When you think of location-based marketing, what is the first thing you think about? Do you repeat the old real estate mantra of “Location, location, location” over and over? While the location of your physical store may be important, the location of where your marketing shows up is equally as important. And I’m not talking about a billboard on a bus shelter vs. one on the highway.
One thing to consider is how far your customers are willing to drive. This is important to make sure you’re not wasting valuable impressions. If the average customer isn’t willing to drive more than five miles to get to your store, why are you serving impressions to people 15 miles away? Not only will this help to make your marketing dollars go further but this will also guarantee you’re hitting someone within the appropriate geofence consideration set.
This type of thought process should apply to all of your media tactics if you are pushing consumers to go to a brick-and-mortar store. For online retailers, this should be much less important since they have an always-accessible marketplace. But if you’re trying to push consumers to a physical location, make sure they have the means and willingness to travel a certain distance to get to your location.
Can you make your out of home buys go further with digital media? Absolutely. There are a couple of mobile vendors in the market right now that are able to geofence your OOH billboards and retarget customers that have either driven or walked past your outdoor placements. This tactic should allow you to increase frequency while also doubling down on unique touch points.
Additionally, if you’re a smart media planner, you can engage partners that also report on physical store visits. This type of metric would then allow you to actually measure the performance of billboards, something that is traditionally upper funnel, and tie it to a more bottom funnel metric like store visits.
Could visits to a competitor be used to identify potential customers? Of course! Consideration set is a very important tool in the marketers’ toolbox. If your customer is already actively visiting your competitors’ stores, why aren’t they visiting yours? Are they choosing them over you due to lack of awareness? Regardless of the answer, you can actively conquest these customers by partnering with mobile location-savvy vendors that provide competitive location-based targeting.
Hopefully the above helps to start thinking about location as not just the physical address of your storefront but also the location of your customers and where to reach them.