Co-location data explains the relationships among different businesses that share a single location. For marketers, developers, and sales teams, receiving data that lists multiple businesses at one location can be confusing and throw a wrench into carefully planned outreach programs or product integration. Clarity into details of different businesses listed at a single location, such as industry, employee size and revenue, provides a complete view for better targeting and more informed business decisions. For example, co-location data could map the relationships between different doctors’ offices in a single building, or kiosks within a mall, or a coffee shop in a large box store.
1. Smarter targeting
Co-location data helps B2B businesses prospect and market smarter by giving them the complexion of the environment. For example, a roofing business might be interested in stores within a building complex, but they don’t want to waste resources marketing to kiosks within the building. Knowing details on co-located businesses means B2B companies can market smarter.
2. Save on time and resources
While some companies have the budget to burn – no business should. Better targeting means less money wasted on sending irrelevant emails and direct mail that will end up in the trash. Using data-driven insights to reach the audience that is most likely to be in the market for your product is a better strategy than the old school, “spray and pray” approach to selling.
3. Increase conversions through personalization
An audience made up of your high-value customers will allow you to better personalize emails. Whether it is tailoring the message to their industry, providing regional discounts, or referencing local events, personalization goes a long way toward increasing conversion rates.
4. An improved product
Providing your users with valuable location data can make the difference between a great user experience and a lost customer. [Learn more about location data and its importance] Businesses can use co-location data to provide better coverage to their clients, while also making sure that the information is as up to date as possible. For example, a retailer might be looking for the most profitable location for expansion or a first responder might want to map out vulnerable areas for disaster preparations. Whatever the case might be, by providing your customers with co-location data you are giving them better visibility into a business then they’ve had before.
5. Informed Decision Making
Knowledge is power and co-location data can provide you with the history of the businesses at a location. This knowledge is useful for developers and companies performing a competitive analysis of a landscape as it provides clues to what types of companies are likely to thrive in a given location. Co-location data can also provide you with insights such as industry, employee size, and revenue of a businesses within a specific geographical area. This can help companies identify risk, predict fraud, provide better insurance premiums, build out real-estate property details, and much more.
Now that you know why co-location is important, here are some use cases to illustrate how different businesses use it.
Location Linkage is Data Axle’s co-location data solution. Location Linkage focuses on any business within another business. The selection universe expands to include businesses that do and do not share any affiliation with the host. This means that separate businesses, in addition to affiliates, departments, kiosks, and professional individuals are within scope, and are coded as such. Location Linkage draws upon our industry-leading business data combined with linkage researchers who perform full reviews of each location. The reviews consist of web research, public record reviews, and telephone surveys. Location Linkage helps businesses reliably identify:
In conclusion, making and maintaining reliable connections between records in business data remains a top priority for marketers, sales professionals and companies that use data for their products and services. Without it, time is wasted working with duplicate records, operating without a complete view of all parts of a business, not being able to see a full picture of businesses at a particular location, or find a business within a business.
Rohan Chandran, our Chief Product Officer, will be speaking at Localogy 2022 on Tuesday April 26th on how organizations can use data-driven insights to easily pivot strategies and programs to stay successful in changing times. Register now to learn more about how to leverage location insights to your advantage.
As Content Marketing Manager, Natasia is responsible for helping strategize, produce and execute Data Axle's content. With a passion for writing and an enthusiasm for data management and technology, Natasia creates content that is designed to deliver nuggets of wisdom to help brands and individuals elevate their data governance policies. A native New Yorker, when Natasia is not at work she can be found enjoying New York’s food scene, at one of NYC’s many museums, or at one of the city’s many parks with her two teacup yorkies.