Geofencing advertising, also known as geofencing marketing, establishes a virtual boundary around a location that enforces particular rules when a mobile device enters or exits. A geofence can be of different sizes or shapes (circular or polygonal). Polygon geofence defines the forms of specific landmarks, buildings, locations, or borders that are more geometric in design. Geofencing mobile ads are often sent to customers through a display or push notifications with locally relevant ads. GPS is frequently used to determine if a device has entered the geofence or not.
App alerts and advertising are the most prevalent kind of geofencing ads. Geofencing ads often show as pay-per-click (PPC) ads in search results or as adverts in social media feeds. You may send them a notification or trigger a customized ad to encourage them to visit your business when a user enters, stays, or exits your designated "boundary."
For obvious reasons, geofencing may yield tremendous benefits for marketers wishing to use hyper-targeted, location-based marketing. Following are the reasons that are behind the prominence of geofencing:
• The click-through rate (CTR) on mobile advertising using geofencing is twice as high.
• 92 % of cell phones are capable of geofencing.
• The average customer uses their mobile device for 5 hours every day.
• A personalized ad experience is appreciated by 71% of customers.
• Three out of four customers take action after getting a notification when approaching a given site.
• After getting location-based communication, 53% of customers went to a store.
Due to the great prominence of geofencing, there are tons of geofencing platforms and companies providing geofencing services. Most of the prominent geofencing media and companies are described below:
Intuizi takes a different approach to geo-fencing. Intuizi’s belief is once the consumer has reached a geo-fence they have already made up their purchase intent. For instance, if a consumer goes to Starbuck every day on their way to work sending them a Dunkin’ Ad once they cross into the Starbuck’s geo-fence will have little effect on them leaving Starbuck’s that day and going to Dunkin’. However, understanding the prospect has these attributes sending them a Dunkin’ offer the night before they are on their way to Starbucks’s may help influence a change in behavior. This can work with any brand or multi store retailer.
Understanding an encrypted mobile ID (eID) patterns over time will give the brand a far greater chance of success over their competitors rather than implementing a traditional geo-fence marketing campaign. Read Retail Trading Areas & The Post-Cookie World by Karlin Linhardt
Intuizi has many large brands and multi-store retailers currently implementing this strategy. Intuizi’s pricing starts at a monthly access fee of $1000/mo for 12-month agreement and can go up from there depending on all products desired by the client. Please see Product Features.
Propellant Media is a traditional geofence digital provider that offers geofencing and location data display tools to small and midsize businesses. Propellant Media is providing targeting solutions to numerous local and national brands within range of specific locations. With its geofencing services, users can even cover particular building, convention centre, mall, events, and even parking spots.
ThinkNear is a location data platform for marketers that provides businesses with a traditional geofencing solutions for several locations within United States. Their location-based geo-fencing and targeting services aim to identify mobile users near specified locations, such as businesses, events, stores, malls and other points of interest.
Another major player in programmatic display advertising is marketing. With highly targeted, real-time extensive advertising and the most satisfactory account management in the ad tech industry, they promise to enable you to reach your target audience, no matter where they are. Agility is providing free Ad Creative Development along with geofence system.
Cidewalk is a location data marketing platform that provides solutions to small and mid-sized businesses. They provide their customers with the option of targeting a particular city or town. After their customers designed personalized mobile ads, they promoted them through thousands of favourite apps. Cidewalk offers three monthly subscription plans: $100, $250, and $500. You may market your business in any town or city in the United States. It displays your ad on hundreds of mobile application such as weather news, and gaming apps.
It collaborates with and outsources its geofencing technologies to many prominent DSP platforms, including Trade Desk, Choozle, etc. Factual claims to offer digital solutions and support to advertisers, marketers, businesses and agencies at all stages of their campaigns. It provides location data gathering and management services to target customers based on their behaviour, location and ads based on CRM. It utilizes Geofencing negative retargeting and retargeting to reach competitor’s clients, providing competitive edge. Factual supports marketing campaigns on different devices and platforms.
Swirl's software allows users to create geofences around essential locations. It provides an infinite number of geofences of any size and type. They also offer an audience activation tool that can analyze and improve the effectiveness of any mobile campaign. Marketers can also use Swirl to identify distinct audiences and assess campaign performance using various methods.
Reach Local is a significant geofencing providing platform with range of locations and a vast sales force that offers small company owners PPC, SEO, and programmatic advertising solutions. They have developed Reach Edge, an app that lets you track audiences and convert them into clients. Reach Edge offers many exact geo-fencing solutions like many other firms mentioned above. The main feature that sets Reach Local's Reach Edge software apart is that it widens your visibility in search engines by displaying accurate information about your business in the right places.
Blue Dot geofencing platform
Geo-lines are virtual lines that initiate any action on a mobile device as clients encounter the virtual line just like geofence, are provided by Blue Dot Innovation. A retail store can place a geo-line at the entrance of a competitor's store. When a consumer goes across the geo-line, the ads' action is triggered. In this case, the retailer has an advertisement delivered to customers' mobile devices entering a competitor's store.
BENEFITS OF GEOFENCING
Hight CTR and conversion rate have proved the efficiency of geofencing, making the targeting better.
With geofencing, you can focus your marketing efforts on prospects who are most likely to act while spending less on those who aren't.
Improved Data Collection
Once you've set up geofencing, you'll have access to a wealth of valuable data, including insights into which brick-and-mortar locations are performing best, which target segments have the highest engagement, traffic patterns, stay durations, and messaging effectiveness.
Personalized Customer Experience
A successful marketing effort relies on personalization. Understanding client demands and structuring an offer around them is aided by geofencing. It allows you to get a lot of information about your consumers. You can figure out which requests will elicit the most interest and participation. By combining these two, you may better understand your target audience and make offers that will entice more people to visit you.
Geofencing may also be used to target clients at your competitor’s stores. Firms may efficiently target clients who enter a competitor's store by creating a geofence around their shops. Furthermore, the fact that a user is at a competitor's store indicates that they intend to buy. Making a competitive offer to such customer will increase the likelihood of a sale.
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“Intuizi has relied on NVIDIA hardware and software from the very beginning,” said Ron Donaire, CEO of Intuizi. “Being able to work directly with NVIDIA will help us deliver the most advanced and cost-effective AI and ML tools to unlock insights hidden in our clients’ data and show how it relates to other data sets.”
“The Silicon Review 30 Fabulous Companies of the Year 2022 program identifies companies that not only have the most innovative, diversified, and reliable solutions, but also have a self-evolving and self-adaptable quality to best serve the ever-changing needs of the market and its customers,” said Sreshtha Banerjee, Editor-in-Chief of The Silicon Review Magazine
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Location Data Platform market to display unparalleled growth over 2021-2026 Competitive outlook: Intuizi, GroundTruth, CARTO, HERE Technologies, Adsquare, UP42, TomTom, Quadrant.io, OpenPrise Data Marketplace and CleverMaps