23 of the Most Important Reasons to Use Location Insights

From site selection to sales forecasting to marketing

Location intelligence is the process that generates meaningful insights from geo-location linked data for a business issue or strategy. Properly analyzing and understanding location-based data provides support to all types of business decisions.

Location data is the link that connects and improves on traditional business intelligence enabling new insights and connections that previously went unknown. Previous data prediction techniques are now being improved on through more intelligent algorithms and artificial intelligence due to improvements on both the accessibility of relevant data and automated analytic technologies

Insights from location intelligence are rapidly becoming the key driver for how companies engage with customers and create competitive advantages.

Site Selection is 90% of the way there

"Location. Location. Location." Where you lease a retail store or restaurant matters. The demographics of people that live close to a restaurant dictate the amount and type of customers. The CEO of a fast-growing restaurant change (and WiseGeo client) estimates that 90% of the success factors for a new franchise is its physical location with demographics being the most important followed by size, lease rate and visibility.

Find and know your best customers

Customers buy products. Every customer analysis performed for every company in history shows that certain types of customers buy more and more often than other types of customers. Geo-location data can be linked to demographic traits and segmentation systems to identify these "most valuable" customer segments.

market size stats for site selection

Link your location data to other data to create data predictions

Geo-location data can be a common "anchor" that links data from multiple datasets. It is estimated that 80% of all business data has a geographic link - Country, physical store (where items where purchased), IP addresses, mobile geo-location of web site visitors, traditional customer addresses, postal codes, Zip Codes. These geographic points can be linked to other datasets such as census data, geo-location predictions. The result by linking these data points is a proxy of traits for each customer.

Avoid costly advertising mistakes

Does print advertising (newspaper, ad-mail and flyers) still make sense? Findings can be location specific for the same products. WiseGeo has worked closely with over 25 automotive dealers across Canada. Using WiseGeo's Enterprise App, the data clearly showed that customers prefer print advertising in about 1/3 of locations independent of brand.

customer media preferences - data anlytics example

Bricks-and-mortar location decisions

Some decisions are harder than others in business. Sometimes retail locations need to close. An analysis of your store's trade area demographics can help support these decisions. In the past decisions could only be made using sales and other traditional data. With technology you can more accurately predict future sales for all bricks and mortar outlets in your network.

Lease renewals are $1 million decisions

According to Entrepreneur.com more than 50% of food franchises earn less than $50,000 in profits. At WiseGeo we commonly see franchise profits range from $100k loss to $200k profit. This means the difference in a top and low performing store is $300k per year ($1.5 Million over a 5 year lease). In many cases moving a location from one side of the city to another made the difference. Evaluating alternative sites can be done when leases are coming due. With today's technologies this analysis can be done internally without paying for external consultants.

market size stats for site selection

Franchisees are more data savvy

"A good franchisee in a good location makes a good business". Data based support can help franchisees decide what franchise they want to purchase and enhance their local knowledge. What is the market potential for a specific location? Many potential franchise owners want market research to support their decisions - how should I allocate my co-op advertising dollars across Facebook ads, flyers, sponsorships and digital?

Personal real estate decisions

Location intelligence isn't always business. Sometimes it's a personal matter. The original WiseGeo prototype was developed out of necessity when the founder wanted to move to a "family friendly neighborhood" but found data difficult to find.

Income level is a predictive trait for most products

Income level is a primary driver to predict customer activity and sales conversion rates but very few, if any, customers will tell you their income. A customer's physical location can be linked to census data to predict a customer's income. In most cases census linked income is more accurate than what people say on a survey (does anyone fill out the income boxes on surveys accurately?)

