Customer acquisition is a critical component of a business’s growth strategy, and marketers and C-suite executives often prioritize lead generation tactics to convert prospects into paying customers. In fact, survey data indicates that 44% of businesses prioritize customer acquisition, while only 16% of respondents mention retention as a key focus. (Forbes)

Where is your audience? Where will they be when your message finds them? Where will you be when they decide to convert to customers? 

Reliable and accurate location data has replaced guesswork and enabled marketers to make faster and more precise decisions about their campaigns. By leveraging location-based technologies, businesses can gain a competitive edge and stay ahead of the curve in the digital age.

1st PARTY DATA & INSIGHTS 

In today’s competitive business environment, companies not only need to know their customers but also be proactive in addressing their needs and preferences. The ability to capture the full customer journey will enable them to deliver the right offer to the right customer real-time – exactly when they need it. 

1st party data with Location-based technology can provide powerful insights into customer behavior and preferences. For example, a retail store could use geolocation data to track customer traffic patterns & behavior and determine which areas of the store are most popular. They could then use this information to optimize store geographic area and  layout and merchandising strategies to increase sales.

ENHANCE MARKETING EFFORTS

Location-based technology can enhance marketing efforts by allowing companies to target customers with more relevant and personalized messaging and offers endless possibilities for businesses in many industries.

According to the Location-Based Marketing Association (LBMA), 47-84% of companies currently use location-based data to serve their customers. Rather than wasting precious resources advertising to a broad pool of users who may or may not be interested in your offerings, you can use location-based technology to target only those most likely to take advantage.

Location data can help companies optimize their advertising spend and improve campaign performance. By analyzing location data, companies can gain insights into customer behavior and preferences, allowing them to target their advertising more effectively and reduce wasteful spending. By incorporating smart tools like advertising data systems, the cost of acquiring and retaining customers reduces dramatically, allowing companies to focus on providing better services and expanding their market share.

OFFLINE SHOPPING JOURNEY

For marketers, understanding the complete physical customer journey and segmenting customers based on their behaviors are essential for creating effective marketing campaigns and driving business growth.

Measuring physical customer purchase intent can be challenging for marketers because it involves predicting customer behavior and understanding the factors that influence purchasing decisions. In the physical world, store-level indoor and outdoor location intelligence technology enables the measurement of customer purchase intent.

When the customers receive 1) relevant, 2) real-time, and 3) personalized campaigns they feel appreciated, delighted and cared for. This is the tipping point for customer acquisition and retention. 

Overall, understanding the complete physical customer journey and segmenting customers based on their behaviors can help marketers create more effective and personalized marketing campaigns, improve the customer experience, increase customer loyalty, and achieve better business results.