Understanding the pulse of the customers is the most challenging task for marketers, especially in the context of evolving patterns in customers’ buying decisions. It is essential to know what triggers their minds and investing in location-based marketing is the key to know that, says research by eMarketer.
Location-based marketing has different aspects which work in tandem to keep your business ahead of the curve. Though concerns have been rising regarding privacy of customers’ information, it is assured that their data is kept confidential and safe.
4 Primary Methods of Location-Based Marketing
- Geotargeting
- Geoconquesting
- Proximity marketing
- Geofencing
All of these methods are interchangeable with one and another depending on the requirement of the facility. Now let’s delve into each individual method.
GEOTARGETING – Geotargeting provides personalized content for visitors who have been in that location in the past. With that data of the visitors, strategic campaigns are built to target relevant audiences.
By using the visitor’s immediate location, this technology sends push notifications that are specifically designed for individual visitors.
GEOCONQUESTING – Geoconquesting helps in targeting the visitors who are about to get into a competitor’s store by providing them with a better offer or deal. Also, this method can work flexibly, provided it is served on the fingertips of the visitors; therefore, a Smartphone app will be an ideal platform to send relevant info.
Whether the visitor is nearby to your store or to your competitors, based on their recent visits, the app will show discount notifications that will trigger their visit to the store.
PROXIMITY MARKETING – This method is made possible with beacon technology, Wi-Fi, and NFC as it allows businesses to leverage the accurate location of the visitors and sends them contextual and relevant notifications.
Studies reveal that proximity marketing market is expected to grow by US$77.8 billion during 2019-2025. Huge companies worldwide are going to pick up this method to improve their business strategies and increase their bottom line.
GEOFENCING – Within a virtual boundary, geofencing works as a service that can trigger an action when devices enter or exit the boundary. Actions such as notifications, coupons, engaging offers, safety tips, etc. can be projected via this method, provided the facility integrates their communication with an app.
Few geofences are set up only to monitor the security of the visitors and the management. Businesses such as convention centers, shopping malls, large retail business, etc. can use this method to automate time cards, track assets, monitor users within the designated field and much more.
Location-Based Marketing (LBM) for Diverse Industries
Location-based marketing is undoubtedly the best marketing strategy that can be used via mobile phones and offer the visitors and the owners of the industries a handful of benefits. Look at how LBM can help these industries:
Location-Based Marketing in Retail Businesses
Retail business solely relies on the user’s location and LBM precisely provides them with the same information. Location becomes the pivotal factor in the retail business as it improves the conversion chances of the visitor.
Here are a few ways how LBM can positively impact retail businesses:
- Provides Relevant Ad Campaigns
- Brand Awareness
- Better Discounts
- Personalized Communication
- Accurate Market Information
Location-Based Marketing at Convention Centers
In this digital era, people’s interaction are heavily mediated through communication technologies, using technology everywhere they go. Now, it is the responsibility of the facility owners to serve visitors with immersive technological facilities which are prevalent in the market.
The potential of LBM can grab the attention of visitors by sending them push notifications on the ongoing offers within the venue. With these strategic notifications, visitors will stop by their store and check the offer eventually.
Other additional benefits:
- Targets Receptive Visitors
- Conversion (Sales) Rates are High
- Builds Connectivity with Customers
- Thinks from Customers’ Perspective
- Creative Communication
Location-Based Marketing at Healthcare Centers
Today’s digital epoch has influenced the patients in hospitals as well and today, visitors/patients are expecting advanced technology in healthcare facilities, just as much as they expect from any other large facility they witness in their day to day lives.
Therefore, healthcare centers need to market their services and customize them personally in order to create brand value among visitors. Also, the connection between the patient and the hospital builds only with the unique services offered to the patient.
Location-Based Marketing at Zoos & Wildlife Parks
If you look at most of the large facilities/industries, it is evident that the usage of technology is rapid, due to which the business functions properly and generates a healthy bottom line. Similarly, with zoos, visitors are looking for something that can help them have access to travel information, spontaneous bookings, and most importantly provide information on best offers and deals.
LBM in zoos will cut down a lot of unnecessary conversations & inquiries and directly lead visitors to their respective destination within the park. An ideal zoo marketing strategy should always target the audience/visitor who visits the zoo. Failing to reach out to the visitors within the park is the reflection of bad marketing strategy.
Renew Businesses with Location-Based Marketing & Generate More Revenue
Business heads tend to see good, bad and ugly days in their tenure, however, LBM can help businesses function with distinction and promises to attract audiences in all seasons. Business heads also need to identify the difference between proximity marketing and LBM in order to come up with better business marketing strategies.
Proximity Marketing vs. Location-Based Marketing
Both these marketing strategies have quite a lot in common, yet, they are fundamentally different from each other. Both these serve visitors with mobile marketing to target customers with relevant ads.
Nevertheless, the location of the user is determined by the latitude and longitude of the device which is connected via GPS. Technically, both work to fulfill the same objective of attracting the audience but LBM is ahead of proximity marketing in terms of its geographical range.
The larger a facility is (geographically), the better one can target the audience with LBM, whereas with proximity marketing, not more than 50 meters range can be targeted. So, the precision of LBM is weaker than that of proximity marketing because of the different ranges they cover within an indoor facility.
However, it is best to combine both these strategies into one single plan and leverage from a successful marketing campaign.