Why understanding people & places drive better business outcomes
Real-world intelligence – or deep insights about people and places and how they engage with each other – is rapidly becoming a decision support tool that organizations can’t afford to ignore. The age of data requires every organization across verticals and sizes to leverage analytics for daily decision making. Organizations are complementing their existing sources with real-world intelligence about people and places in order to turn data to crystallized, actionable, and deep insights for business decision-making.
When organizations make decisions with these real-world insights about people and places in their data mix, they discover new opportunities, processes, consumer needs, behaviours, and business models.
Making the right connections between places and people
With demographics and behavioural data, brands get insights into consumers or ‘people’. With places insights, they understand footfalls trends better. What brands are now looking to do urgently is to bring these data sources together for better, deeper, and stronger connections between people and places. These connections bring deep insights about consumer behaviour in the physical world. It tells businesses where their consumers live and work, where they shop, how frequently they travel and more. These insights uncover consumers’ true personalities and lifestyle needs. In the process, they can make businesses more customer-centric than ever before.
Deep insights about how people move in the physical world and more importantly, how they engage with people, places, and objects in this physical world not only reveal complete consumer personas but also what values they hold close, the lifestyles they want to lead, and where and how they are likely to spend money.
People and places insights help brands further enrich their customer data with actionable insights. Traditionally, customer data in enterprises like telco and BFSI includes generic information like demographics, data and voice usage, transaction history etc. Boosting this customer data with real-world people and places insights of these consumers would result in accurate segmentation and predicting future needs and behaviours.
For example, when insurance industries understand the real-world lifestyles of their target groups in certain locations – how frequently they travel, which brands they shop, which car outlets they visit etc – they are able to design better products that solve real customer needs. With real-world intelligence, a fashion brand can plan its outlets and merchandise better to address the needs of customer needs in specific areas and neighbourhoods.
When marketing, products and services are designed on the basis of such deep and well-rounded insights, they are more contextual and personalized. Consumers around the world are now demanding exactly this from organizations. We are the i-generation after all, and hyper-personalization of everything is a trend that shows no signs of slowing down.
Why are organizations still struggling with real-world people and places insights?
Because despite the proven – and urgent – need for people and places insights, not enough platforms exist to make this data easy to consume and analyze. For generations now, businesses have hired expensive data analysts to make sense of and truly leverage data in their business decisions. Lifesight’s consulting team can help remove the complexity of processing real-world insights and can help with your decision making.
We foresee real-world intelligence that combines people and places insights powering shape effective long-term business, product, and marketing strategies. Organizations that ride this wave early on will gain an edge over the competition.