Many companies today are struggling with a host of challenges. From trying to provide engaging and personalized customer experiences, that make customers come back and buy more products, to trying to achieve higher levels of operational efficiencies that help in maintaining profit margins in today’s exceedingly competitive market, the complexities are aplenty.
If wondering how can these issues be addressed, the answer lies in geospatial data, and the amplification provided by enabling technology such as communications, cloud, analytics, mobile, etc.
Garnering deeper data-driven insights into consumer demographics and preferences, in conjunction with mapping and geospatial data can enable companies to optimize their operations so as to better address the customer’s needs, which include pricing, products as well as service delivery.
When it comes to the real estate market there is immense pressure to unlock the potential of location data and incorporate machine learning along with evidence-based approaches in workflows.
In the current fiercely competitive environment, the real estate market has to rely on the efficient location of profitable sites, matching of tenants to available properties, market expansion and contraction for commercial real estate, keeping track of changing consumer tastes and also competition.
Lack of data availability can make it extremely difficult to assess whether a high-end real estate property is going to be profitable and experience footfall. This implies that without human mobility data, any applied approach would lack precision and could lead to unreliable findings which ultimately result in significant business losses.
How Human Mobility Data Works?
Generally, human mobility data can provide insights on the number of people visiting a grid cell covering the entire concerned territory. With the anonymized, aggregated and extrapolated data measured in the network, insights can be gained that represent the overall population. In addition to this, the data that is generated can provide insights into the origins of the visitors that are aggregated at different levels in accordance with the distance to the destinations cell. This means that visits can be aggregated at the municipality level, helping distinguish between visitors that are visiting from various areas and the native population.
The collected data can be aggregated by the type of activity at the origin, which helps in delineating between whether it’s home or work, the day of the week or even the time of the day and also socio-demographic variables such as age, gender, economic status – all of which are very important to consider when it comes to high-end real estate.
By disaggregating the collected data among other variables, a lot of flexibility can be achieved depending upon the sector or use case and can be used for building tailored high-end real estate projects. Having access to detailed granularity aids in garnering powerful business insights, which means that any real estate firm utilising human mobility data, can provide more details to potential investors.
Apart from this, socio-demographic variables can help focus on a target customer profile which is where high-end retail draws most of its business from – ultimately crucial to their success.
Targeting audiences quickly and efficiently with the help of in-depth market research and human mobility data can help in determining the perfect demographic.
This, in turn, can help in building custom territories and also sending marketing materials to where the highest density of qualified target audience resides. As an investor, you can save a lot on marketing costs while also gaining an edge in producing profitable marketing campaigns that can give you a measurable ROI.
While looking at visualizing points of interest data near any potential real estate investment opportunity, gives a basic understanding of the area at hand and its possible audience, it will not give definitive insights regarding the potential footfall and traffic that can have a major impact on the location.
This is precisely why human mobility data is necessary as it can give a much deeper understanding of visitor patterns. The data generated hence can help in predicting sales for commercial real estate investment or if you’re looking at it from the point of view of investors for multiple tenant properties it can help in understanding the desirability of the high-value investment.
Successful real estate companies must today realize the opportunities that arise from detailed understanding of insights of areas and mobility patterns.
Using advanced location-based intelligence services, and human mobility data, real estate professionals can gain a competitive edge when it comes to showcasing high-end properties to prospective buyers or investors. As the real estate industry continues to become more advanced and data-driven, location-based technology becomes the driving force behind any new trend.
Thus, human mobility data becomes essential for providing insights that can aid in targeting the right audience generating lucrative business for high-end real estate, without which any real estate market analysis would be incomplete.
