Alternative data has been one of the most popular buzzwords over the last decade and it comes as no surprise. The alternative data market has incredibly high potential and is estimated to reach a turnover of $17.35 billion by 2027.
So what is it?
Alternative Data refers to datasets that enhance traditional and internal information. It encompasses business and geographic data, customer feedback, sentiment analysis, brand reputation, location intelligence and the impact of external factors – such as weather, events, traffic and competitors.
In fact, alternative data and analysis enable decision makers to strategize store and product placement, qualify ideal locations based on target audiences and perform accurate competitive intelligence on territories.
Places & Sentiment Data: Your Next Secret Weapon
When paired together, geospatial and sentiment data are a compatible duo. In essence, geospatial data refers to the detailed listing of any point of interest, brand or territory, including but not limited to business name, VAT/Tax ID, contact information, street names, GPS coordinates, provided services and more.
Sentiment data, on the other hand, measures the level of satisfaction expressed by users online about a service, product, brand or territory. In detail, it defines the real customer perception of goods and services and pinpoints what influences purchasing behaviors of current and future buyers.
As Aristotle observed, “the whole is greater than the sum of its parts”, and that’s exactly what geospatial and sentiment data deliver. Together, they provide competitive, market and location intelligence to enhance site, neighborhood and visitor selection, profiling and performance.
A holistic approach across industries: FMCG, Retail, HORECA & Real Estate
The applications of this dynamic combination can be applied across sectors. The retail and fast moving consumer goods industry (FMCG), also known as consumer packaged goods (CPG), were early adopters of this type of data enrichment.
In fact, over the past few years, this practice has been successfully leveraged by the top global consumer goods brands to mitigate risk, make the most strategic decisions and generate additional profits.
One hidden value of data enrichment for FMCG companies is that it can be leveraged to update and complete a company’s CRM, profile current and potential customers, and qualify sites and territories to launch new products.
The same practice can be applied to the real estate and HORECA industries. On the quantitate side, Data Appeal detects the exact geographical location, contact information (address, email, telephone), VAT number, price levels, cuisine type, services and amenities provided, and much more for each point of interest in a selected territory. This information is then assembled to pinpoint the potentiality and popularity of sites, neighborhoods, cities and even entire countries.
Qualitatively, they also reveal the total number of online content (reviews, social posts, ratings, etc.) and calculate the sentiment expressed by customers for each business and brand. They also reveal the sentiment based on specific categories (hospitality, cleanliness, location, value for money, etc.).
Maximum precision to minimize risks
The Data Appeal Company understands the importance of context and external factors. They collect information on the impact of events, weather, travel demand and wellbeing and the public perception of anti-Covid measures adopted by a business. Their proprietary algorithms and KPIs have already become international benchmarks for evaluating the effectiveness and performance of companies as well as detecting the potential of new markets.
In partnering with Carto, Data Appeal’s datasets and indexes can be accessed through Carto’s unique Location Intelligence platform, enabling organizations to leverage alternative data and analysis to improve decision making, customer engagement, and business and site performance.