Meta Leadership Primer: Geofencing

The word geofencing has been surfacing the digital word quite a lot recently. This is because recent developments in technology have made it even better. If you want to know what geofencing is and how it can be used for marketing purposes, keep reading!

What it is

Geofencing used different technologies to create virtual boundaries. The technologies in use include GPS and RFID. Global positioning system (GPS) is a satellite technology that can track every individual’s location, no matter where on the earth that is. Radio frequency identifiers (RFID) is Bluetooth technology. It creates a connection between people with the help of computer chips that radiate radio waves. The technicalities of this process are without a doubt a very complex. That is only what makes geofencing such a successful and accurate process.

How can it help you

What happens is that GPS tracks users’ locations. This was a complex thing to do back in the day but, now that every individual has a smartphone with location services turned on, it can become very convenient. There are more and more geofencing mobile apps in the market that are using this technology.

Most businesses have a defined target audience. The location of this audience is also targeted. By tracking the geo-location of these users, businesses can limit their marketing. This makes things more accurate and personalized as well which helps yield more sale conversions.

Geofencing can be used for many other purposes as well. As a business owner, you may want to track your employees to ensure that they’re in their specified vicinity. To do so, you can track their geo-location via their mobile effectively.

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Benefits

Using geofencing for marketing your business is the smart decision. Here are a few benefits you can avail by simply making use of geo-location.

Local sales

With digital marketing taking over, a business is only successful if it has an online presence. Geofencing boosts a business’ search engine optimization by ranking the searches higher up. This is specially taken care of in physical locations where the business’ consumers are present. This degree of local-level accuracy guarantees an increase in sales. You can also make use of this technology to send push-notifications and promotions to the local audience.

Accurate metrics

Businesses run on analytics. Any consumer who enters your brick and mortar presence and has a mobile with GPS is your ticket to accurate metrics. Information such as how long the customer spent in this place, which promotion attracted them, etc. can be tracked and used for improving the business.

Personalization

The best way to attract clientele is by making them feel connected to your business. Geofencing gives room for a lot of personalization. You can get detailed information such as which parts of your business do the consumers like more, what attracts more sales, what kind of audience demographics are most suitable for your business, etc. Since this technology is connected to the consumers’ mobile, you can receive and implement all this information successfully.

Geofencing is growing by the day. Get equipped with this new technology to avail numerous advantages.

For further research you can reference the term “GeoMarketing”. This is spelled out in a report available from MarketsandMarkets™ INC. in which they highlight the impact potential for the application of this technology in their report follows:

“The report “Geomarketing Market by Software (Location and Predictive Analytics, Reporting, and Geofencing), Services, Technology (Wi-Fi, Bluetooth, Beacons, NFC, and GPS), Location (Indoor, and Outdoor), Deployment Mode, Vertical, and Region — Global Forecast to 2023”, the Geomarketing market size is expected to grow from USD 7.3 billion in 2018 to USD 23.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 26.4% during the forecast period.”

Increasing demand for location-based intelligence to enhance business outcome and use of location analytics and big data to collect comprehensive and differentiated information about potential markets and customers are the major driving factors of the geomarketing market.”

In any case this technology is not subsiding when compounded with the rise and proliferation of mobile devices. For business and organizational leaders to ignore it now would be detrimental to future revenue based on the impact this technology has on the “Highly Personalized” experience customers are being conditioned to expect from credible outlets.

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