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Retail analysis can be anchored to people or places.
By focusing on people, one could be to create a ‘person profile’ of the person using data on where they are currently located, where they live, where they travel, how far do they travel on a regular day, what they buy, how much they spend, and other factors. By understanding users better, brands could tailor their marketing offers to specific user segments.
At the other hand, the focus could be to create a ‘place profile’ using both static & dynamic data. Static data includes information like name, location, type of place, nearby places, road networks, locality/neighborhood information, etc. while dynamic data includes heat maps of visitors, time of activity, profile of visitors, transactions at places – ticket sizes and numbers, etc. By combining these two, brands can build powerful mechanisms to study localities or places. This would help plan campaigns around locations based on where people stay, where they work and where they hang out.
Granular socio-economic data can add insights to both kinds of analyses. Indicus has done early research on how socio-economic data can be used for marketing to help brands build:
♣ A probabilistic ‘person profile’ based on where people stay, work and travel, including elements like income band, share-of-wallet spends, SEC profile, etc.
♣ A richer ‘place profile’ based on location, profile of catchment areas surrounding the location, likely income profile of visitors & an idea of their share-of-wallet spends, etc.
This data is complementary to other Big Data sources like transaction/POS analysis, social media analysis, geographic analysis, etc. and can be blended to enrich understanding of both people & places.
In a world where analytics is becoming increasingly important for effective marketing, this socio-economic data and models, blended with other data sources can have significant impacts on:
♣ Retail catchment analysis
♣ Improving CRM databases by adding income profile info to users
♣ BTL campaign analysis
♣ New product introduction, etc.
Indicus outlines its early stage analysis on applications of socio-economic data to marketing analytics around enriching understanding of people & places for the event.