What is Geofencing and How Can It Help Your Business?
As mobile phone usage continues to grow by leaps and bounds (nearly 77 percent of Americans own one), so does mobile marketing. Geofencing is an incredibly powerful way to harness the power of location-based marketing. This location-based service uses GPS, Wi-Fi, RFID, or cellular data to create a virtual geographic boundary that triggers a response when a mobile device enters or exits that specific location, resulting in additional sales, engagement, etc. If, for example, you own a venue and you would like to target those preparing for an upcoming wedding, you might geofence a particular bridal show or event. Or if you own a car dealership you might choose to geofence a competitor and feature any special rates or sales you might be having. We would use the devices captured at the bridal show or competing dealership to deliver targeted banner ads, pre-roll video, or OTT commercials. The main benefits of geofencing are better targeting, more bang for your buck as it improves spending effectiveness, a more personalized experience for customers, access to enhanced data statistics, and, quite frankly, a competitive advantage over your competition. There’s no doubt about it; it is definitely an incredible way to market. More food for thought:
- Fifty-three percent of shoppers visited a retailer after receiving a location-based message
- Geofencing is compatible with 92 percent of smartphones
- The average consumer spends five hours a day on their mobile device
- Mobile ads with geofencing have double the click-through rate
- Three out of four consumers complete an action after receiving a message when approaching a specific message
If geofencing appeals to you, give The High Road Agency a call at 423-900-8424. We would love to help you grow your business!