Customer targeting and segmentation
When adopting a data-driven strategy to define a target market, marketing teams are often solely reliant on the customer data obtained from direct customer interactions across various touchpoints. While useful, it can only take you so far. With precise location information for customers and prospects, marketers can undertake regional analysis and targeting relative to a physical location. This supports personalized messaging and regional-specific offers for higher conversion rates as well as reduced marketing spend by excluding ineligible consumers based outside the target area.
Business planning
Location-based market segmentation plays an important role in predicting the likely sales performance of a physical store or branch through understanding the suitability of an area in terms of proximity to existing customers or competitors. It can also help to determine potential opportunities for store expansion or closures, or demand for “Click and Collect” services by determining distance between existing stores and customers.
Delivery fulfilment
Sometimes having an address isn’t always sufficient to reach customers. Logistics companies use additional attributes associated with an address to maximize delivery success by planning optimal delivery routes that boost the productivity of delivery drivers and keep costs to a minimum. They can also reduce fraud by ensuring deliveries are completed based on radius to property tracking.
Risk assessments
Insurers need to undertake thorough risk assessments of properties before issuing insurance policies. Location data, specifically geocoordinates, can be used to calculate the proximity of a property to a specific location (e.g. fault lines, river banks, adverse weather spots) and assess the risk. This could mean the difference between a profitable or costly policy, so having the ability to accurately pinpoint every physical point and address in the world enables insurers to make more-informed decisions.
Service eligibility
Many businesses assign sales and services based on region and specific territories. Through mapping geocoordinates to valid postal addresses, businesses can improve precision when prospecting for new business as well as ensure complete coverage across the regions for existing customers.
How Experian can help
Powered by industry-leading address and geolocation data, Experian’s address validation software is the fastest way to capture, complete, format, validate, and enrich addresses from 245 countries in real time. With flexible address searching methods, our solution is relied upon by customers worldwide to reduce data entry time by up to 80 percent and ensure that only accurate billing, shipping, and contact addresses enter your database, along with the corresponding latitude/longitude coordinates that pinpoint your customers’ locations.
Interested in going beyond address data and equipping your team with geolocation data, too? Learn more about Experian’s address verification solutions.
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