The advertising industry in today's market has kept people on the fence (pun intended!) about its perception: is it revolutionary and borderline intrusive? At the moment, we're in the safe territory—which only means good news for the businesses. However, we're still evolving and have come to the point where targeting users is arguably at its peak—to the point where we're literally drawing a fence around them! Thanks to the mighty B2B advertising tool: Geofencing.
Of course, you must be knowing that companies can track the actions of users via responses. However, geofencing is a technology that has been turning the world of B2B advertising around with respect to tracking the right people and devising ads for them. Read on to understand how geofencing is a practical addition to your marketing strategy of an online business.
What is Geofencing Marketing?
How often have you received notifications for the relevant offers when you are physically around Starbucks? This multinational beverage chain makes it a point to send personalised app messages of their on-going offers to the previous customers who are around the area. This is geofencing at play–something you would want to look into if you want your marketing schemes to be effective.
Geofencing marketing is an intelligent way that allows you to connect to smartphone users of a particular location. As the name suggests, it actually draws fences around the area you’re targeting—goes without saying, but no, you can’t see the fences.
It emphasizes the digital importance of B2B companies as it markets well to the audience that you wish to target. This medium of marketing relies heavily on technology that makes use of users’ locations, such as GPS, Bluetooth, Wi-Fi, and RFID.
Traditionally, B2C companies that are land-based use this technology to trigger an impulse every time a user is around the physical store. Marvelling at how far the internet marketing service domain has taken us all together? Then it is time to introduce geoframing.
Geofencing works hand in hand with geoframing. It helps map users who have been to a particular location in the past two years. Combine the two and you can display your B2B ads on their smartphones for a day or as long as a month.
Image source: https://developers.google.com/location-context/geofencing
How is Geofencing Vital in a Marketing Strategy for Online Business?
Geofencing marketing does the wonderful work of streamlining the marketing strategies of a B2B business. How so, you ask? First, it helps a brand develop content or B2B ads directed to the specified demographic. As a result, customers and your brand can effectively build on the relationship, and you have fewer reasons to worry.
If you are a B2B business owner, then there is good news for you! This will not only help your brand redirect its focus, but you can also make use of its resources far more effectively. The best part of geofencing is that businesses can reach out to consumers in the area of a direct competitor with their B2B ads.
Struggling to gain a followers’ base? With the right offer and effective online marketing SEO in place, your brand can win over your customers with geofencing marketing. Here is an example of Uber and how they gather customers with the help of geofencing advertising. Uber sets up geofences around heavily crowded areas such as airports, railway stations, concerts, and marketplaces to send push notifications to users. People traversing the area are encouraged to use their services, and this is how Uber gets more customers per day.
How does Geofencing Work in B2B Advertising?
You might be wondering how one can distinguish an audience based on their location. The answer is here – Geofencing is the technology that allows B2C and B2B businesses to set up virtual boundaries. Online businesses with marketing strategies can target the right audience by setting a specific area to target tailored ads.
In most cases, you will find customers walking into the space where geofencing by a particular brand is activated. This is how people receive push notifications or ads on their browsers when they are physically or virtually close to a store. B2B advertising helps businesses reach out to other businesses to acquire a more extensive clientele in trade fairs.
Trade fairs are the boiling pots for businesses. You could only imagine how competitive this could get given the limited number of visitors. Here geofencing becomes extremely vital for, as a brand owner, you would practically be on the lurch for new visitors. Geofencing is the future of all advertising, and thus, it is something you should be investing your time, money, and research into.
Seems unbelievable? Let us explain this with the help of numbers. According to Technavio, the market for geofencing is set to grow by $1.48 billion by 2023. The compound annual growth rate is said to be 26% during the growth period. However, it falls upon the business to make their B2B ads engaging and actionable in nature to receive responses.
Some of the familiar places where geofencing works well are:
- Trade fairs
- Event locations
- Shopping Malls
- Office buildings
- Academic Institutions and many more.
Don’t be surprised to find GPS services such as Google Maps use the technology to identify your location and display B2B ads accordingly.
To sum it up, geofencing is an impeccable solution for your business if you wish to target a specific group and at a particular location via your ads. For example, you could reach out to people of a particular pin code, attendees to an event, or an entire city depending on the implementation plan at hand.
As digital marketing is highly competitive, and it is geofencing as a technology that reinstates its digital importance for B2B companies. It can provide advertisers like you with an edge. Remember how Burger King stole the show with their one-cent burgers fence around McDonald's? It is none other than effective marketing, advertising coupled with geofencing technology in place.
If you want the same for your brand, look nowhere else. Our team of experts is here to help you chalk out your marketing plans with the incorporation of geofencing advertising tailored to your unique business and customer base. We believe in results and thus, bring the best of all geofencing plans to the table. Contact us at [email protected] and [email protected] to cast a virtual fence around your targeted customers!
- How large can a geofence be?
There is no limit when it comes to geofences. For example, you could geofence the entire world. However, the challenge will be to send the B2B ads or messages in bulk to the entire audience.
- How expensive can geofencing be?
Geofencing for B2B advertising can cost anywhere between $3.5 - $15 cost per thousand impressions.
- How can I use geofencing?
You can use geofencing with or without an application. For example, all a business would need is the customers’ coordinates, mobile location based on the network, or zip codes.