Target Acquired: Geofencing Creates Better Ads for Retailers

Martech — Thu., Jan. 27, 2022 Geofencing is an intelligent advertising and customer interaction technology that allows businesses to deliver audio, in-app, CTV, and web ads to target customers who enter a location. By combining it with other technologies, such as radio frequency identification (RFID), Wi-Fi, GPS, and cellular data, businesses can collect data about customers, such as demographics and time spent in-store, and use it to improve their targeting and operations. Geofencing can be tailored to a company's needs, and is especially useful with mobile phones and smart devices, as more than 50% of consumers spend more than five hours a day on their smartphones and 80% use them while at a physical retail location. It can also be used to build up brands and reach larger new markets, and is often more effective at generating sales and increased brand loyalty than alternatives. By using a cross-platform approach and monitoring foot traffic, businesses can make the most of their marketing budgets and directly connect customers with their business whenever they are near each other. GeoNow by BidMind is one example of a successful geofencing tool, and has seen tenfold growth in just 12 months. ... continue reading below