They can recommend nearby products or services that match the preferences of their customers.
What Insights Can Be Derived from Location Addresses?
Combining location intelligence with data enrichment can provide businesses with a wide range of information based solely on addresses. These insights include:
- Insights into socio-economic status
- Understanding demographics
- Potential liabilities and risks
- Points of interest around the location
Here’s a detailed explanation of each insight:
Determine the socioeconomic statusÂ
Location intelligence is a technique that uses address and geographical coordinates to display information on a map and help businesses analyze data better. By combining consumer data with census data, businesses can determine the socio-economic status of a particular area. This understanding is crucial, as people living in affluent areas tend to have a higher preference for luxury products. This data can help businesses determine branch locations and plan their marketing strategies accordingly.
Understand the demographics
Another way businesses can use location intelligence is to understand the demographics of an area. By combining demographic data and location intelligence, businesses can identify the dominant population in an area and select the best locations based on their target market. For instance, a toy store for young children would not do well in an area with mostly elderly residents or parents without children.
Understand potential risks and liabilities
Location intelligence can also help businesses understand potential risks and liabilities. By visualizing consumer addresses on a map, businesses can understand their building locations, which is beneficial for insurance companies. For example, individuals living in mountainous areas may file insurance claims due to landslides, especially if the infrastructure in that area is inadequate.
 Identify points of interest (POI)
Finally, location intelligence can help businesses identify points of interest (POI) for their customers. By visualizing a single address, businesses can identify what surrounds the building, such as malls, tourist attractions, and more. This information can help businesses plan their marketing strategies and attract customer attention.
Gain valuable insights from addresses with LOKASI Intelligence
LOKASI Intelligence is a geospatial data platform integrated with location intelligence. Businesses can map consumer addresses or other addresses they want to analyze into LOKASI Intelligence.
From there, businesses can gain information such as demographics around the area, the majority age group, common occupations, points of interest, risks like floods or fires, and more.
LOKASI also comes with various data such as mobile data, land values, disaster data, socio-economic statuses, and other data that help deepen the analysis performed.
Learn more about how LOKASI Intelligence can help businesses by contacting email: [email protected] or WA: 087779077750
FAQ
What is Location Intelligence?
Location Intelligence is a technology that uses location and geographic data to provide insights. Businesses can better understand consumers with this technology.
What is Data Enrichment?
Data Enrichment entails additional information from other sources that provide context for businesses to understand consumers better.
What insights can be obtained from address data?
Insights into socio-economic status, understanding demographics, potential risks and liabilities, and Points of Interest.
