Thinking about using location based social media monitoring to help your business grow, monitor your brand or increase sales? Geofencing is the answer to finding the most relevant data about your customers to determine who is talking the most about your brand and where. Without geofencing, an advertiser is for the most part throwing spaghetti on the wall to see what sticks.
First of all, what is geofencing? Geofencing involves creating a virtual perimeter for analysis and is frequently used by advertisers in marketing campaigns to help them focus on specific areas of interest. For example, an advertising campaign for a new Mercedes Benz may want to focus on New York but geofencing allows the marketers to focus on a specific part of NYC such as a 2 mile radius of Manhattan instead of blanketing the city with coverage. This is a huge jump from times past when advertisers would simply ‘set it and forget it’ with large amounts of ad dollars being spent on impressions that typically went unseen in areas that were of low interest to the advertiser. This made prices for advertising in the areas of high interest increase and had a net negative impact on ROI for marketing dollar spent.
Geofencing and utilizing specific geographical and demographic data makes an advertisers job much easier and lowers the prices for unwanted advertising dollars spent. Highly targeted advertising using geofenced data helps brands find out where the influencers are quickly and allows them to leverage these findings into well organized regional, national and international campaigns. We’ve worked with companies that used our location based social media monitoring tools to test a tagline and create a conversation before using that branded term in national campaigns. This can happen best when using location based social media monitoring tools that give the power to the marketer in one dashboard allowing them to engage more with potential clients and see hotspots to predict rather than spend time login in or merging analytical tools. This is a classic example of a positive spillover effect where the marketing dollars spent on advertising dollars allows for more opportunities for larger spend based on past data.
In essence, geofence and continue fine tuning the data and perimeters and use that data to extend campaigns and this should help each additional dollar spend needed to move the advertising needed drop in price considerably. The marginal dollar spent for ads based on proper geofencing and location based social media monitoring should decrease over time. Use geofenced advertising data and location-based social media monitoring data hand in hand. The learnings from each should help make the process of identifying areas of interest and successful advertising campaigns faster. Then get back to focusing on that website overhaul that’s been in the works for months now…