Ask Our Experts: How Can I Use Location Data to Make the Most of My Marketing and Advertising Budget?
May 25, 2023
Since the pandemic forced a significant shift in consumer needs and behaviors, businesses have been forced to rethink their strategies when it comes to marketing, advertising, and customer experience to remain competitive in today’s increasingly contactless and socially distanced society. Plus, with post-pandemic economic disruptions affecting businesses and consumers alike, many companies are looking to maximize the impact of their marketing and advertising budgets, which may have been reduced or limited during this time of economic uncertainty.
Using accurate and high-quality location data can be the key to managing your marketing and advertising budget expectations. There are many ways to use location data in your strategies that can help you optimize your marketing efforts and improve ROI, while staying within budget.
How to Maximize Your Marketing and Advertising Budget with Location Data
As consumer habits and interests change, it’s important to keep up. Learning about your audience through their real-life behaviors over time can help you optimize your targeting and maintain a competitive edge while improving your overall marketing and advertising results. As you gain a deeper understanding of your target audience, your advertising is likely to have a stronger impact, ultimately making the most of your marketing budget. Deeply understanding your audience, its segmentations, and relevant trends can help bring your marketing and advertising to the right people for the right reasons, building stronger connections between your organization and audience. Here are some of the ways real-world location data can help you increase the effectiveness of your marketing and advertising efforts so that you can continuously connect with your audience:
- Location-Based Personas: Getting the most out of your marketing and advertising budget starts with your overall understanding of who your target audience is. Ask yourself who your customers are. What demographics do they tend to fall into? What do you think their interests might be? This can help you develop buyer personas to categorize your audience based on their habits and affinities. Taking this idea further, you can create location-based personas, which are created based on the commercial locations of interest your audience visits. The stores, restaurants, or events consumers go to can bring added real-world insight to your audience analysis. Location-based personas translate into audiences you can choose to use in your marketing and advertising campaigns.
- Location-Based Advertising: Advertising to people at the right place and time can be key in optimizing your advertising budget. As you incorporate real-world insights to your marketing strategy using geospatial data tools, you can put that knowledge to use by serving ads to people in geo-targeted areas of interest. For example, if you learn that most of the people in your target audience habitually visit a specific nearby town, you can begin to target that nearby town for ads, potentially reaching more of your audience more frequently. Before using location data to better understand your target audience, this nearby town could have seemed completely irrelevant to your marketing efforts. The added knowledge from location-based advertising can improve your ROI by helping you market to people in relevant areas that are unique to your audience. You can also market to consumers who visit shopping centers, events, or other locations that are relevant to your business.
- Consumer Insights: Geospatial data like foot traffic data can offer a variety of insights about the consumers you are targeting. For example, this data can help you understand what commercial places of interest people visit, how often they go there, and how they get there. For instance, does your target market habitually use public transportation, or do they drive wherever they go? Are they frequently attending concerts, or do they prefer watching sports? Learning about the habits of your audience can help you paint a clearer picture about who they are, bridging any gaps between you and your target.
- Competitive Intelligence: Not only can geospatial data provide insights on your audience, but it can help you learn about your competitors’ audiences as well. As you begin to build an understanding of your competitors’ audiences and their habits or interests, you can identify opportunities for conquesting their customers. Let’s say your competitors’ customers tend to travel far distances to visit their locations. Perhaps you’d be able to target those customers and offer your products or services from a closer location. Using location data as a competitive intelligence tool can help you better understand your overall market and help you more readily identify emerging trends and customer pain points to stay ahead.
- Consumer Behavior by Location: Oftentimes consumer behaviors can be impacted by the culture, economy, and geography of a consumer’s area. Real-world insights can help you figure out how and why consumer interests or behaviors change in various regions, informing your marketing approach in different locations. If your marketing isn’t working for an audience in a distinct location, real-world data can help you restrategize for that location, which can improve your ROI. Plus, populations in different areas may have different needs or pain points, so learning more about how consumers’ interests change in different markets through location-based insights can help you meet your marketing budget expectations. Marketing to audiences in different locations may require distinct approaches for each area, and location data can help you understand those requirements more clearly.
While these are some examples of how location intelligence can help you meet your marketing and advertising budget expectations, your organization may find that as consumers change, and as the location data industry evolves, new and innovative uses for this data are always emerging. If you’re interested in learning more about how your organization may be able to use location data tools, chat with an expert from our team.
Your Marketing Budget, Your Data
Consumer habits have been changing drastically over the last few years, and location data is a great tool helping businesses stay ahead of the curve. Information derived from location data, such as Gravy’s consumer foot traffic data or advertising audiences, can bring clarity and direction to your marketing and advertising strategies, helping you get the most out of your budget. With added layers of real-world data, you can gain a deeper understanding of your audience and their behaviors, bringing your marketing and advertising to a more effective level.
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