For most marketers, location data is a powerful marketing tool. By using it, they can get actionable insights on consumer behavior and purchase intent.

But beyond the obvious, many also find it useful when planning future efforts. In fact, a recent 451 Research survey of marketers in North America found that more than seven in 10 believe that "knowing how customers spend time in the real world is useful in planning marketing campaigns."

Almost as many respondents said that location data helps them better understand why consumers choose to do business with them.

Investment in location targeting is growing. According to 451 Research, around eight in 10 of the marketers surveyed plan on increasing use of location data within the next two years. That mirrors findings from BIA/Kelsey, which showed that US mobile location-targeted ad spending will more than double between 2017 and 2022.

This makes sense considering a majority of mobile users allow their devices to track their location. Indeed, many of their favorite apps depend on it.

"As marketers become more savvy about the sources and quality of data, their location targeting will become better," said eMarketer analyst Yory Wurmser, who covered the topic in a report published earlier this year.