Brand loyalty is up for grabs. A total of 73% of today’s shoppers are willing to deliberate a new brand if they experience poor product quality, a shortage of selection, or improved prices elsewhere. Consumers can always be persuaded by a new brand with superior customer service. As well, brands can attract new customers by offering up incentives such as easy delivery or a flexible return policy. All of this opens up the probabilities of winning over new customers through geo conquesting.
As more and more marketers are tapping into the power of geofencing marketing, they are using the four best practices for audience building. These strategies include:
- Retargeting your own customers,
- Using cross-device matching,
- Winning over new customers, and
- Thinking outside the box to find an audience that has an affinity for your brand.
Geo conquesting is a strategy which combines a few of these best practices and assists marketers with winning market share.
The Definition Of Geo-Conquesting
Geo-conquesting is a technique which uses location data in order to identify a brand’s competitors. This is in an effort to publicise a competing or competitive offering to their customers. This can be performed in two different ways:
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Geofencing
The most popular form of geo-conquesting forces the technique of geofencing in order to reach and engage consumers when they are in – or around – a target competitor location. At this point, an advert is served to the potential customer to attempt and persuade them to come to the advertisers business rather than that of the competitor. For instance, if a potential customer is at a local restaurant, an advert may be served to the customer from a competing restaurant.
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Mobile Location Data
Another format of geo-conquesting includes leveraging a mobile device’s past visitation history permitting marketers to reach consumers who have visited a competitive location previously. For instance, if a customer stopped at a fast food restaurant for a meal, this customer could be served an ad for a competing fast food restaurant that is close to their location.
