Location based Analytics

Location based Analytics is the analysis of making data meaningful. Data needs to meaningful in order to use it for the desired purpose. Therefore, the data that is obtained must be usable in a meaningful way. It can be inferred that now a day, transaction has occurred almost in real time. The data that shows location information is the concept of location based analytics. In today’s world, location can easily be traced through the extensive use of technology in the form of mobile, location-enabled devices, free uses of data generating software, tools and techniques of data mining etc.

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Location based Marketing Analytics Platform

It is one form of location based analytics where the marketers usually seek for gathering, sorting and using the data available for segmenting, targeting and positioning its brands among the valued customers. The location of those customers is critically important for making marketing mix decision of any organization. Due to the extensive use of location enabled devices, marketers can easily trace where the customers are locating. Moreover, there is an increasing trend of buying online through debit cards and credit cards. Thus, the customer information like location of residents, name, and other information are easily available.

Location based Analytics

Benefits of Location based Analytics

Location based analytics is essential for knowing valuable insights about customers choices and preferences. In today’s world, the preferences are changing rapidly, so it is almost a reality to know the trends that currently the customers are following. Data analytics will help marketers to get that valuable insight information. Since, the data is not well organized and thus cannot be used in its raw form. It is recommended that the data needs to be customized in order to make it usable. Location based data analysis focuses on the behavior of consumers based on previous exposure to promotions.

Moreover, there are other uses of location based analytics where the data can be used for victim assistance during the aftermath of natural calamities. The more advanced technology like satellite transmission is used to locate geographic areas. Since mobile applications are quite common now a day, it is much easier for us to use location based data. It is cheaper and easily available to most of the people. In a report in 2013, a consulting firm named Forrester Research Inc. mentioned that the next generation will mostly be using the location technology to avail the opportunity to tap information.

Major Drawbacks

The major drawback of location technology is the privacy issue. Since the location is available through satellites, mobile tracking devices and other location enabled devices it is almost impossible to protect oneself from the site of others. The surveillance mechanism has traced every object of the universe and it is becoming a common phenomenon due to location analytics. For example, even if you want hide yourself by switching off your mobile devices, the technology is so sophisticated that it will know your exact location. Therefore, people don’t enjoy much privacy and intimacy from the rest of the world.