Not all marketers have been focused on location-based marketing (LBM) as a part of their overall strategies. However, new research suggests that doing so may help them achieve some of their key objectives.
The LBMA recently published its “Global Location Trends Report,” and data suggested that there are several benefits associated with LBM. Overall, the majority of marketers (more than 40%) claim that the ability to target is the most beneficial feature of this form of marketing. Other notable benefits include the ability to drive sales at the point-of-sale, increasing brand recall, and meaningful personalization.
On average, 52% of marketing budgets are now going toward LBM globally. Approximately 72% of respondents stated that their company considers LBM to be “important” or “very important,” highlighting its growing significance in the industry.
Leveraging Location-Based Data for Marketing
When it comes to utilizing LBM as a tactic, previous research shows that data and analytics play a critical role in targeting prospects and customers.
FourSquare and Advertiser Perceptions conducted the “Location Data in a Marketing Lifecycle” report, and statistics suggest that above all else, marketers are now utilizing location data to identify new consumer markets (73%). In addition, they are leveraging it to measure and quantify their return-on-investment (65%) and offer more personalized customer experiences (65%).
Marketers who have begun using more location-based data have seen improved engagement/receptiveness (48%), in addition to improved ROI (48%).