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.
Geoconquesting is a Trending Way to Gain Audience Share
In recent blog, we highlighted the benefits of using a mobile device’s mobile advertising IDs – or MAIDs – in your marketing. The vast proliferation in the use of mobile devices has turned marketing on its head. Within the next year, the global number of mobile phone users is predicted to reach more than 7 billion. More than 70 percent of consumers say they’re willing to “share their location if they think they’re getting something of value in return.” Still need more convincing about the potential for location data? Seventy-two (72%!) of consumers say they will “follow through with a call to action if they receive it while near the physical location of the retailer.” (Mic drop.)
Competitor Showroom Traffic Targeting
A window company wanted to target consumers who were physically shopping at competitor stores. B2E used its MotusMobile product to set up a geofence targeting the showroom foot traffic of local competitors. The mobile device data was collected and processed each week, and B2E data scientists appended third-party demographic data such as homeownership and home value to qualify leads. The leads were uploaded into social media to send targeted window ads that were laser-focused on consumers who were already in the market for windows…we just directed them to our client instead!
Creating Robust Customer Profiles
Not all customers are alike – even those who share many demographic characteristics. For a local brewery, B2E used MotusMobile to pull mobile foot traffic from their own brewery location, augmented it with third-party data, and then performed a detailed customer analysis. This deep-dive into the data helped the brewery make better marketing decisions based on a more thorough picture of their craft beer drinkers.
B2E also conducted the same analysis for a nearby competitor’s locations. Our client used that data to market their brewery ads to the competitor’s customers. B2E was able to provide valuable insights into how far the customer drove from their home to the brewery, and which customers frequented both breweries.
Marketing New Business Locations
A B2E client wanted to open its auto service locations in a new state, but there was already a strong competitor presence. Through MotusMobile, we gathered and analyzed the customer foot traffic at nearly 90 competitor locations. The client better understood key characteristics of potential customers who needed their service and used that information to effectively market to them.
No matter the business type or industry, data marketing is a key strategy to “conquer the competition.” Reach out to the data marketing experts at B2E to learn more about geomarketing strategies and location-based data services through our MotusMobile product.