It’s the right time to consider an online MBA in location analytics. By 2023, analysts expect the global geographic information systems (GIS) market to reach $17.5 billion. Individuals who’ve earned a location analytics MBA can apply the degree to a variety of business functions, including marketing. Research shows companies that leverage location intelligence in marketing are best positioned to win customers. Now, social media insights are amplifying the benefits of location-based marketing. If you’re contemplating an online MBA in location analytics, read on to learn how today’s business analytics professionals are using location insights to transform modern marketing.
The Role of Location Analytics in Marketing
Location analytics is the process of gaining insight from geographic data. Most medium and large companies employ location intelligence. In a 2018 survey of C-suite executives, 94 percent said their company uses location data. Location analytics has broad appeal. That’s because it helps business leaders make informed, data-driven decisions.
More companies are integrating location intelligence into their marketing efforts. In location-based marketing, companies use the geographic location of consumers to display highly targeted and relevant brand messaging. According to the 2018 Location-Based Marketing Report, 85 percent of location data buyers expanded their customer base. Eighty-three percent increased customer engagement. Location analytics makes marketing more effective.
Applying Social Insights to Location-Based Marketing
Marketers use three main tools to collect geographic data about customers: GPS, Bluetooth, and beacons. Each enables marketers to engage customers at the right time and place. Social insights enhance these technologies by providing context around geographic data.
Every day, millions of consumers voluntarily share their location in public social posts. Platforms like Yelp, Facebook, and Swarm let people check-in to businesses. On Instagram and Twitter, users can tag posts with a precise location, such as a business, city, or landmark. Consumers who geotag companies on social media give marketers a closer look at their brand experiences and lifestyle. In turn, marketers are equipped to develop more relevant and personalized customer interactions.
4 Ways Social Insights Enhance Location-Based Marketing
1. Responding to Customer Needs
Geotags on social media help marketers determine where customers are located when they post about a brand. Knowing this information creates opportunities for businesses to respond to feedback in real time. Starbucks, for example, can track social posts from its stores. If a customer tweets a concern while inside a store, then Starbucks can extend a special offer to prevent the customer from leaving.
2. Gaining a Competitive Advantage
Marketers who tap into geotagged social posts learn about the businesses their customers visit. Members of a gym may frequently check-in to a nearby smoothie shop. According to Harvard Business Review, patterns like this reveal customers’ interests as well as opportunities for partnerships with complementary businesses.5 Geotags also allow marketers to monitor and compare social buzz. If consumers have geotagged a competitor in more posts, marketers can analyze the reasons why and adjust campaigns to boost social chatter.
3. Assessing Customer Opinions
Customer feedback surveys are insightful, but geotagged social posts also uncover candid customer opinions. Social media provides an open forum for feedback. When customers geotag a company, marketers can assess the post for brand perception. The “like” feature on social platforms indicates the group consensus around customer opinions. With this honest feedback, marketers are able to improve the overall customer experience.
4. Getting to Know Customers
Social posts with a business geotag can reveal customers’ interests, preferences, and demographics. They can also show when customers engaged with the brand, based on the timestamp. In a recent marketing campaign, KLM Royal Dutch Airlines conducted research on social media about customers who checked into flights on Foursquare. The customers also tweeted about waiting to board. KLM looked at boarding wait times, flight delays, and why customers were traveling. Then, based on its findings, KLM delivered personalized gifts to customers at their gates.5 Insights gleaned from geotagged posts can help marketers genuinely engage customers.
Master the Business of Where with an Online MBA in Location Analytics
As the adoption of location analytics grows, companies need individuals who understand how to use it in a range of business functions. Now is the time to enhance your expertise with an online MBA that helps you specialize in location analytics.
The University of Redlands offers an ACBSP-accredited online MBA with a concentration in location analytics. It equips students with advanced business knowledge and competencies as well as a practical understanding of location intelligence. Students learn to unlock the potential of spatial data. They also prepare to solve real-world problems and gain a competitive edge in today’s business world. Our partnership with Esri, the leading GIS company, provides access to insights and spatial business developments that no other online MBA program in the world offers.
Students who’ve earned an online MBA in location analytics from the University of Redlands are equipped to apply the power of location intelligence in a variety of industries. Our graduates excel in research and development, sales, marketing, and more.
Where can a location analytics MBA take your career? To learn more about our cutting-edge program, request information by completing the form on this page.