This blog was reposted with permission from PredictHQ | Author: Valerie Williams | Original Source
Joint datasets help to improve the accuracy of forecasting models by providing a larger and more diverse set of data for the model to work with. One example of a powerful joint data set is the combination of demand intelligence and location intelligence,made possible by a partnership between PredictHQ and SafeGraph – a provider of granular point of interest (POI) data which businesses use to better understand the physical world.
Today, we’ll explore how to leverage the power of demand intelligence powered by geospatial data to build stronger marketing campaigns, specifically marketing campaigns based on occasions.
With access to accurate POI data and intelligent event data, organizations can gain even greater insight into events tied to a unique location – which can be used for more efficient targeted marketing campaigns. A better understanding of demand-driving events tied to a specific location can also help businesses to identify opportunities for growth and expansion, such as by launching new products, entering new markets, or what we’ll be exploring today, where and how to market around a specific event.
Occasion-based marketing, also known as event-based or situational marketing, involves targeting marketing efforts around specific occasions or events. For example:
Event-based marketing has proven to be particularly effective because it aligns the marketing message with the consumer's current mindset and priorities, which increases the relevance and appeal of the offer – especially when it’s paired with local knowledge of impactful occasions.
Occasion-based marketing also creates a sense of urgency and scarcity, which can motivate consumers to make a purchase. For example, a special Valentine's Day menu would create a sense of urgency because the offer is only available for a limited time.
A solid understanding of impactful events in various geographic areas supports better decision-making around marketing, including targeted and occasion-based marketing campaigns. When you can easily identify high-demand areas and windows of time, you can spend more time and effort tailoring messaging and tactics to align with a particular occasion, as well as the unique needs and preferences of consumers in those areas.
For example, a business might use location intelligence to identify areas with a high concentration of potential customers, and then use demand intelligence to understand the factors that are driving demand in those areas, such as a public holiday, festival, or community event that sparks an influx of foot traffic.
Combine this insight with current consumer preferences and market trends to speak directly to what customers love most about a specific occasion, and how they can achieve this with your product or service. There are countless examples of retailers who have struck gold by providing consumers with relevant, timely, and personalized offers and messages specifically tailored to occasions and events they care about.
If you're a marketer, you know that successful marketing depends on reaching the right people, at the right time, with the right message – joint location and demand intelligence can help you do just that.
Insights powered by location and demand intelligence give companies across industries a better understanding of their customers' behavior and preferences. This information can help you fine-tune your marketing messages and offers to specific occasions such as holidays, sporting events, or special sales.
For example, if you know that a large number of your customers visit a particular location at a specific time of day, you can use your knowledge of location-based demand to determine when to send targeted offers or promotions. This can help you increase foot traffic and boost sales. It can also help you identify trends and patterns in customer behavior, which reveals valuable insights into what your customers want, and how you can better serve them.