Our location intelligence experts are often asked about the effect location intelligence can have on marketing campaigns, ad audience testing, and how these things can drive an effective campaign.
Do you know your target audience? In today’s highly-competitive advertising ecosystem, this is essential. As society grapples with economic uncertainty, consumer behaviors and interests are likely to ebb and flow over time. To effectively reach your audience, it’s important to understand their evolving preferences and demographics.
Brands that invest in targeted advertising strategies can stay ahead of the curve and reach the right audience at the right time. Regular audience testing is crucial to this process. Through testing, you can better understand your audience, keep track of any shifts in their behavior that may be happening, and more.
By experimenting with different approaches to audience targeting and testing, you can gain insights into what resonates best with your audience. Incorporating geospatial data into your advertising strategies can provide an extra layer of depth and precision to your audience targeting and testing. This can give you a competitive edge in the crowded advertising landscape.
Benefits of Ad Audience Targeting and Testing with Location Intelligence
Audience targeting and testing helps to narrow down your audience. At the end of the day, ads should be served where they matter most. Here are some advantages of ad audience targeting and testing with location intelligence derived from geospatial data:
Greater Levels of Interest and Intent
Audience targeting allows you to know who is in-market for your product or service. This gives you a sizable advantage over those who are making guesses using low-quality data. Traditional targeting relies on consumers’ online behavior, so there is no viable way to see the differing levels of buyer intent your audience may have. However, with location data, marketers have the ability to identify different levels of intent or interest among their audience. This is because consumers who have physically visited a location—and have invested their time and money to go there—show a much higher degree of interest than those who have simply visited a website.
Increased ROI (Return on Investment)
You might be thinking, “Well, why don’t I pick my business’s largest, most relevant audience?” Selecting the largest audience available for your campaign is a common mistake. Advertising to a wide audience can result in ad waste. While it may increase ad reach, you will pay for a lot of impressions that likely won’t convert. By leveraging location intelligence, you can create a much more targeted audience likely interested in your products or services, resulting in higher conversions and ROI.
Effective Retargeting
It’s important to keep your customers in the loop to build loyalty. Brand loyalists are valuable assets because they are quicker to make repeat purchases, and their cost of acquisition is lower than new customers. Not only are they providing you with additional sales, they can even become evangelists who help to spread brand awareness. Retargeting them when your new products or updates is a must.
Retargeting is also important when attracting new customers. 92% of prospects that visit your website aren’t ready to buy yet, so retargeting those consumers can help them convert. With location intelligence, you can improve the effectiveness of your retargeting strategies by targeting consumers who have shown higher levels of interest or intent based on their real-world behavior.
Improve Your Audience Targeting and Testing with Location Intelligence
To ensure the effectiveness of your ad campaigns, it’s crucial to regularly reassess your target audiences and explore the potential of location intelligence. At Unacast, we use geospatial foot traffic data to create consumer personas and advertising audiences. This is all based on the places of commercial interest that consumers visit. For example, the “In-Market Auto Buyers” audience includes consumers who have visited several different varieties of dealerships, whether it be for budget or luxury cars. There are also more specific audiences such as “Auto Buyers – Eco Friendly and Socially Minded.”
You can also leverage location intelligence for a competitive advantage by gaining visibility into your competitors’ customer base. By advertising to your competitors’ customers, you not only increase the potential for converting them to your brand but also establish a loyal customer base for your business.
