What is Point of Interest Data, and what do Businesses Use it For?
Posted on Friday, December 4, 2020 and filed under Articles
POI (Point of Interest) data is crucial information about a place’s function and its geographical location that individuals may seem to find quite captivating. POI’s are everywhere around us; they include shops, parks, shops, gas stations, bars, and motels, to name a few.
A point of interest can be temporary, such as a small grocery store, or permanent like a monument or heritage site. Being able to find and monitor Points of Interest nowadays is extremely easy, courtesy to the online digital map that is available on our mobile devices. This has resulted in increased business operations and consumer demand for reliable and high-quality information regarding Point of Interests.
Scores of individuals frequent Points of Interest these days, owing to the fact that they are very easy to locate and in high demand as well. This makes them perfect places for companies and businesses to gather data to study and learn more about people frequenting the location, and the location itself. Point Of Interest data is appealing to a broad spectrum of businesses and users who commonly implement this data when assessing locations and comprehending patterns in behavior.
What do Businesses Use Point of Interest Data For?
Businesses usually make use of Point Of Interest data to analyze a particular location and to study the public’s behavioral trends. Furthermore, businesses and organizations also leverage POI data to monitor the whereabouts of the site and some of their competitors’ marketing tactics.
This is what the following businesses use Point of Interest data for:
- Insurance agencies: Some insurance agencies make use of POI data to assist in conducting risk assessments when they consider signing a contract. This is particularly true in cases when a workplace or building features in the agreement.
As a case to point, Point of Interest data provides critical information regarding a location, such as its intended function, age, and any renovations or additions that may have been made. Insurance agencies can also use POI data to assess the surrounding area, enabling them to form a detailed picture of any possible external risks.
- Retail Organizations: Retailer companies utilize Point of Interest databases to observe their store locations’ performance as well as that of their competitors.
When putting up a new store outlet, organizations can make use of vital information like foot traffic and the location of close by places that can drive traffic towards them ( such as regular local events), to choose a decent spot.
Point Of Interest data also facilitates brands to compare sales between different stores or outlets. They can use learnings from one location that is favorably performing well to assist another underperforming location. This practice helps to increase the overall sales of the business.
Also, retail organizations use POI data to assess accessibility and proximity of their business to transport links for component suppliers and employees. Retailers benefit from this by enhancing employee satisfaction and facilitating swifter stock deliveries that would most likely result in a store that is better performing.
Other businesses that commonly use Point of Interest data include, but are not limited to, real estate companies, financial services, and transportation organizations.
To summarize, there is no denying that Point of Interest data uses cases are aplenty, and several businesses ( like those mentioned above) make use of this data for creating brand awareness, keeping abreast of their competitors’ activities, targeted advertising and so forth.