2023 Business Priority – Customer Acquisition
Customer acquisition—the use of lead generation tactics to convert prospects into paying customers—is often a primary focus of a business’s marketers and C-suite executives. 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?
In the past, these questions were answered by humans making their best predictions based on what they knew about their customers and where the ads would appear. In our digital age, reliable and accurate location data replaces guesswork, and can answer these questions faster and more precisely than ever.
1st PARTY DATA & INSIGHTS
Companies not only have to know their customers, but they also need to be proactive. 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.
Location-based technology also allows you to gather valuable & actionable analytics on your customer’s behavior. With this powerful technology, you can identify the geographic areas that your customer’s frequent with stunning accuracy. It makes it easy to determine which of your brick-and-mortar locations gets the most foot traffic and can help you decide where to expand.
ENHANCE MARKETING EFFORTS
Location-based marketing is one of the newest trends in advertising 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.
Using location data, companies can reduce inefficiencies in ad spending and focus their budgets on campaigns and placements which provide a higher rate of conversion. 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 the complete physical customer journey and segmentation based on behaviors are essential.
Physical customer purchase intent is hard to measure. It is not a stated need as it is in the online world, where the customer types what they are willing to buy on the search engines or websites. 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.
Cutting edge technology lets you reach customers in ways never before seen – and it’s driving demand for better and better brand experiences. If you want to maintain your competitive edge, you need to master the leading location intelligence solutions and deploy them better than the rest for customer acquisition.