In today’s competitive retail market, it’s critical for businesses to have a clear understanding of their local market and their competitors’ strategies. However, many retailers are not using enriched data for competitive intelligence, leaving them at a disadvantage. This is where Live Earth can help. Live Earth is a platform that provides real-time situational awareness and visual intelligence. It also includes a range of data sources that can help retailers gain a competitive edge in their local market.
Let’s take a closer look at each of the data sources that Live Earth includes as part of its solution.
Consumer Retail Spend
One of the key data sources in Live Earth is consumer retail spend. This enriched data allows retailers to see where consumers are spending their money, both with them and with their competitors. By analyzing this data, retailers can identify key areas of focus for their marketing efforts and adjust their strategies accordingly. For example, if a retailer sees that a competitor is attracting more customers in a certain product category, they can adjust their pricing or marketing strategies to be more competitive in that area.
Digital Experience Performance
With more consumers shopping online, digital experience performance is becoming increasingly important for retailers. Live Earth includes data on digital experience performance, including the customers web visits and buying patterns. This data helps retailers identify areas for improvement in their online shopping experience. Which ultimately keeps them ahead of their competitors in the online space.
Social media has become an important channel for retailers to connect with their customers and build brand awareness. However, it can also be a source of negative feedback that can impact a retailer’s reputation. Live Earth includes data on social sentiment, allowing retailers to monitor what customers are saying about their brand on social media. By analyzing this data, retailers can identify areas where they need to improve and respond quickly to any negative feedback.
Census and Demographics Data
Understanding the demographics of a local market is essential for retailers looking to connect with their customers. Live Earth includes data on census and demographics. This provides retailers with a clear picture and makeup of their local market. This enriched data for competitive intelligence helps retailers tailor their marketing efforts to specific demographics. Thus, better connections with their target audience.
Traffic, Parking, and Foot Traffic
Finally, Live Earth includes data on traffic, parking, and foot traffic. This data can help retailers identify key trends in their local market, such as busy shopping periods or areas where parking is difficult. By analyzing this data, retailers can adjust their strategies accordingly and make it easier for customers to shop at their stores.
So how does Live Earth use enriched data sources for competitive intelligence to help retailers lacking in a local market?
Firstly, the Live Earth data platform provides a comprehensive view of the local market, including data on consumer retail spend, digital experience performance, social sentiment, census and demographics data, and traffic, parking, and foot traffic. This allows retailers to see the bigger picture and identify key areas for improvement.
Secondly, the Live Earth data platform provides real-time data, allowing retailers to respond quickly to changes in the market. For example, if a competitor launches a new marketing campaign or lowers their prices, retailers can see this information in real-time and adjust their strategies accordingly.
Finally, the Live Earth data platform provides visual intelligence, allowing retailers to easily analyze and understand complex data. This makes it easier for retailers to identify trends and patterns in the data, and make informed decisions about their marketing and sales strategies.
In conclusion, the Live Earth data platform is a powerful tool for retailers using enriched data for competitive intelligence to get ahead in their local market. By providing real-time situational awareness and visual intelligence, and including a range of data sources such as consumer retail spend, digital experience performance, social sentiment, census and demographics data, and traffic, parking, and foot traffic, Live Earth can help retailers stay ahead of their competitors and connect with their customers in meaningful ways. Contact us today to schedule a visit with one of our consultants.