Have you ever come across digital ads featuring your competitor’s business? If yes, it implies that your competitor has created a virtual boundary around your business location. Moreover, the objective behind creating this virtual set up is to attract your customers. This marketing technique is known as “competitor geofencing”.
Generally, competitor geofencing is the best digital marketing method to generate leads and increase sales. Check out the write-up to better understand competitor geofencing marketing and reach your target audiences.
What is competitor geofencing?
Competitor geofencing is commonly known as geo-conquesting. It is the idea of building geofences around competitors’ locations and targeting ready-to-buy audiences visiting these places. Moreover, you can advertise your products/services to people visiting those locations and lure them away with exciting offers and discounts.
Let’s explain this with a simple example.
Suppose you decide to visit cafe A near your workplace. But suddenly, you discover an ad from cafe B saying, “Buy any large pizza and get a whooper free!”.
Won’t you choose cafe B over cafe A?
No matter how far cafe B is, an attractive offer like this will force potential customers to visit this cafe instead of other nearby cafes. It is how competitor geofencing works.
How to run a successful competitor geofencing campaign?
Competitor geofencing involves a few simple steps.
1. Know your target audience:At first, you need to collect the demographic information of your audience. It helps carry out the advertising process effectively. Once you know your target audiences, you can easily set up a geofencing campaign around competitor locations. Further, it helps attain better business results.
2. Know your competitor locations:Apart from target audiences, target zones also matter a lot in geofencing. For competitor geofencing, target zones will be the competitor locations near your business area. Indeed, you need to identify them to build geofences around them.
3. Collect insightful data: Next immediate step is to collect locational data of potential customers. Geofencing allows data extraction from mobile devices entering a target zone. The data provides better insights into customers’ buying intent, behavior, and preferences. It helps identify potential customers, create relevant messages, and generate faster conversions.
4. Create and distribute personalized ads:Finally, it’s time to promote your business across the right audiences. Your objective is to reach out to people visiting competitors’ locations and convince them to visit your store. It is possible when you create ads containing lucrative offers better than your competitors. You can distribute these engaging ads 3-5 times a day. These ads are enough to encourage prospective buyers to visit your physical store at least once.