Attention spans are short, and every day your brand is battling for limited mindshare. Is there a proven way to target the people you *know* will be interested in your product?
The answer may not be quite what you think…
Who are the people practically guaranteed to be receptive to your message? Those who are already using a similar product or service. Or, more specifically – your competitors’ customers.
Just as analyzing your own data yields important customer insights, on the other side of the coin is the often-overlooked competitive analysis. Let’s take a look at the marketing strategy that drives this approach, geomarketing.
Geomarketing Harnesses the Power of Location
Geomarketing uses geographic, or location-based, data to help companies hyper-personalize marketing strategies and campaigns to current and potential customers. Companies that understand where their customers go in the physical world – as well as the online world – can create valuable customer profiles and insights.
Now, take that one step further …
Companies that have the same insights about their competition’s customers can use them to provide compelling offers at just the right moment and better customer experiences. Done right, you just might earn their business for yourself.
Geo-marketing strategies add several different tools to the marketer’s toolbox.
- Geotargeting. As the saying goes, hindsight is 20/20. Geotargeting helps to analyze who has visited a specific area or location in the recent past.
- Geofencing. Think of geo-fencing as a creating a “virtual fence” around a designated area. You can capture real-time information about the people within the fence and also elect to send them ads when they are within the specified area.
- Geoconquesting. This tactic can be a game changer for those who want to specifically attract customers away from the competition and toward their brand. Geoconquesting uses location data to precisely target people who are visiting, or have visited, a competing business.