Increasing Your Business Profits Using Geomarketing

cnxt_dev
cnxt_dev
2018/10/31 08:00

geomarketing users

What Geomarketing can do for your business and how to implement it.

The more specific and relevant your marketing can be, the higher your chances of success, which is why location is such an important factor.

There are a number of different ways to incorporate location into your marketing campaigns but the goal is always the same: get your message seen in the right place, at the right time.

According to a report by Factual, 8 out of 10 marketers stated that location-based marketing grew their customer base by 85% and their customer engagement and response rates by 83%. Location-based marketing using a mobile app might be a simple concept but when used correctly, has the potential to increase your business profits twofold.

What is Geomarketing Exactly?

Using spatial data, Geomarketing will provide your business with answers to all of your regional questions and help you plan your marketing campaigns. Not only will it allow you to analyze customers and markets but it provides businesses with a visual representation of company data.

A Geographic Information System is used to track and analyze data on a digital map, which can be used to make informed business decisions. Overall, businesses mostly use Geomarketing systems for sales and marketing planning and reporting.

Why Every Business Can Benefit From Geomarketing

geomarketing

Here are just a few of the reasons why your business should consider Geomarketing in 2018 and beyond.

  • Develop in-depth customer profiles. The more information you have on your customers, the better. Geomarketing gives brands the information they need to create detailed customer profiles that include location, socioeconomic status, and buying behaviors.
  • Grow your customer base. By understanding who is currently buying from you, you have what you need to attract similar customers and grow your business by increasing sales with the data you obtain.
  • Keep an eye on your competitors. Looking out for your business’s best interests means knowing what your competitors are doing too. Geomarketing can provide you with data on competing businesses in the same area so that you can optimize your marketing strategies and campaigns accordingly.
  • Real-time social media monitoring. A business should always be keeping track of what customers are saying about them online, which is why real-time social media monitoring is so beneficial. Geomarketing ensures that your business is always well aware of customer opinions, queries, and complaints.
  • Identify additional business opportunities. With detailed spatial data at your disposal, your business may discover expansion opportunities that you may not have considered or been aware of before.
  • Increase business visibility. The more you can get your business noticed, the faster you can grow. Geomarketing is one way to enhance the visibility of your business while increasing sales.
  • Tell better stories. Maps give brands the opportunity to tell better stories that really get your customers closer to what your business is all about.

Planning Your Geomarketing Campaign

If you’re ready to incorporate Geomarketing into your marketing efforts, here are the steps to follow to setup a campaign:

  • Start with a clear goal

Regardless of the type of campaign you’re developing, you always need a measurable goal. Some examples of Geomarketing campaign goals include:

  • Boost foot traffic in stores
  • Increase online traffic
  • Increase restaurant reservations or salon bookings
  • Promote a special offer or competition
  • Reinforce your branding message

Once you’ve established what you’re looking to achieve, you can start deciding what will be required to reach your goal.  

  • Get the timing right

Timing is one of the most important elements of any Geomarketing campaign. If you’re not reaching your customers at the right time, your efforts won’t get you very far. Think about when your customers are most likely to be active on their mobile phones as well as when they would have time to actually take a specific action. Even the world’s most eye-catching campaign would be ineffective if it’s sent out at the wrong time. For example, if you’re running a salon and know that there are a number of schools and offices in the area, you could create a campaign offering a lunchtime discount that men and women with busy schedules could take advantage of.

  • Don’t create just another ad campaign

If you want to grab a customer’s attention, you need to offer them something different in a new and exciting way. By planning your campaigns in advance and incorporating interactive and creative elements, you have a much better chance of seeing the results you’re hoping for. For example, some restaurants will send customers reminders about a special whenever they’re close to one of their outlets.

  • Don’t forget that this is about location

Capturing a customer’s attention when they’re in a specific location can make all the difference to your Geomarketing campaigns. If you offer a product or service that would complement other businesses in a specific location, get your campaigns to pop up in those areas. Running a Bed and Breakfast? Target customers at airports and train stations instead of when they’re close to your actual establishment. Thinking carefully about your location targeting as well as your timing will put you on the right path for Geomarketing success.

  • Show that you understand your customers

Today’s consumers are far more receptive and willing to engage with brands when they feel like a brand really understands their needs. Providing customers with a more personalized experience will also drive more results than a broad marketing approach. A study by Accenture showed that over 54% of customers were more than happy to share their personal details with a business if they knew they were going to receive more personalized offers.

A mobile app is one of the best business investments you can make because it gives you direct access to in-depth customer data that you can use to grow your business in leaps and bounds. Getting started with Geomarketing does take some time but the results are well worth the effort.