By Liz Weinsten
albersHeinemann / Pixabay
Test, measure, and optimize your marketing strategy with location data
Did you know that a whopping 75% of retailers within the United States have already implemented location technology into their marketing strategies? The result, according to a recent Proximity Directory report, has been an average 9% increase in profits and an astounding 175% ROI.
How can marketers take advantage? Below we’ve outlined ten ways location technology can be used to optimize decision-making and improve marketing strategies.
1) Building Audiences
Connecting people with places
Using location intelligence to build audiences improves your targeting efforts because data derived from the physical world provides powerful insight into consumer interests and psychographic profiles.
For example, location technology can help you:
- Track visitation patterns. By looking at where your audience has been in the past, you can start to build a better picture of visitation patterns, which can help inform future patterns to build highly custom audiences for targeting.
- Get more from your OOH strategy. By geofencing your OOH assets you can begin to create audiences based on their exposure to your billboards and later use that information to retarget them across all their devices.
- Refine audience segmentation. Create groups of loyalists vs. competitive audiences, regular visitors vs. lapsed visitors, and so on. Are your consumers active gym-goers or visitors of local recreation areas? Are they often seen at natural food stores or big-box stores? This provides you with a way to get to a granular level on your audiences based on their habits.
Personalize the marketing message
Foundry / Pixabay
Use location technology to help refine or expand your targeting efforts based on audience insights gleaned from data. Do your consumers often visit GNC? Does this happen before or after they workout? Do they tend to frequent major discount retail chains or do they prefer luxury department stores? Each of these segments should be served a creative experience fine-tuned to their preferences based on when and where they shop. Keep in mind this isn’t solely for media – it can be used for push marketing, SMS, email, or any other marketing channel you are using.
Create a memorable experience
According to recent research from Epsilon, 80% of consumers surveyed stated that they were more likely to purchase from a brand that offered personalized experiences.
Personalization is an industry standard, and companies that implement it within their strategies will be rewarded.
For example, SmarterHQ found that brand loyalty among the Millennial demographic increased an average of 28% when they received personalized marketing content. What better way to craft these experiences than with the use of location technology, which permits businesses to deliver highly personalized messaging in real-time based on where your consumers are, right when it matters most.
4) Competitive Intelligence
Simple tech, powerful data
Are your consumers frequent patrons of your competitor? How often do they choose their services over yours?
All of this information can be used to drive decisions about your marketing strategy. This …read more
Read more here:: B2CMarketingInsider