Competition for market share has never been hotter. But, as consumer spending shows signs of slowing, new tools for attracting consumer dollars are in demand. Geofencing is another tool in your marketing arsenal that can get you the results you need to thrive. Our Art of Strategy Consulting experts can show you why you need geofencing. Here are a few highlights.
People are always moving around. Combine this with the nearly planet-wide adaptation of smartphones, and you have mountains of data that tell you exactly where people are at any time. Leaving Big Brother aside, attracting people to your business while they’re doing something else is another way of helping. For example, suppose you have a restaurant near a cultural attraction, business district, or shopping center. In that case, inviting people to sit down and dine as part of their schedule is what geofencing can deliver. Geofencing those locations have your ad pop up while they’re Googling what they’re looking at or shopping for.
All is fair in love and war may be hyperbole, but friendly competition never hurts anyone. Geofencing a direct or near competitor is more common than you think and operates on similar principles. Here direct competitors would be someone in the same business, and it’s a fair bet they’re geofencing your location. Near competitors may yield better results. For example, if you are a men’s clothing store, a near competitor would be a resale shop or discount clothing store. If you had a mechanics shop, a near competitor would be an auto parts store.
One of the most valuable data sets geofencing yields is actual customer behavior. Seeing people looking for what you sell gives you a chance to retarget them with an ad or coupon. In addition, discounts, buy-one-get-one, or other special offers can encourage traffic to your shop given to people who have demonstrated they’re looking for something you offer.
There are myriad reasons why you need geofencing in your arsenal of marketing tools. When you are ready to elevate your competitive edge, contact our experts at AOS and get a step ahead.
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