The rapid advancement of location-based technology has propelled Geomarketing to the frontline of marketing strategies.
Enterprises are heavily investing in geo-based marketing technologies to connect to their ideal buyers. According to the latest 2019 report by Zion Market Research, the global geomarketing market spending was about $7.4 billion in 2018 and is expected to reach approximately $38.1 billion by 2025.
A B2B Approach to Geomarketing
As the B2B industry shifts ever more towards specializing in niche products and services, finding the right niches to target is now critical to any business. B2C global outlets are already reaping impressive benefits by integrating location-based targeting; Timberland was able to increase their store visits by 6% while popular fast-food chain Dunkin’ Donuts stated an impressive 72% increase in Click-Through Rates (CTR). There is no reason why B2B firms can’t utilize a similar strategy to make their ad targeting more efficient. A B2B sales journey is quite complex and usually involves navigating through 3-5 decision makers to reach the end. B2B marketers can use the digital footprints from geo-based data to cut through the clutter and provide personalized, well-tailored, and segment-specific content directly to the ideal point of contact. Keeping that in mind, let’s look at ways in which B2B companies can incorporate geomarketing in their advertising playbook.
Generate Geo-targeted Leads According to a Specific Buyer Persona
A study by Salesforce showed that 80% of all users availing location-based services are interested in updates from the business companies they are interested in. Furthermore, the more campaigns are run, the more customer data is collected which can be further used to tweak the buyer persona. The audiences are filtered based on their specific interests, geographical areas, the technologies they use and current job titles they hold. As B2B companies are looking to establish a sustainable relationship with their clients, geomarketing will enable firms to provide a personalized and relevant content outreach strategy. Platforms like Google Ads enable campaigns to be set by segmenting audiences based on their geographic locations. Using the right CTAs is equally essential in these campaigns.
Re-targeting Audiences Across Social Media Platform
When it comes to B2B businesses, LinkedIn is the most popular and effecting marketing social media marketing channel. LinkedIn advertising can be used to geo-target audiences and also factor in demographics for more accurate results. As part of Omnichannel marketing efforts, these leads can then be re-targeted across the right social media platform which could be Facebook and Twitter. Other platforms like Instagram and Snapchat also provide geo-based targeting options.
A recent study by Search Engine Land showcased that geo-targeted mobile display advertising achieved double the CTRs compared to the standard industry target. According to Marketing Profs, more American adults use mobile devices than traditional computers when searching for local products and services. The success of location-based strategies is heavily dependent on mobile device usage as it provides accurate segmentation data based on geographical location. Decision makers are using smartphones and tablets to navigate their buying journey in new ways. For example, B2B trade shows can use geo-targeting to send out personalized invites based on their hosting location to respective leads in the area. By setting up a virtual geofence, a gathering of business owners, employees or consultants at a convention, seminar or webinar can be engaged with. Geo-targeting allows B2B enterprises a pathway into mobile-based marketing which was previously solely proprietary to B2C marketers.
As Geomarketing efforts are showing favorable outcomes, marketers are trying to figure out ways to deliver the same results for B2B organizations. A few limitations and challengers they commonly face are:
- The rate of B2B buyers buying more products online for their companies is increasing steadily.
- Buyers are slow to make the shift to mobile.
- B2B clients are less likely to be on their phones during office hours.
As much as these limitations provide a real hindrance to marketing efforts, with developments in the future it is just a matter of time before marketers crack the code to make geomarketing mainstream within the B2B sector. To know what's new in marketing in the coming year, visit Deck 7's blog on marketing trends for 2021.