Geolocation data is critically important for marketers. There’s a huge amount of information you can get from having a person’s location that can enable marketers to do many interesting things, including giving people much more relevant offers that can “nudge” them into conversions.
My guest, Batu Sat, is Co-Founder and CEO at Mall IQ, a Santa Clara, California-based company whose suite of products allows the company’s partners to measure the purchase intent of customers in the physical world and make this information actionable. As the company’s website explains, “we offer the most scalable and privacy-first Location Intelligence & AI Platformfor mobile apps that is store-level accurate, both indoor & outdoor without any hardware deployments.”
Mall IQ currently has many top-tier partners, including Starbucks, Samsung, numerous notable banks and advertising agency holding companies, and hopes to expand into other sectors.
Batu and I dig into the details of how the Mall IQ technology works and touch on success stories of marketers using location data to increase conversions and engagement. Along the way, we discuss:
- How physical location can function as a purchase intent indication.
- How the Mall IQ app uses tokenization to share data without needing customer consent.
- How the technology can be used to entice new customers with rewards and offers, while also engaging high-value customers through personalized experiences.
- The importance of the concept of “nudgability” (favorably moving customers who might be “on the fence” with respect to choosing a particular product or service).
- Identifying peak moments for push notifications based on user behavior and preferences.
- How FinTech apps can use the Mall IQ technology to delight consumers with special offers, such as coffee or desserts, based on their purchase history and loyalty program status.
- How the anonymized token is used for longitudinal data analysis, providing insights on share of wallet and buying journey.
- The importance of measuring uplift in push notifications, using a control group to isolate the impact of notifications on behavior.
- The expansion of Mall IQ’s ideal customer profiles to include banks, Fintech companies, and retailers, while also receiving inbound inquiries from telcos, food delivery, and airlines.
