While most in the retail real estate industry are familiar with buzzwords like “predictive analytics” and “big data,” many are less acquainted with “spatial analysis.” What is spatial data and how can you use it to drive more revenue and profit for your business?
What is spatial data?
Most of your customer and business data contains at least one locational element—anything from a mailing address or zip code to trade areas, territories and proximity to another site. “Spatial” refers to these locational elements of data.
Why do I need spatial data?
Spatial data allows you to gain deep insights about your company, customers and competitors. By mining your data for spatial elements related to travel, time and distance, you can uncover trends, patterns and relationships that aren’t obvious in databases and spreadsheets.
Will spatial analytics help my company?
Marketers, executives and real estate analysts all benefit from spatial analytics and supporting tools. Without a spatial component, analysis of your company’s data will always be limited. By incorporating location intelligence into your most important business decisions, you’ll discover a new world of valuable customer insights.
How do I access this spatial component?
You will need software that gives you access to spatially-enabled data. If you’re using GIS mapping software you like and are comfortable with, look for a tool that integrates with your existing system and gives you the option of overlaying your existing customer data for deeper insights.
A spatial analytics consultant can also help you get the most out of your GIS tools, helping you turn raw data into actionable insights.
It all comes down to insight:
Without spatial analysis—highly detailed location-based information showing where customers live, work, drive, shop, recreate and more—your company may never reach the full potential of its data.
When you add spatial analysis to your customer research, every aspect of your business, from site selection to operations to marketing, becomes more efficient and more profitable.