New data shines a light on daytime customers
17 Mar 2016
First-of-its-kind Australian mapping data could finally solve a business conundrum of the ages: just where is my market?
MapData Services (MDS) Daytime Population dataset reveals just where Aussies mill around when most businesses’ doors are open.
Importantly, it also fits them into profiles based on factors such as income and employment, enabling businesses to shape products or services to specific groups such as ‘tree changers’ or ‘younger families’.
MDS General Manager Cassandra Barker said these insights not only shine a light on population changes during business hours but also which products and services individual profiles use.
“Take a bank opening a new branch in inner-city Melbourne, for example,” Ms Barker said.
“The mapping data tells us that ‘affluent, high-net-worth professionals’ are the dominant population profile in that area during the day.
“Based on this profile’s characteristics, the bank can specialise in services such as business banking and consulting, or investment, and support this with targeted marketing.
“If the next most prolific profile is ‘commuters and workers’, the focus may extend to personal banking and home loans. If those two groups make up a large percent of the population, the benefits could be significant.”
Ms Barker said mapping the Daytime Population with other datasets, including those that detail a profile’s spending habits, can provide even greater insight.
“Think of a bakery near a train station that currently only produces in the morning,” Ms Barker said.
“Using the Daytime Population mapping data they may see that there are large population increases in their area in the afternoon, as people commute home from work.
“When adding the MDS Profiles-Spend dataset, they are informed further that these particular commuter profiles are large bread consumers.
“To target potential customers, the bakery would implement an afternoon bake and bring new dollars into the store.
“Essentially, the insights gained from the Daytime Population mapping data are significant in themselves, but when used in combination with other tools the data is strengthened and a clearer picture is created.”
Throughout the world, organisations with portable assets such as equipment and machinery are turning to location technology to better manage property within their premises.