How to Make the Most Out of LBA for Your Business
by Sharon LaGaipa
Ninety-six percent of Americans own a mobile phone. If you’re looking to capitalize on this, Location-Based Advertising (LBA) is an approach that can drive highly relevant consumers to your business. Location-Based Advertising utilizes technology to pinpoint a consumer’s location and serve targeted advertisements to their mobile device.
GeoFencing can be an extremely effective way to tap into potential new customers. A radius is drawn around a physical location and consumers are served ads, within apps on mobile devices, in that specified radius (or geofence zone). It allows businesses the ability to get hyper targeted to relevant consumers.
There are multiple GeoFencing strategies to encourage consumers to interact with your brand/business, such as:
- GeoFence Your Own Location: If you’re looking to capitalize on foot traffic from nearby businesses, you could draw a 1/2-mile radius around your location encompassing those other businesses. Ads would be served within that 1/2-mile radius. If you’re a pizza restaurant, you could promote a weekly special to entice people at the nearby stores to order or dine at your restaurant.
- GeoFence Your Competitors’ Locations (also referred to as “GeoConquesting”): Think of how powerful it could be for a business to serve ads, in real time, to consumers while they’re physically at competitors’ locations. The right strategy should be used, however, based on the dynamics of the purchase cycle. A car dealer would be ideal, given consumers typically shop around with multiple dealers, sometimes for up to several months, prior to finalizing their car purchase. On the other hand, it might not be the best strategy for a dental practice to geofence competitive dental offices, given that majority of consumers visiting the dentist are already committed and obligated to appointments and many have long-term relationships with their dentist.
- GeoFence Relevant Businesses: Let’s say you have a Dog Grooming business. You could geofence area pet food stores to target consumers who would be ideal potential customers – or likely intenders – of your service.
GeoVideo is simply utilizing video format (versus standard display creative), to engage at a high level with consumers, by serving video ads within apps on mobile devices in the defined geofence zone.
GeoRetargeting builds on the geofence strategy by continuing to target people, who have previously been served an ad while in a geofence, with additional ads, as they go about their online journey even outside of the geofence zone. GeoRetargeting enables you to stay top of mind with consumers who align closely to your business and therefore can be a key factor in driving conversions/sales.
GeoLocation Look Back gives the unique opportunity to “look back” at where a consumer’s been based on mobile historical data and target them with ads. For example, if you’re an entertainment venue with music concerts you’re looking to promote, you could identify people who attended a previous Taylor Swift concert and serve those people with your message.
For a strategic, integrated, turnkey digital marketing strategy tailored specifically around your business’s goals, trust the highly qualified, responsive team at Connoisseur Media. Contact us today.