How Human Mobility Data Maps Customers in Real Estate
Today, many businesses face a host of challenges. Whether it’s trying to provide engaging and personalized customer experiences that keep customers coming back and buying more products, or trying to achieve higher levels of operational efficiency that help maintain Profit Margins In today’s fiercely competitive market, the complexities are many.
If you are wondering how to solve these problems, the answer lies in geospatial data and the amplification provided by enabling technologies such as communications, cloud, analytics, mobile, etc.
Obtaining deeper, data-driven insights into consumer demographics and preferences, combined with mapping and geospatial data, can enable businesses to optimize their operations to better meet customer needs, particularly in terms of pricing, products and the provision of services.
When it comes to the real estate market, the pressure is immense to unlock the potential of location data and incorporate machine learning and evidence-based approaches into workflows.
In today’s competitive environment, the real estate market must rely on efficiently locating profitable sites, matching tenants to available properties, expanding and contracting the commercial real estate market, monitoring the changes in consumer tastes and also in competition.
Lack of data availability can make it extremely difficult to assess the profitability and footfall of a high-end property. This implies that without human mobility data, any applied approach would lack precision and could lead to unreliable results that would ultimately lead to significant business losses.
How does human mobility data work?
Typically, human mobility data can provide information on the number of people visiting a grid cell covering the entire territory of interest. With the anonymized, aggregated and extrapolated data measured in the network, information can be obtained that represents the overall population. In addition to this, the data generated can provide information about the origins of visitors which is aggregated at different levels depending on the distance to the destination cell. This means that visits can be aggregated to the level of the municipality, which makes it possible to distinguish visitors from various regions of the indigenous population.
The data collected can be aggregated according to the type of activity at the origin, which helps to delineate the residence or the work, the day of the week or even the hour of the day, as well as socio-demographic variables such as the 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, great flexibility can be achieved depending on the industry or use case and can be used to build high-end bespoke real estate projects. Access to detailed granularity helps gather powerful business insights, which means any real estate company using human mobility data can provide more detail to potential investors.
Other than that, socio-demographic variables can help focus on a target customer profile from where high-end retail derives most of their business, which is ultimately crucial for their success.
Targeting audiences quickly and effectively using in-depth market research and human mobility data can help determine ideal demographics.
This, in turn, can help create personalized territories and also send marketing materials to where the highest density of qualified target audience resides. As an investor, you can save a lot on marketing costs while gaining an edge in producing profitable marketing campaigns that can give you a measurable return on investment.
While viewing POI data near any potential real estate investment opportunity will give a basic understanding of the relevant area and its potential audience, it will not give definitive information about footfall and traffic. potentials that can have a major impact on the location.
This is precisely why human mobility data is needed as it can give a much deeper understanding of visitor patterns. The data generated can therefore help predict commercial real estate investment sales or, if you look at it from an investor’s perspective for multiple tenant properties, it can help to understand the opportunity for a high value investment.
Successful real estate companies today must realize the opportunities that arise from a detailed understanding of area information and mobility patterns.
By using advanced location-based intelligence services and human mobility data, real estate professionals can gain a competitive edge when it comes to presenting high-end properties to potential buyers or investors. As the real estate industry continues to become more advanced and data-driven, location-based technology is driving every new trend.
Thus, human mobility data becomes essential in providing insights that can help target the right audience generating lucrative high-end real estate business, without which any analysis of the real estate market would be incomplete.