Geofencing.
Get Started with Geofencing.
Contact MediaMax
We help companies all across the country optimize their local and national marketing strategies. MediaMax provides several geofence technology solutions for our customers. This includes Programmatic which can geo-target your customers at home or on the go. MediaMax also uses maxIQ to find and target your unique customer base.
Benefits of Geofencing.
What is Geofencing?
Geofence marketing uses location-based software to connect businesses to customers in specific locations. To do this, geofence technology creates a digital border that tracks people entering a predetermined area or region.
Once a customer has passed into the geofence, their phone is sent messages, ads, and other relevant information about businesses within the vicinity.
Why Choose Geofencing?
This marketing strategy is highly effective and convenient for a range of companies, as geofencing allows you to interact with customers that are ready to shop for nearby products and services. Using geofencing isn’t just about keeping up with the latest marketing trends, though. This technology goes above and beyond to help you reach buyers that will be interested in your company specifically.
How it Works
Geofencing technology tracks the location of buyers that enter a specific area. To do this, geofencing software or apps use GPS and RFID (Radio-frequency Identification), and Wi-Fi.
GPS is often used to draw the boundaries of the geofence. While IP addresses and RFID signals help track when someone comes close to the geofence.
Phones connected to the internet or other networks send out an IP address, and Bluetooth devices emit an RFID signal that allows geofences to track who comes in and out of the specified area.
How it works (cont.)
Geofence marketing can advertise with even more accuracy by tracking what customers in a location have searched for on their smart devices. If someone has searched your business or keywords related to your business and entered your geofence, they will be sent relevant advertising material.
Geofencing also provides retargeting. Consumers who enter your geofence will be retargeted with advertisements up to 30 days later
Implement Geofencing In Your Marketing Campaigns
Take advantage of geofencing by properly implementing this marketing strategy. We make the most of this digital tool by:
- Creating a small but focused geofence. If your geofence is too large it won’t be effective.
- Performing consumer research in your local area to create ads that are relevant to your target audience.
- Using a CTA in the advertising to push customers into action.
- If your business’s app uses geofencing technology, be transparent and let your customers know you are tracking their data.
How We Track
Our technology tracks important customer data across multiple platforms to improve your marketing campaigns. We provide reports on your data each week. Clients can even receive foot-traffic attribution which measures the number of visits to your location for up to 30 days.
FAQs: Geofencing.
The cost of geofencing will depend on several different factors. This includes how many geofences you set up, the size of your geofence, and which geofencing service you use.
On average, expect to pay $3.50- $15 CPM. CPM refers to the cost per mile, or cost per thousand clicks. When looking at the total cost for marketing with geofencing, this could add up to around $1,500-$3200 per month.
At MediaMax, we have a standalone cost of $10,000. Or you can pay $5000 as an add-on to a maxIQ plan. This might seem expensive, but remember that geofencing is highly specific and targeted.
Each dollar you spend will be well used. You don’t have to worry about finding the right audience for your advertising campaign either, as geofencing finds and selects the best customer base for you.
You aren’t limited with the kinds of locations you can set a geofence around. Some areas you should consider geofencing include:
- The Location of Your Business
You can set up a geofence right at your business location or near it. This way, when customers are nearby, they are more likely to visit your location.
- Your Competitor’s Location
Businesses can even set up geofences around their competitor’s locations. Doing this allows you to find customers that like similar products and services. When your ads are sent to their phones, you can persuade them to do business with you instead.
- Business Events and Shows
If there is a nearby business event or business show consider creating a geofence to attract potential customers. People that attend these events are already thinking about products and services they want to buy. You can also target customers that are at other public events that are related to the products and services you sell.
- Around College Campuses
College campuses are a great place to create geofences. Not only are there tons of students you can market to, but you can also do market research to really entice consumers in this area.
- Households in Specific Neighborhoods
If you think that a neighborhood near your business will be interested in your products or services, set up a geofence there.
- Other Streets and Stores Around Your Business
Finally, consider setting up geofencing around other stores and streets near your business. People who shop near you will become more curious about your company if you send targeted ads to their phones.
Any type of company can benefit from geofence marketing. This includes both small and big businesses. And, online shops and companies can even use geofences to their advantage with the right market analysis.