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This article delves into the 4 main benefits of using geofencing marketing in your business.
Everyone is looking for a fresh perspective to boost their business development pursuits.
Innovative technology such as geofencing offers an exciting prospect for marketers to better get to know their customers whilst keeping ahead of the competition.
The following article explains the geofencing meaning and the core benefits of using geofencing marketing in your business.
What is Geofencing?
The geofencing definition within marketing is a tool that harnesses GPS technology. The technology is embedded into certain mobile apps that can be used to visually map out where a prospective customer is based on boundaries that have been set.
Geofencing marketing has the ability to either alert or notify users with incentives to buy certain products or services, depending on where they recently were. Such incentives might include receiving a push notification advertising a local coffee shop a user had just passed.
Other forms of geofencing definition in marketing can offer additional coupons based on a user’s recently visited shops and purchasing history. For instance, they might receive a coupon for a new mobile phone case just after purchasing a smartphone in-store.
Why should you use Geofencing in your business?
It’s always possible to inform customers about the tidbits your business offers with geofencing marketing and advertising. However, to some, the idea of incorporating new technology into their marketing strategy might sound daunting.
The below outlines the 4 main benefits of using geofencing marketing in your business.
4 main benefits of using geofencing marketing
1. Personalized
Geofencing enables you to narrow down your broader advertising campaigns to reach a more niche audience.
The approach of tailoring marketing messages and sending them to prospective customers in a timely manner amplifies their interest in the brand as they have proven to directly address their immediate needs.
It also gives your business a competitive edge. The more people you catch on the move, the less will be drawn to your competition.
2. Cost-Effective
As mentioned above, when you narrow down your advertising to hyper-target your audience, it can greatly reduce the marketing spend involved.
The money invested in geofencing marketing and geofencing advertising is being spent on those who are in the right place and at the right time to make and act on a purchasing decision. Hence, less money is spent on those who aren’t.
3. Multifaceted
Media buying platform BidMind greatly encourages businesses to make establishing a ‘digital geofence’ and target the right audience with demographic information a top priority.
Why? Chiefly due to the technology’s potential across a multitude of business industries, such as real estate, travel and hospitality, restaurants and entertainment, and much more.
Businesses can use geofencing to achieve a multitude of advertising goals, including building brand awareness, engaging existing customers, attracting new customers, and demonstrating a clear connection between the advertising process and the results it generates.
4. Concise
ROI improves when your business is able to predict certain patterns. You can start to notice them within the plethora of insightful data available to you once geofencing technology has been integrated.
Businesses are able to collect valuable information on how long a customer spends at a certain establishment and location, patterns in nearby traffic, as well as to measure the effectiveness of their marketing messaging.
People who have visited certain locations previously can also be targeted with this same information to be sent personalized follow-up messages.
Ultimately, the geofencing definition is to track potential customers based on a number of beneficial factors.
Geofencing marketing and geofencing advertising is an easy and effective way to up your business development game whilst getting to know your customers on a more personal level. Why not try geofencing today and bring your business to greater heights?
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