Are you striving for that edge that might just give the boost your business needs? If yes, why not try out location-based marketing! In todays’ highly competitive environment, customer acquisition and retention can be considered the two most crucial activities that will increase your bottom line. Historically, marketing activities like paid placements, banners, outdoor advertisements and signage were key methods for creating awareness of your services to the general public.
But wait, then what happened?
With the advent of modern technologies, including mobile and TV, it became quite easy to increase your sales through active marketing strategies. Considering the fact that sales and marketing are the two oldest methods of Commerce and business revenues, experts have suggested that the golden age of advertisement has played the leading role in promoting marketing.
If we look at location-based marketing (LBM), it involves creating awareness, in real time of nearby businesses. Furthermore, it can involve gathering consumer data in order to analyze the referred business’s most active or loyal users in the located area.
The best part?
In addition to this, smartphones and text messages have become the most active and fruitful methods to engage more users in your business. This is why the majority of the new marketers of the industry are heading towards several location-based strategies.
The vastness, together with the emerging popularity of location-based marketing has evolved over time, which has led to variety of LBM options available on the market today. Mostly driven by a surge in device connectivity amongst consumers, the insights that can be collated today, are simply astonishing compared to only 10-15 years ago.
So, some of the most prevalent types of LBM strategies that work well to increase marketing and sales are as below:
This type of location-based marketing involves targeting the user throughlocation data by allowing ‘location services’ on a particular mobile application, you are effectively allowing that app to know where you are. Think Uber, who use Geotargeting to send you a driver… With Geotargeting, marketers can send targeted information or advertisements based on your location or particular conditions. A potential downside to this strategy, is it relies on GPS. Which generally does not work well with indoor environments or use cases that require a ‘nearby’ proximity approach.
Geofencing is when boundaries are formed within a location or region using GPS.When a consumer, or the brands targeted audience, enters the boundaries of the geofence, messaging or advertisements can be pushed to the customers. Analysis of the interested audience can be done easily by viewing their activity and engagements. Plus, customerinterests can be known by applying Twitter, Facebook, and Instagram geotargeting strategies.
Beacons, an integral component to the Internet of Things revolution, are essentially small devices that can connect to predetermined applications using Bluetooth and/or Wifi. They can be hard wired or for convenience, battery powered.
Marketers looking for direct communication with their customers with great precision, need to consider Beaconing as a medium of Location Based Marketing. However, It is well known that for Beacons to work successfully, the App users or target market, need to be opted in and have their Bluetooth switched. See our OTHER BLOG which talks a little about Bluetooth technology, its’ history and applications.
So, even though the benefits can greatly outweigh the downsides, Marketers need to give this strategy serious thought before applying it to their business. For more information on how StagFox can assist you with the right solution, please do get in touch.
You must have seen many online stores publishing their ads on Google and other platforms like Facebook and Instagram. Still, location-based marketing is all related to the physical stores located in your area.
What do we mean by this?
Only businesses that have a physical presence can be targeted by location-based marketing strategies. By capturing customer data and communicating in real time,marketers and salespeople avail themselves the benefit of informed, real-world visits by the customers.
Some of the major businesses included in location-based marketing are:
The majority of the regular and seasonal stores in your area send messages on your devices telling you about their services. So, do you ever think why they do so? Only to increase their sales through marketing! They have a profound impact by targeting geotargeting campaigns.
If you have started your tourism business, the most profitable way to increase your sales is to promote your agency through geotargeted campaigns. Analyze the most probable customers’ data in your area and send information about your deals and packages. Furthermore, the hospitality services for incoming tourists such as restaurants and accommodation are also provided by applying location-based marketing strategies.
Plus, many astounding apps, including StagFox, are now offering a bulk of helpful strategies to establish campaigns, surveys, and sponsorship of the physically existing destination.
One of the most successful users of location-based marketing includes all the eCommerce companies. Those eCommerce brands with a physical retail store in the targeted area can easily seek the customers’ attention. This can prove as the best way to give a strong push back to the potential customers.
The popularity of location-based marketing continues to increase regardless of the other developing methods of increasing sales. Reason? Many benefits are associated with LBM since it helps marketers promote the physically existing stores’ services.
So, are you excited to know the potential benefits of location-based marketing? Explore here!
After being exposed to targeted ads, the likeliness of a customer engaging and then buying from the brand is greatly increased. LBM acts as the most active way to drive more traffic to your business. You can make people aware of your business by sending the related information to the targeted area’s customers.
Mobile applications can be the driving force behind increased brand awareness and subsequently, more sales. . But the majority of the apps fail to engage more customers, this is where Location Based Marketing comes into its’ own.
StagFox has made everything easy and accessible for marketers. Ranging from enhancing the client experience to giving you a boost of offline-to-online conversions of business. In addition to this, data visualization and dynamic offers are also available.
Ultimately, the more customers that download applications relevant to their interests,the better the opportunity to utilize this trend by converting into visits and sales.
For a marketer or a salesperson, product and service experience are the two hardest tasks to cover for their success. A survey has suggested that a brand will engage more customers only when communicating with interested people.
This is why location-based marketing plays an important role in understanding people’s increasing interests by taking a profound account of their movements and preferences.
Technology has undoubtedly made everything easier, but online stores aren’t active in helping people out there. Thus, location-based marketing has promoted offline-to-online business methods to enable people to make the most out of brick and mortarstores.
Knowing that location-based marketing involves collecting customer and regular visitors’ data, but we do know the analysis of someone’s data has its limits. The limits for anyone’s data imply both quantity and quality. That is why it is suggested to be careful while tracking people’s devices in the targeted area.
Some of the hazards while implementing location-based targeting include:
Another hazard most of themarketers face, ishaving the ability and expertise to select the correct targeted area for LBM. You must take into consideration foottraffic, demography, events and promotions etc.
Sometimes there are many similar businesses in a targeted area. This factor offers the most challenging competition to the newly developed businesses. As a result, it is important to imply the most active strategies for improving the sales and giving strong competition to the already set platforms.
So, aren’t you excited to build your own business and increase your sales by implementing location-based marketing strategies? After all, it is possible to drive your business financially and economically using techniques like LBM. So read the above content and implement the most suitable strategies for the improvement of your business.