As consumers start coming back to brick-and-mortar retailers, marketers are scrambling to drive traffic to their particular stores. In a marketplace saturated with ads, how do you ensure your target audience is being served your ads?
Geofencing and geo conquesting technology provide two unique ways to solve this problem.
What is geofencing?
Geofencing is a marketing technology that allows you to build virtual fences around your business that serve ads to people who have entered the geographic barrier. Using opted-in location data from mobile devices, geofences can detect when people enter the geofence and then group these location-based audiences ads that are highly relevant. This allows marketers to target high intent customers who are most likely in the market for their products or services.
What is geo conquesting?
Geo conquesting is similar to geofencing in terms of the technology being used but has one key difference. Geo conquesting is the practice of placing geofences around the competition to target people who visit competitors’ businesses.
Which one is best?
Both geofencing and geo conquesting are great solutions to target selective audiences and track meaningful metrics that can be tied directly to ROI. Which one is a better fit for your company depends on your marketing objectives.
Geofencing takes the hassle out of personalized marketing. Since location data allows you to narrow in on audiences who have shown purchase intent at your store, you can use geofencing to serve custom ads to this interested audience. This precision can leave you feeling confident about your ad spend dollars knowing they are not going to waste.
Geofencing can also help you learn more about your target audience. Within the data collected, you will be able to see important insights like frequency, recency, and other locations your audience visited, which can help you create relevant ads and calls to action.
Geo conquesting, on the other hand, is better for attracting new customers and increasing market share. If your goal is to grow your business, geo conquesting can help. By placing geofences around the competition, you can serve ads for your company to the competition’s consumers, but you can also offer deals and promotions that will drive customers toward your business in real-time. A 15 percent off coupon can make consumers walk past the door of your competitor’s store and head to your business.
Who is using this technology?
Geofencing and geo conquesting are being used by a vast number of agencies and retailers that work in industries such as automotive, retail, quick-service restaurants, and more. Any store with brick-and-mortar locations can greatly benefit from location-based audiences, retail analytics, and foot traffic attribution reports.
If you’re not using it, chances are your competition might be. Get in the game and start learning more about your customers’ behaviors today.
Book your free VISIT Local Demo today.