4 Geolocation Benefits for Financial Services

Geolocation for Financial ServicesFinancial services may not strike you as an industry that could greatly benefit from geolocation data. They don’t fall into the definition most of us have when it comes to “sales”.  And geolocation tools are for sales teams, right?

Yes and no. Geolocation tools ARE great for “traditional” sales team, but they expand beyond inside and outside sales team. Between their need to target specific audiences, create optimized routes for face-to-face meetings and find entire regions to target, financial services have a great opportunity to boost their business using geolocation tools.

It is also key to keep in mind geolocation tools can be utilized by a number of internal teams within a financial services entity. We all know the sales teams rely on other teams to help make them successful: marketing, executives, admins. As such, geolocation tools have evolved to help the teams that support sales.

So how can geolocation data benefit financial services?

  1. Financial Advisors
    • Identify target areas based on demographic data
    • Plan in-person visits with clients or prospects with optimized routes
    • Build lists based on geography for communication and events
  2. Insurance Brokers
    • Create calling campaigns based on geography to set meetings in target areas
    • Find new leads by making your data actionable
    • Drive mobile adoption and productivity
  3. Management & Operations
    • Territory design and analysis with Automated Assignment
    • Automated lead assignment based on assigned territory
    • Identify the right locations for events with geoanalysis and heat maps
    • Geographic list building for targeted email and direct mail
  4. Mutual Fund Wholesalers
    • Geographic analysis of advisor base and transfer agency data to optimize territories
    • Collaboration between internal and external wholesalers on travel planning and scheduling
    • Venue selection and campaigns to drive attendance at events

As Financial Service teams search for tools and software that can help improve their business processes, it’s key to “think outside the box”. While the tried and true solutions might provide great benefits to your company, is there something out there your competitors aren’t using that can help you gain market share?

For more about how geolocation can help boost your business, click below to read our blog post, How to Boost Your Business with Location Data: Financial Services & Insurance Companies.