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How to Leverage Location Based Data to Improve Conversion Rates

How to Leverage Location Based Data to Improve Conversion Rates
August 19, 2021
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Leveraging location data is critical for any business. It doesn’t matter what the aim is- it could be to gain more newsletter subscribers, more advertising impressions, increased sales or anything else. Everything you do with your business in this ever increasing digital world will have a massive impact on your business. 

Looking at business optimization means looking at data. Much like any other experiment, you change and modify your marketing outreach strategy and then let the traffic tell you what you need to know. This data can provide intelligence and insight into your customers and their reaction to your business. Ultimately, this data is so important that it should be the backbone on which your business decisions are made. 

But where does location based data come into this?  Your customers range in age, gender, location, device preference and more. Importantly, people who visit your business will arrive from all over the world.  They may speak different languages, use different currencies, and have different shopping habits. So while your business may be located in your hometown, you may find that you actually have customers from all over the world. 

With all that said, how do you make sure that you’re catering to your audience? Especially when your audience can vary so wildly. The answer lies in location data and more specifically, geotargeting and geotracking. 

What is Location Based Data? 

Mapsted location based data is collected from visitors who visit your property or surrounding areas. The data pinpoints where and how they’re accessing your brand. This provides insights into how your audience behaves and moves in real time and real life. 

Location data adds further context to your customers’ behaviour. As well as knowing what they’re doing, and how they’re doing it, you also know where they’re doing it. It can give you a real world view on your customers’ movement and behavior

How can this help you? 

Location based data can be used to ensure that your existing digital marketing and infrastructure cater to a large, diverse audience. With location based data you can control exactly what the people you’re connecting with see. It also allows you to ensure that your customers or nearby prospects are receiving the most relevant content that will lead to conversion optimization. 

This can be achieved through geolocation and targeting. Geolocation data is data that has been collected about your customers. It’s the most widely available, basic data that’s collected by tools such as Mapsted’s location positioning technology to allow you to geo-target your audience wherever they are. It is freely available on the Mapsted Manage CMS, Notify CRM platform and Mapsted Analytics platform. 

Geo-targeting is the active use for geolocation. Once you have identified where your audience is, you can personalize specific content on the Notify CRM, for that location. You can set the parameters for this as widely as you would like, targeting different cities, provinces, or even countries. The target is so precise, that it can be narrowed down to within 1-3 meters of your property. 

Famous Restaurant chain – Denny’s can be a solid example of how geofencing can help boost conversion. 

Denny’s launched a very successful geotargeting campaign aiming to bring diners in to enjoy a meal and try new menu items. Instead of wasting advertising dollars aiming at wide swaths of consumers, the campaign was directed targeting those who lived within a particular radius of a Denny’s location. 

These targeted campaigns saw a 11.6% uptick in in-store visits with the “Build Your Own Skillet” mobile ads and 34% for “Build Your Own French Toast” ads. Of course, these targeted ads produced better results for those who lived within driving distance of the restaurant. Instead of pouring advertising budget into television ads or social media and delivering ads that weren’t relevant to the viewer, Denny’s formulated a clever means of finding those most likely to purchase their product and selling directly to them. 

Why is this important? 

Geotargeting is widely used, and it is vital for improving the customer experience. You can use it to contact customers with personalized push notifications, adjust your sale offerings, and show off your nearest physical location. 

Most selling businesses will have defined consumer groups for their products or services. The data that they collect helps them to group their consumer groups together and define their customer segments and or/personas. This essential is the key to personalizing the customer journey for each segmented group. 

When it comes to location, customers from different places are likely to have different buying habits and reasons for using your business. So, in order to optimize your lead conversion rate, you’ll need to be providing customers with the information that they want, and give them reason to choose you over your competitors. Personalized content based on location is a great way to speak directly to your customers.

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