RESOURCES / BLOG

Master POI Attributes: How to Elevate Your Business with Precise Location Insights

Understand the potential of your business with expert insights on POI attributes. Learn how leveraging precise location data can elevate your business strategies.

9 min read
- Published on
February 27, 2024

QUICK SUMMARY

POI data has become a key component for companies aiming to execute data-driven strategies, and stay ahead of the competition. The right POI attributes provide valuable insights and can significantly elevate the level of analysis a business can perform. Whether you are a financial institution, an urban planner, or an adtech company, POI insights significantly enhance planning and forecasting, enable precise targeting, streamline operations, and much more. With the right data provider, and utilizing an array of attributes, POI data can not only meet your expectations, but exceed them.

TABLE OF CONTENTS

Master POI Attributes: How to Elevate Your Business with Precise Location Insights

In today's competitive business landscape, leveraging Point of Interest (POI) data has become a key component for companies aiming to refine their strategies and make informed decisions. POI data, encompassing detailed information about specific locations, is instrumental in a variety of critical business processes.

From analyzing competitors and scouting for new retail sites to tracking emerging market trends, the applications of POI data are vast and varied, cutting across different industries. This depth of application underscores its potential as a transformative tool for businesses seeking to navigate the complexities of the modern market with precision and insight.

However, this is just the tip of the iceberg.

The scope of a high-quality POI dataset extends beyond mere geographical coordinates or basic details about locations.

You ask why: Enter POI Attributes.

While POI data gives you basic information about a particular location, the right POI attributes can provide deep granular insights by adding precision and context.

Premium POI datasets, like Echo Places, come enhanced with the right attributes providing businesses with a multi-dimensional view of the market.

Why this matters?

The right POI attributes provide valuable insights and can significantly elevate the level of analysis a business can perform. These attributes might include (but are not limited to) the opening and closing hours of establishments, stock tickers associated with publicly traded companies, precise building footprints, and even a location's popularity index.

Such detailed attributes allow proactive businesses to gain a more nuanced understanding of the competitive landscape, consumer behavior, and market dynamics and capitalize on it.

For retailers, for example, this could mean being able to assess the viability of a new retail site not just based on location but also on factors like local competition, customer demographics, and even the area's economic indicators.

Additionally, by monitoring changes in POI data over time, businesses can detect and adapt to new market trends, safeguarding their relevance and competitiveness.

Consider this example: A burgeoning burger chain is exploring opportunities for expansion.

By harnessing the power of POI data coupled with rich attribute information, the chain can conduct comprehensive neighborhood profiling.

This analysis can reveal not just the presence of potential competitors but also identify emerging dining hotspots and upcoming restaurants within their Area of Interest (AOI).

Such geospatial insights are invaluable for making strategic decisions about where to establish new outlets, ensuring they are positioned for maximum visibility and customer footfall.

In essence, the strategic application of POI data and attributes enables businesses to conduct a level of analysis that is both granular and wide range. It empowers the decision-making process in not only identifying opportunities and challenges within their immediate vicinity but also to anticipate shifts in the wider market landscape.

As businesses strive to remain agile and responsive in a rapidly changing environment, the role of POI data in driving data-driven decision-making cannot be overstated.

Now that the significance of POI attributes stands clear:

What POI attributes should you consider?

We know now that while looking for Points of Interest data, it is critical to consider the attributes included in the provider’s data schema.

Below are the most common attributes tied to Points of Interest:

  • ID: Unique identifier
  • Name: Business/POI name
  • Alternate Name: An alternate name for the POI
  • Lat/Long: Location latitude refers to a geographic coordinate specifying the north-south & east-west position of a POI
  • Address: Address number and street name
  • Locality: City, town
  • Region: State, province, or region
  • Postcode: Postcode or Zip code
  • Country: Country code

A list of the attributed tied to POIs that we use at Echo can be found on our Docs page too:

A screenshot showing the Data Schema from the Echo Docs page

While these attributes are all important, not all of them are of equal value while conducting a geospatial analysis. The winning tactic is to prioritize data providers whose offerings most closely match the requirements of your project.

To enhance your Points of Interest (POI) datasets, you should consider incorporating distinct attributes that can enrich your analysis. This table provided by our Docs page gives you an idea of some of those distinct attributes:

A screenshot of a table displaying POI attribute information from the Echo Docs page

But it's not limited to just these. Other attributes you're able to also have access to are:

  • Website
  • Email
  • Fax: Fax number with a local formatting
  • Chain Name: Chain entity associated with the organization (Zara-Inditex)
  • Parent Organization: The legal entity that runs the stated brand/franchise. This is the indicator of the business group that the company is listed under.
  • Stock Tickers: Abbreviations to identify publicly traded companies worldwide
  • Category Labels: Category labels defining the category branch (E.g., Automotive, Food and Dining, Retail, etc.)

Evaluated and integrated appropriately, additional attributes like the ones mentioned lead to intelligent business strategies by providing game-changing context to a determined location.

Whether it's through identifying new retail locations, analyzing competitive landscapes or understanding market trends, a great mix of attributes is an invaluable resource that can help businesses of all sizes and across sectors thrive in today's data-driven world and gain a competitive edge in their market with geospatial data.

