Data is today’s most powerful tool. Two years ago, The Economist made a seemingly bold statement, saying that the world’s most valuable resource is no longer oil, but data. It’s 2019 and the truth of this is statement is more real that ever before. Data’s influence is nothing to take lightly. Not only does it greatly enhance technology’s possibilities, but it’s also helping major industries find creative solutions to common problems.
One such example would be location data used within commercial real estate. This valuable asset is helping to bring the industry out of the dark ages by harnessing the power of information. Let’s explore how this ocean of data is transforming the world of CRE.
Insight, Not Intuition
In the past, finding success in the CRE industry was mainly based off of pure intuition. That gut-feeling was the major drive for new building projects and investments. The industry’s talent laid in a professional’s ability to predict the newest trends and come up with a probably forecast. However, these predictions were a huge gamble – and in some cases, even a billion-dollar wager.
With loses so intense, the industry was in dire need for hard data. CRE needed real facts, evidence, and probabilities that tipped into absolutism. Location data is serving as the contemporary antidote to CRE’s most common issue – a lack of insight. By collecting, organizing, and analyzing this large web of data, the industry has been able to transcend guesses and make solid predictions.
Understanding Today’s Consumers
The world around us changes at an incredible rate, and modern consumers change right along with it. Data provides an amazing clarity when it comes to predicting consumer behavior. Location data provides accurate insights into client relationships and experience, and it’s allowing CRE to zero-in on their business approach. By knowing how clients commonly respond, what they’re expecting, and what can break a deal: it’s easier to create successful strategies.
Advance Marking Accuracy
Advertising is hard for any industry, and CRE is no different. When it comes to commercial marketing, accuracy means everything. The pool of prospective clients is incredibly diverse, and this presents a great challenge for professionals in the field.
Location data helps CRE execute marketing strategies with unmatched finesse. The data can predict the best method, timing, and area to launch a specific marketing plan. On top of this, it zooms in on specifics of different advertising campaigns and can tweak them to better connect with a target audience.
Planning the Next Move
With location data, planning for the future is clear and simple. Data tracking can build a reliable map for the future of an industry, helping investors and developers plan for the next big trends. With such a solid insight into what’s coming next, CRE professionals avoid major losses and can always stay ahead of the game. This proves that knowledge really is power – especially when it comes to business.
Location data serves as a savior for the CRE industry. What’s your favorite way to use data? For more CRE trends, check out our blog.