Geofencing Marketing: A New Method to Market Your Business
Geofencing Marketing: A New Method to Market Your Business
Geofencing can reach out to your intended audience when they're shopping at your competitor's store online, browsing your offline store website, and getting ready to sign up for your product or service.
So, what exactly is geofencing marketing?
1. Geofencing is a form of marketing that uses geofence
Geofencing marketing is a kind of marketing based on the location that allows you to communicate with mobile users within a designated area, such as a retail store, via mobile apps, or via mobile web pages.
2. What technology does geofencing marketing make use of?
Geofencing marketing is a location-based technology. Geofencing relies on various technology, including Wi-Fi GPS, radio frequency identification (RFID), and Bluetooth. Although it was a dream a few decades ago, this technology is now an option for business owners.
Smartphones let you engage your audience in exciting ways, increasing your revenue to new levels. This is because geofencing marketing ads to users according to their location, which can be as precise as 1,000 square feet.
3. What is the cost of geofencing?
A geofencing campaign for marketing can cost a few thousand dollars. The typical geofencing ad budget can range from $1,000 to $30,000. Meanwhile, campaign management fees range from $150 to $1500 per month.
Certain ad platforms might be charged a fee, such as Snapchat, which costs $5 to target an area of 20,000 sq feet.
4. What is the effect of geofencing on marketing?
Although geofencing may appear difficult at first, it's relatively simple – particularly when you're working with an expert geofencing business with years of experience on your side.
Here’s an example of geofencing in action:
Your company establishes an area of the geofence designated in the zone and launches an ad campaign to promote the geofence.
The user walks into the geofence and is added to your target viewers.
The company begins to deliver ads to the user through notifications, in-app ads, or display ads.
5. Six locations that you can focus on with geofencing for marketing
Are you interested in the possibilities of geofence advertising?
Here are six locations you can focus your geofencing marketing:
· Your location
· Locations of competitors
· Trade shows or events
· Households through the ability to address geofencing
· Colleges
· Nearby stores and streets
You can target more than the six locations listed. However, this list may provide you with possibilities or locations for your business to focus on.
6. The benefits of geofence-based marketing
We now know the concept behind geofence marketing and how it operates. Let's examine three advantages of geofence marketing:
It costs ten times more to gain an additional customer than to keep an existing client. This is why building loyalty among customers is essential in the current market.
Geofencing can help your business achieve this goal – and it doesn't require discounts or promotions each time.
Instead, focus on what your company did better than its competition.
Why?
Let’s say you posted a pertinent and non-spammy promotion. You added an incredible client experience as well as a product. Then, why would they not purchase from you again or even share your name with friends and family?
Improve data and analytics
The core element that geofencing marketers must consider involves analysis. This is based on data that gives your marketing team or service provider actionable information to help you plan your next campaign. Geofencing can also provide your team with data in real time.
Another advantage of geofencing marketing is that it allows you to modify your campaigns as you move. If you find that users don't respond to your ads, for instance, you can look into the reasons why. Perhaps you're not targeting the right location or timing.
Improve user engagement
Based on your gathered data, you can refine your marketing campaigns and increase your user engagement rate. You're refining your target audience to get greater outcomes. You're also figuring out what calls-to-action (CTAs) and ads work best for your market.
Then, you'll examine the response rate and leads generated from the two geofencing advertisements.
With the new information, you can tweak your ads further to improve your target's engagement.
FAQs
What is geofencing IP tracing marketing?
This is an effective marketing method that relies on the location that uses the Wi-Fi mobile data, as well as GPS, which can be used to perform the pre-programmed actions whenever the mobile phone crosses an imaginary boundary known as a geofence. It's necessary to create the geofence around a specific geographical area.
What are the benefits of Geofencing ads?
Geofencing lets you send the appropriate content at the exact time. A geofence can help communicate information regarding promotions, sales, or other occasions. Advertising and notifications at the timings of these events will aid in getting people in the door and working with you. Geofencing is cost-effective.
Is geo-fencing actually effective?
Geofencing can be useful for immediate location-based marketing. However, its applications can go beyond this instant-based marketing.
Geofencing is a method to find and develop large-scale addressable audiences over time. As you can see, it could have the ability to play a role in retargeting the attribution process and other location-based information.
Geo-fencing allows an administrator to set up triggers to ensure that the alert is sent when a device is within (or is removed from) the boundaries established by the administrator.
Many geo-fencing software applications integrate Google Earth, allowing administrators to establish boundaries over the satellite view of a particular geographical region.
Interested in implementing geofencing marketing? Contact EWM today to discuss.