Anyone who has been an active user of Social Media knows that 'liking' and 'following' are second nature. You up your likes to flood your Facebook newsfeed with updates and photos, and the same goes for following celebrities and Marketing Gurus on Twitter. However, it seems more traction can be gained for companies featured in 'check-ins' on Foursquare and Yelp.
Through checking-in, Location-based Analytics can be processed at a much faster rate than simply extracting information from individuals who like and follow people. Activity adds to the location mentioned, which also serves an immediate positive or negative experience that act as 'mini' reviews. Through leveraging Business Intelligence (BI) and Geographic Information Systems (GIS), agencies can develop and enhance their ability to analyze and understand performance, through use of maps and visual trends. Okay, so this whole concept isn't new, and has definitely been a popular subject over the past few years, such as Deloitte's top 10 technology trends of 2012 [link]. In essence, the novel aspect of it has been the heightened interest in doing something about it.
The whole concept can be driven in part by the prevalence of mobile devices being used for business, as well as the growing ability to analyze social media commentary and other expression of customer sentiment. Information about location or geography can definitely improve the quality of actions, decisions, and responses to opportunities, and enable organisations to understand more about their companies. Further benefits can be seen in: marketing; customer acquisitions and retention efforts; logistics and supply chain management; financial and operational decisions.
The market for Location-based Analytics is set to soar to $9bn in value by 2016, overcoming all the previous privacy concerns that have impeded it in the past, according to market research group ABI. No doubt this is impressive, and it's clear this industry will be monitored closely by keen investors.