The Growth of Mar-Tech
“Mar-tech” is one of the most popular new terms in the industry right now. There are tons of subcategories within the sphere of mar-tech, including ad technology, CRM platforms, cloud-based solutions, and, yes, geofencing. The idea of geofencing marketing is relatively new. However, leveraging geofencing in your mar-tech product suite could give your business the edge it needs to hit your goals.
What is a Geofence?
Simply put, a geofence is “a virtual perimeter for a real-world geographic area”. For marketers, this is typically an area around an event, a store, or another physical location. It allows you to isolate a place of interest to gather data, trigger events, or take another action. It typically works by tracking location data on your phone.
How Smart Marketers Use Geofencing Tools
If you have brick and mortar locations, have products in a brick and mortar store, or manage events, you might be missing out on a tremendous opportunity. The second a user crosses into your threshold you have an opportunity to engage with them. A lot of stores are doing this already. You can trigger coupon alerts, engage on social media, or advertise to them. You’ll get higher engagement rates by honing in on a specific location, so there’s a significant opportunity for your brand to capitalize on customer engagement with geofencing marketing.
Getting the edge on the competition
Business these days is highly competitive. Winning a single customer provides an opportunity to win their loyalty for life. Pulling a customer away from the competition has double the benefit, as you’re taking one of their revenue streams away while adding one to your business. If there was a way for you to get an edge on your competition through geofencing, wouldn’t you do it? Good news! There are tools available to do just that. One way to get that edge is by engaging with local influencers your competition may miss. For example, a retailer at a shopping mall may see that a potential customer tweeted about a sub-par experience at a competitor's store. If they see that tweet and react quickly enough, they could engage with that customer, offer a discount, and have them at their store in the same mall that day! This personal touch would provide a lasting benefit as the influencer could become a champion for the brand, ultimately driving more traffic to the store.
Every company has had a PR problem. Whether it’s a product recall, internal issues, a viral video, or another issue, a PR disaster is a marketer’s worst nightmare. Luckily, geofencing can help with this as well. We said it well in another blog post:
Only 7% of Tweets contain hashtags and if you factor in typos, emojis, and posts that contain no text at all, finding relevant information can be difficult. And what if the post doesn’t mention the name of your company? The simple answer to these issues is searching social media by location. This type of search goes beyond hashtags and keywords. It collects a wide variety of posts in one specific geographical area.
Of course, with features like keyword search, platforms like Echosec also allow you to search for that important mention. With its Enterprise platform, Echosec will even search for that keyword for you and send an alert if and when it finds anything.
Leverage custom alerts combined with a geofence around your location of interest to make sure you’re keeping tabs on the places that matter the most to your business. The faster you’re able to react, the better you’ll be able to avoid that PR nightmare that keeps you up at night.
The Bottom Line
Geofencing marketing might be the next big thing. In fact, smart marketers are already using it. Our platform, Echosec pulls together social media platforms and displays posts in a given geolocation. This allows brands to monitor places of interest and get an edge on their competition.