Part: IX: Advanced Geotargeting and Geofencing Solutions Stimulate Foot Traffic in the Read World
The uncertainty caused by the Covid pandemic and associated lockdowns appears to have had some perplexing effects on the UK’s high streets. On the plus side, in 2020/21, the number of high street storefronts rose by 1.3%, with London benefiting from an increase of as much as 4% in certain areas. At the same time, the country has seen an overall drop in brick-and-mortar spending, with daily high street revenues falling by some 3% nationwide.
In response to this issue, we expect 2023 to bring with it a push in the number of retailers relying on digital platforms to boost engagement with their physical locations. We anticipate increased adoption of digital tools that are designed to target consumers on a local level—tools which build a personalised picture of consumer interest, and which allow businesses to take swift advantage of opportunities to drive in-person awareness and assist lead generation.
Implications
Audience Connectivity
Consumers of today are constantly connected. Digital ad platforms have long been able to target audiences as they proceed through the digital landscape; increasingly, they will be able to serve targeted marketing materials based on the consumer’s physical journey.
Smartphone ubiquity and improved cellular connectivity combine with a range of “essential” apps that consumers use as much outside of the home as they do within it (such as video streaming services, and music and podcast apps). Through these platforms, advertisers can serve targeted creatives in real-time, taking advantage of opportunities that will reliably bring qualified customers through their doors.
Geotargeting
Real-time location data can be astonishingly effective in judging not only where people are, but what they are likely to be doing at a given time. If an individual is outside Harrods, it could be inferred that they’re a tourist (or a particularly wealthy grocery shopper). Similarly, if they appear to be moving between stores of a similar type, they may be searching for a particular product or niche service.
Businesses that leverage this data are at a distinct advantage over their competitors, allowing them to explain to a consumer why they should take a trip to their location over one that might be more well-known, reasonably priced, or readily accessible.
Geofencing
Geofencing is a marketing practice that falls under the umbrella of geotargeting. By drawing a virtual “fence” around a particular area, businesses are able to dispatch marketing messages to anyone who enters that area.
A classic example of the practice is Whole Foods’ work with Thinknear. The company’s campaign targeted existing Whole Foods users, pushing an ad whenever they wandered into the immediate vicinity of a particular store. This technique proved phenomenally effective, with a 4.69% post-click conversion rate (more than 3x the industry average).
Solutions
InMarket
For InMarket, location is everything. Their real-time, geocontextual relevance engine serves user ads based on specific location data, influencing purchase decisions at the InHome, InPath, InStore, and InHand levels.
The company boasts exceptional results, with 95% viewability, and CTRs that are 6x higher than the industry benchmark. Furthermore, the firm’s most recent whitepaper outlines a number of solutions for navigating the current economic downturn and rising inflation.
Blis
London-based Blis provides an integrated planning and buying platform, with an audience-first approach that delivers incredible geotargeting results.
By relying on consented location data and data sets from companies such as Mastercard, O2, RightMove, and the ONS, Blis provide advertisers with an unrivalled view of consumer behaviour. Blis also utilises cutting-edge AI and machine learning technology to predict consumer behaviour and draw insights that can be used to improve dynamic real-world targeting.