Know what your customers do in their free time

You know a lot about customer activity while on your web site. Location intelligence provides you with data that you don't know. You may do "AB testing" to find out more people click on green but you do not know if they have children at home, support charities, listen to the radio, watch hockey or read flyers. There are public and commercially available datasets that allow you to gain insights to understand your customers and markets.

lifestyle traits of customers

Profiling all your store can find vital insights

Traditional location experts used to take weeks or months to analyze a handful of stores. This meant this type of analysis was only done during major business initiatives. Today's technology makes this type of analysis not only faster but instant and good location intelligence software provides better insights that you can understand. Findings are often surprising. For example, you may find there are few families in a neighborhood and allocate more space to millennial friendly products.

Store level targeting for new products

Most National companies test new products at limited locations before National expansion. Leading retailers provide some form of store level segmentation that tailor products to better meet the demands of customers in those locations. Location intelligence can help scientifically select the specific stores to test new products and the group of stores for full execution. At WiseGeo we have seen this store level selection process deliver 400%-600% higher sales at stores with the appropriate demographics.

Identify look alike stores

Not all retail locations react the same way to your corporate initiatives. Location insights can help group store of a similar nature into your own classifications. These insights can be used to predict the performance of a new store by comparing it to results proven at "look alike stores".

Identify the traits of your best customers by location proxy

A review of your top performing stores will find common consumer traits. These insights can be used to help decide on digital marketing strategies. For example, you may want to test a Facebook campaign targeted to young people if your best performing stores are located where there are a lot of students.

Attract businesses to your BIA or City

Business Improvement Areas (BIA) and cities help attract start-ups and other businesses to their city. Location intelligence provides the data to support a business's decision such as "Can I attract enough quality employees?" "What is the proximity to supporting businesses?"

Real estate agents are asked to provide more insights

Finding new locations for a business is much more than lease terms. Great real estate agents are partners with their clients that gather and present objective data. Technology (such as WiseGeo's apps) provides greater insights on potential locations and even provide sales forecasting, market sizing and marketing support.

demographic and business details for real estate

Get access to predictive data

The physical location of a web site visitor can also predict how likely they are to buy. Who is more likely to buy a luxury car - a person visiting your web site that lives in a multi-million mansion or a rental unit? How often do people in apartments buy snow blowers?

Website visitors already provide their location to you

When you click on a website, a location component is provided. This is how search engines like Google tailor responses depending on where you are located. This location data can be general such as the physical location of your internet provider (IP address) but provides a starting point for location intelligence.

Mobile website visitors provide you with their exact location

Have you ever wondered what the "use my current location" button means on websites? This provides websites with your latitude and longitude. It is how apps like GPS, Uber and Google Maps know your location. Plotting these coordinates on a map, summarizing results or linking to geo-demographic data can provide you with a significant competitive advantage and enable 1-to-1 personalization across all digital platforms.

geo-location linked with demographic data on mobile

Identify unique opportunities

Plotting product level sales activity on a map or linking to location based demographic data can help you find previously under serviced clients. Today's technology enables you to evaluate these situations quickly.

Tailor selling points and offers

Google Adwords, Facebook targeting and geo-location targeting allow you to test marketing offers and messages to different types of people in different locations. With location intelligence you can test and promote based on data.

Target customers near your location with geo-fencing

Geo-fencing provides the ability to promote different digital content (advertisement or offer) based on the physical location of a customer. This means I might see an online advertisement if I am close to your store. Geo-fencing is common with Google Adwords targeting but has a significant potential with other applications including on your own website.

Increase sales

Location intelligence provides insights on your markets and customers. By understanding your customers and markets you can increase the likelihood they buy more from you. Increasing sales is the goal. Insights provide you with the tools to make this happen.

bradaross wisegeocom profile picture

by Brad Ross

Founder and Data Scientist at WiseGeo

follow @BradARoss or @WiseGEOcom

Brad was trained as certified management accountant with a 20 years experience in programming data analytics. He specializes in automating the patterns and links between geo-location data and consumer/location data to deliver insights that support business decisions.

WiseGEO provides a suite of location insight apps.
Our free Share apps provide visual demographic insights for any neighborhood/community in Canada.
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