Did your team recently overlook an opportunity to refine targeting for your client's brand campaigns? Did you spray and pray instead of using accurately segmented, visits-based audiences? Don't be that marketing agency!
Marketing and advertising agencies cannot rest on their laurels and rely on traditional techniques when it comes to digital, mobile and programmatic campaigns for retail brands.
Confirmed visits to physical retail locations offer the best indication of intent to purchase. Whether it's a pattern of visits to a competitor or an observed loyalty to a local shop, leveraging location intelligence and geo-segmented audiences are the key to campaign success. Such audiences developed by machine intelligence from accurate mobile location signals can generate the greatest ROI for retail campaigns.
What is a Geo-segment ?
A geo-segmented audience, also known as geo-segment, is a cohort of people who have exhibited a specific behavior in the real world, based on accurate and privacy-compliant mobile location data.
Example of geo-segments include:
- Electric Car Owners
- Yoga Enthusiasts
- Starbucks Drinkers
- Daily Commuters
- Whole Foods Shoppers
- Theme Park Regulars
- Weekend Moviegoers
- Urban Fashionistas
- Business Travelers
- ... and thousands more
Maximize ROI through Conversion
Agencies seek to engage the highest value consumers for their advertising clients. Conversion is the ultimate goal for every channel. The more timely and relevant the message is to the recipient, the more receptive they are to the content.
Knowing when and where purchasers routinely go provides insight into where they might visit next. Knowing the prime seasons, days of the week and hours when foot traffic is highest enables the creation of dynamic geo-segments.
AI platforms like LotaData continuously process billions of accurate location data points every day from mobile apps, publishers, exchanges, telecom providers and transform the raw data into deep insights and geo-segments. Agencies can choose from a rich selection of custom prepackaged geo-segments to maximize conversion for retail campaigns, based on confirmed visits to places, brands, businesses, and events.
Retail stores, hotels, resorts, spas, restaurants, malls, dealerships, fitness centers, amusement parks, coffee shops, and the likes can leverage such geo-segments to track historical visits, to identify the most appropriate moments to serve up discounts, incentivize purchases and convert their audience.
It is worthwhile to note that targeting competitor's customers is an increasingly necessary conversion strategy. Marketers want to send special offers and incentives to devices that have been confirmed as visitors to a retail location that is in competition in the same vertical. Ideally, this increases the competition's churn rate while increasing the brand's own market share.
Outsource your Data Science
Geo-segments can intersect with other data groups such as credit card transactions, demographics, CRM databases, weather patterns, real-time traffic, neighborhood ambiance, and other relevant signals to infer the intent and inclination of consumers. Fortunately, cloud computing and machine intelligence are now readily available to solve the most complex data correlations.
However, most agencies may not be adequately staffed with data scientists to perform such analysis. Identifying and outsourcing to the right technology partners can result in significant advantages for agencies looking to refine their segmentation to produce spectacular ROI for their digital campaigns.
Optimize Campaigns for CLV
The majority of companies underspend on customer acquisition. CAC or Customer Acquisition Cost is a topic of debate between agencies and their clients.
Building brand equity is a stepping stone towards customer equity. Customers acquired through mobile channels via geo-segmented targeting have a much higher Customer Lifetime Value or CLV. The ability to convert and retain customers with high lifetime value makes the entire debate about customer acquisition cost seem petty.
Smarter is better
Agencies need actionable intelligence for their campaigns. Any agency without meaningful data to target against is living at the bottom of the advertising food chain. Brands and advertising clients are becoming increasingly tech-savvy. They expect agencies to quantify and justify their ad spend with data insights.
Are you the agency that makes quantifiable, pain-free decisions? Are you the agency that outsources to the right technology partners and data platforms? Are you the agency that saves time and money and reaches the right audience at the right moment with the most relevant message?
Don't sleep on the opportunity to refine your targeting just because you're already turning a profit. Be confidently squared away with accurate location-based behavioral insights and geo-segments. Your relevance and your future depend on it.