People are putting more and more importance on location-based marketing these days and marketers are finding new ways to use location intelligence as part of their strategy. Geofencing uses the power of location intelligence and allows service providers to locate and communicate with potential customers within a specific geographical area or “fence”.
We’re just starting to scratch the surface of the potential of geofencing, and this technology can be used for far more than simply sending advertisement texts and notifications to people passing by a place of business. Geofencing can be used to gather important information that could give any business a competitive edge over others in their sector. Let’s take a look at a few creative ways geofencing can be used by marketers.
- Geofencing to Monitor Your Competitors
Geofencing cannot only be used to track traffic near your place of business but any of your competitors as well. The implications of this can be huge. For instance, you could perform trade area analysis by setting geofences around one of your competitors to monitor the foot traffic they get and how many times your customers go there. You could also check if you notice any traffic surges and if they coincide with any kind of special offer and deal. This will give you some valuable insight into their marketing strategy and see if you can replicate some of their ideas.
- Gather Important Intelligence
Geofencing also allows marketers to gather important information about their customer base. It can tell them what type of deals and incentives attract them to your business, how often they come, and peak times as well. You could also start identifying some of your most loyal customers and offer special deals to them, or even ask them for testimonials or to become brand advocates.
- Target Like Minded Potential Customers
You could also place geofences around areas people who might be interested in your services and products might congregate in. You could conduct some research and find out exactly where your target customers like to hang out.
If you sell sports equipment, for instance, then you could set a geofence in your nearest arena’s parking lot and target potential customers there. If you want to know how this can be done or would like to work with a team that could set up geofencing strategies like this for your business, click here to learn more.
- Engage Customers in Creative Ways
Another thing you could do is find new fun and exciting ways to engage people that enter into your geofence. For instance, you could create trivia or games that will be triggered every time someone comes close to your store. You could rewards winners with special discounts or bonuses to incentivize them to come by.
Conclusion
These are all tricks savvy marketers can use to unleash the power of geofencing. If this is a new concept for you, we suggest you start looking into it today and talk with a professional to know how you could implement geofencing marketing strategies in your business.
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