Location-based marketing has expanded in the past few years, and it is predicted that alone in the US, marketers will spend $31.1 BN on mobile-location marketing advertising in 2020. The investment marks a 15 percent jump from last year in 2019 with an investment of about $26.5 BN. Read this article to know how to leverage location-based marketing in 2020.
Augmented reality, virtual reality, location-based services – ten years ago, these technologies seemed like something out of a science-fiction movie. However, today, these technologies are at the helm and have emerged as powerful tools for customer acquisition and retention agencies.
Location-based marketing has expanded in the past few years, and it is predicted that alone in the US, marketers will spend $31.1 BN on mobile-location marketing advertising in 2020. The investment marks a 15 percent jump from last year in 2019 with an investment of about $26.5 BN. A recent report suggested that about nine out of ten marketers agreed that location-based marketing helped them positively impact their sales, customer engagement, and retention. Given that today's mobile internet has become widely accessible and social networking giants like Facebook, Instagram is investing in a more contemporized form of location-integration into their products; we can expect many more developments and investments in the coming years.
Location-based marketing has increasingly penetrated the digitized lives of customers. Hence it becomes critically important for any business to know the right ways of leveraging location-based marketing to stay at the top of the game regarding customer acquisition and loyalty. Over the years, location-based marketing has evolved and a lot of innovative ways have been leveraged to gain consumers. For example, a lot of companies are using QR codes generated by using a QR Code generator with a logo in which people can scan and find the best deals in their location.
Here are the top five ways you can use location-based marketing:
In a day, people come across hundreds of advertisements on their phones, however, a study found that about 40 percent of consumers concurred that the messages received from businesses aren’t relevant. Hence, it is a fact that most of your business marketing and advertising campaigns fail as you are not reaching out to the right audience. This is where location-based marketing can prove to be an instrumental force in channelizing your marketing efforts.
Location-based marketing corroborates the marketing strategy by using features like location data shared by users to make sure they receive pertinent details and advertisements aligned to their needs and interests. Further, it helps deepen your connections with the target audience as catered content resonates more with people and allows them to feel connected to your business.
A study suggests that location-based marketing is 20 times more effective as opposed to a generic banner advertising.
Take this example of a mobile- app called GasBuddy. GasBuddy is a US-based tech company that allows users to find the best gas price in their area through a mobile app. Within the app, users are supposed to share their location and record the amount they are paying for fuel. The app allows users to compare gas stations where other users have found better deals on sharing the information. As reported, the app has been downloaded over 52 MN times.
This is a perfect example of how location-based marketing can be used to crowdsource data to engage with users.
Often, people go ahead with the traditional ways of mailers, surveys, and landing pages to crowdsource data. Here, GasBuddy, leveraging the power of location-based marketing by offering relevant information to users and engaging them.
Hyperlocal marketing is about targeting consumers in geographically restricted locations. It helps marketers to craft relevant and targeted advertising strategies for your customers and capitalize on their locations. In a hyperlocal marketing process, locations are selected wherein these locations the consumers will receive location-based relevant notifications through geofencing.
Take this example of a supermarket chain called Whole Foods. This US-based supermarket chain set up geofences around several Whole Foods store locations and targeted ads and special offers to mobile users who passed by. The company also placed geo-conquesting tools near competitors’ stores to send notifications to shoppers near or at the competing grocery stores– sharing better deals at their stores.
Similarly, a lot of retail chains are using QR Codes, which allows consumers to know about exciting offers or discounts which they can grab in their location.
Google Home, Amazon Alexa, are increasingly being integrated into people’s homes. Smart products allow companies to observe their customers, monitor their purchasing behaviors, and identify potential opportunities to present and show ads without hampering their privacy.
The location-based marketing allows marketers to tap into these smart spaces and technologies and place their targeted ads. This will enable the organizations to reach out to targeted customers and provides an opportunity for consumers to remind themselves to purchase products from these companies.
Augmenting location with data about consumer behavior patterns enables marketers to create more timely, personalized consumer experiences.
Augmented location can amplify mobile marketing in the future. It can identify the right time for customers to engage, transforming mobile marketing into problem-solving and shifting to a more human-centric approach. This allows the creation of smarter notifications for a bountiful consumer experience.
One can use QR codes to create a number of location-based marketing activities. For example, By using geolocation with the QR code, a customer can use the same QR code on the product to reorder the product from the comfort of their home. QR codes can also help you in directing customers through your store. You just need to place your QR code on your website or on a print advertisement. It acts as a great way of offering experiences to the customers, especially first-time customers who don’t have to put the effort into using Google Maps to locate you.
Conclusion
With a swelling focus on data privacy, as a marketer, you might have some concerns over location-based marketing in following the code of confidentiality and obtaining consent from the potential consumer. However, building more trust and offering incentives can help you acquire more consumers. Customers tremendously trust applications or websites that they regularly engage with and have no hiccups sharing their location.
It was found that consumers are amenable to location-based ads and promotions, with 80 percent sharing that they want to receive location-based alerts.
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