How location intelligence and property data will power personalization in retail marketing

It is rare for people to have identical tastes. So why would a retailer speak to potential shoppers as if one were a replacement for another?

For many, the answer to that question has something to do with data limitations. While traditionally it was challenging to understand the full customer journey and uncover personalized insights, that restriction is no longer categorical. In fact, the proliferation of enriched data analysis has made it possible to consistently reach the right people in the right place at the right time, which means that retailers now have access to a more precise approach that can increase their lead generation.

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The power of location-intelligent personalization

If the idea of pinpointing users in a hyperlocal area with messaging that elicits a response is appealing, you’re not alone. In recent years it has become increasingly difficult to stand out from the crowd and grab shoppers’ attention. Largely, that is attributable to the increased volume of messaging. Retail marketing spend has grown tremendously, with online ads primarily fueling this growth. According to data from PwC, advertising is forecast to grow at a 6.6% CAGR through 2026.

To escape the echo chamber, retailers need personalized messaging that arrives at the right moment when a shopper is primed to purchase, such as when they are about to move house.

However, crafting timely lead generation messaging aimed at forging those connections that lead to enhanced customer satisfaction and, eventually, more engagement requires a deep understanding of customer preferences and shopping patterns. While foot traffic data is a tried-and-true approach in physical retail, in the digital era, retailers need more specific insights in a shorter time frame. And that requires using precise methods like geolocation.

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Think outside the walls of retail brick-and-mortar with Precision Marketing

Making a purchase takes time. But sending the right message to the right person is all about timing.

Imagine knowing that a number of open houses in a certain area are repeatedly visited. What if you also knew that you had a nearby retail establishment selling home improvement goods.

Well, having this insight might mean that you should prepare to reach new homeowners and tell them about the array of available renovation materials you stock at different price points. And that knowledge puts you in a position to gain their business.

With few exceptions, shoppers are unlikely to exclusively patronize one retailer. Therefore, understanding which competitors people visit and where they make purchases can help form a picture of cross-shopping trends to have more accurate insights into what customers are looking for and how frequently they are searching.

However, it’s one thing to know that a shopper has high potential to be interested in your products. It’s another to ensure your brand stays top of mind when a buyer is comparison shopping. The good news is that it’s easy to speak to shoppers when they have the highest potential for making a purchase. You just need the right tools. You need Precision Marketing for Retail.

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Keeping pace with shoppers throughout their buying journey

Successful retailers are the ones reimagining the shopping experience and blending channels to reach people where they want to be. But developing such a strategy takes speed and precision. After all, commerce moves quickly, and for retailers to keep up, they need to keep pace with their prospective customers.

Creating marketing messaging that evolves with shoppers’ needs is a perpetual process requiring more insight than just someone’s purchase history. In today’s market, retailers need predictive analytics that incorporate geographic locations, marketing channels, and competitor analysis.  

Although many retailers are already aware of the value of amassing this data, collecting archives is not enough. Data needs to be accessible for analysis, and legacy technologies will leave companies traversing their data lakes in a rowboat rather than equipping themselves with a speedboat.

Give yourself a speedboat. With Precision Marketing from Cotality®, it’s now straightforward to uncover shopper insights that go beyond foot traffic. Build your customer relationships alongside your CRM databases to refine digital audiences, inform your messaging efforts, and respond to in-market customers with personalized messages via channels like email and SMS.

Using a combination of our unrivaled property data and geolocation-based customer insights, our Precision Marketing technology allows you to think outside the store and adapt to the ever-changing retail market.

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For more information about Cotality Precision Marketing, visit https://www.cotality.com/products/precision-marketing.