Geofencing Market Giving an Edge to Marketing and Advertising
Geofencing is the most innovative way of tracking customers today. It is a virtual fence that is created round a business allowing the tracking of customers with GPS enabled smartphones. Geofencing market is enabling businesses create fences as large as a city block or as small as a retail store to target more and more customers.
Since a long time now, businesses have been using geospatial information system or GIS which is a combination of hardware, software, firmware and satellite data to identify locations of individuals. GIS has been an important tool of many industrial and commercial endeavors for years now. With the emergence of geofencing market and Internet of Things in place everywhere, geofencing industry is going to help in the growth of several businesses across the globe. According to the Computer Business Review, the geo-fencing market is expected to reach $300 million by 2017 and expand beyond the limits of traditional location-based applications.
The numerous advantages of geofencing market are driving the industry and will help in its growth in the future as well. Geofencing market has made possible for market researchers, retailers, CPG companies and advertisers to gain a variety of insights. By setting up geofences around out-of-home advertisements, market researchers can tell when consumers are in the proximity and exposed to the advertisement. Geofences set up around specific businesses can gauge ad effectiveness by comparing store visitation of the exposed consumers to those who were not exposed. A real time feedback can be made possible when a customer is out of a grocery store or a movie by triggering an alert as someone enters or exits a location with an invitation to answer a few questions. Geofencing market is also making customer behavior monitoring easy. It can be used to track store visits, time spent on site and other key metrics important to retailers and advertisers. The best advantage of installing geofencing is that it helps competitive analysis of businesses which is important to every business. Geofences that are set up around the locations of a company’s competitors can help researchers obtain data to understand what factors motivated a customer to visit one store over another. Hence one can understand that a 360 degrees customer behavioral pattern is now possible with the geofencing market and vast number of businesses can benefit out of it by getting the complete knowledge of their business related customers.
A research helps understand why one should adopt Geofencing Marketing Approach:
60% of consumers look for local information on their mobile devices.
40% of consumers look for information while on the go.
70% of consumers are willing to share their location with you for something in return.
Geofencing has advantages beyond identifying customer location. Many top companies are utilizing the benefits of geofencing market in different ways. BMW has incorporated geofencing in their BMW Trackstar and BMW Trackstar Advance services, that helps pinpoint the car’s position every 20 seconds. If the car is moved without the use of its keys or when the car moves out of a designated geofence, it will notify BMW who will then reach out to the car owner immediately. Honeywell’s Lyric is using geofencing in its smart thermostat that helps detect the presence of people in the room. It turns the heat on and off depending upon the presence of people in an area and thus the amount of heat required is controlled so that power can be saved.
Thus, it is very evident that geofencing is giving a complete new meaning to ‘Target Market’ and is an entirely new and effective way to generate sales from physical location. eMarketOrg has a well researched 2017 report on Geofencing market which gives a complete overview of the industry scenario. You can avail the World Geofencing Market Research Report 2017 @ https://emarketorg.com/pro/world-geofencing-market-research-report-2017/