POI Use Cases for Industry-Specific Strategies

Financial Institutions: A Game-Changer for Hedge Fund Managers

Imagine you're at the helm of a hedge fund, navigating the turbulent seas of the stock market. Your North Star? A meticulously curated dataset of POI attributes that illuminate the performance of brands under a publicly listed conglomerate.

Such a dataset, rich with attributes like stock ticker associations, exact building footprints, mobility and transaction patterns, and real-time data updates, becomes your most trusted advisor.

Consider Sarah, our hedge fund portfolio manager, who leveraged this analyzed data to preempt the quarterly results of a major retail chain. By analyzing increased foot traffic and transaction volumes indicated by the POI data, Sarah correctly anticipated a spike in sales, contrary to the market's bearish outlook.

Acting on this location intelligence, she adjusted her fund's positions, securing a handsome profit when the company's earnings exceeded expectations.

This scenario underscores the power of the right POI data in providing hedge fund managers with a competitive edge enabling them to make nuanced bets based on consumer behavior and trends.

Urban Planning: Crafting the Cities of Tomorrow

Switching gears to urban planning, let’s consider urban planners like Tom, who use POI data to dissect the anatomy of urban sprawls, tapping into attributes such as geographical coordinates, real estate values, and POI categorizations. This wealth of information aids in the meticulous planning of city expansions, infrastructure developments, and public services.

For instance, by analyzing the distribution of POIs across a metropolitan area, Tom identifies a burgeoning neighborhood lacking in essential healthcare facilities. This use of data visualization drives the strategic allocation of resources, leading to the development of a new clinic that serves thousands of residents. Through the lens of urban planning, POI data transcends its conventional use, morphing into a blueprint for sustainable and equitable urban development.

Media and AdTech: Revolutionizing Targeted Advertising

In the realm of media and advertising technology, POI data shines yet again, this time into a tool for crafting highly targeted marketing campaigns. Leading marketers and decision-makers now leverage the geospatial precision of building shapefiles and geofencing techniques to engage consumers with unparalleled relevance. Essentially, it unlocks a whole new side to their marketing strategy.

A client marketing campaign for a local café utilized POI data to trigger notifications about a limited-time offer when potential customers are within a certain radius. This strategic use of geofencing not only boosts foot traffic but also enhances the consumer experience, marrying convenience with personalization. For marketers, the application of POI data attributes in creating virtual perimeters around specific locations epitomizes the evolution of advertising—focused, efficient, and results-oriented.

Across the board, the application of Point of Interest (POI) data stands as a testament to the transformative potential of reliable location intelligence. Whether it's making informed investment decisions, reshaping urban landscapes, or redefining consumer engagement, one of the common threads remains the strategic use of POI data attributes.

In the era of information, the value-driven application of this type of spatial data not only enhances operational efficiencies but also paves the way for innovative solutions tailored to the unique challenges and opportunities of each sector.

As industries continue to evolve, the versatility and depth of POI data will remain a pivotal element in the quest for competitive advantage, sustainability, and growth.

Let’s sum it up:

Harnessing the full potential of POIs is not just about collecting geospatial data; it's about strategically selecting and analyzing the right attributes to unlock invaluable real-world insights.

These insights can significantly enhance planning and forecasting, enable precise targeting, streamline operations, and much more, across a variety of sectors.

When delving into the world of POI data, it's crucial to embark on this journey with a clear strategy to ensure that the data not only meets but exceeds your expectations.

What to evaluate in POI Data Providers to make the best strategic choice:

  1. Recency and Relevance: Is the collected data updated frequently enough to be relevant for your specific needs? The value of location data diminishes over time, so it's vital to ensure the data you're using is current.
  2. Accuracy and Precision: What level of detail and accuracy is required for your application? Depending on your project, the precision of the data can be critical to the success of your outcomes.
  3. Data Sourcing: Understanding the origin of the type of data is crucial. How is the POI data collected? The methodology behind data collection can greatly influence its reliability and applicability to your needs.
  4. Complementary Data Needs: Consider whether you'll need to integrate the POI data with other datasets. Sometimes, the key to unlocking the full potential of POI data lies in its combination with additional sources of information.
  5. Provider Evaluation: Are you thoroughly comparing different providers to identify which one offers the attributes most critical to your business objectives (for example, custom data)? Not all POI data is created equal, and finding the right match is essential for success.
  6. Implementation Strategy: Lastly, if you're pondering how to leverage POI data effectively, seeking guidance is a smart move. Whether it's through detailed blog posts, expert consultations, or case studies, getting acquainted with best practices for utilizing POI data can set you on the path to achieving your strategic goals.

Embracing POI data with these considerations in mind will not only guide you toward the right provider but also ensure that you're equipped to extract the maximum value from this rich source of location intelligence and capitalize on it.

Need more help with how to make the best use of POI data?

Dig into our comprehensive guide on getting started with POI data to navigate this journey with confidence and unlock the transformative power of location data for your business.

Author
Shibanti Banerjee
Content Manager
Subscribe to our Newsletter
If you want to learn more about this topic and about the topics related to it, sign up to receive our monthly newsletter.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Make Better Decisions with Echo.

Empower Your Business with Echo Location Intelligence Today