According to a research report "Location Analytics Market with COVID-19 Impact Analysis, by Component (Solutions and Services), Location Type (Indoor Location and Outdoor Location), Application, Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets.
Recent news/trends in location-based marketing:
According to a study by the Location-based Marketing Association (LBMA), 25% of the marketing budget is spent on location-based mobile marketing, and over 50% of brands use location data to target customers. Location is an increasingly critical element of digital marketing for brands and enterprises. The location-based advertising market is projected to grow by over USD 80 billion between 2021 and 2025. Location-based marketing can prove to be a very effective tool to drive businesses by improving the marketing ROI. Vendors with location technology target potential clients using marketing notifications and ads based on geographic location. According to a study by Google, two-thirds of users say they are more likely to purchase from a business that customizes mobile website and app content according to their location.
Benefits of location-based marketing across industries
Location analytics can benefit major industries such as travel & hospitality, retail & eCommerce, media & entertainment, and automobile to utilize location data to fine-tune marketing strategies and recognize wider customer trends & patterns. For instance, a popular hotel booking app set up a geofence campaign around airports worldwide to initiate last-minute hotel deals for app users entering the city. It implemented location-based marketing campaigns by creating geofences around airports for location-specific hotel booking. This campaign witnessed an impressive 19.46% click-through rate. About 5.2% of the people who clicked ended up claiming the offer and booking a hotel room. Another major impacted industry is retail & eCommerce. In a joint study by Forbes and Treasure Data, 74% of consumers surveyed said they are influenced to buy from a brand based on the shopping experience.
Location Analytics Implementation
So, how do industries and corporates implement location-based marketing to enhance ROI?
Location-based marketing uses geolocation data from consumers’ devices to activate appropriate and targeted ads (such as billboards, pop-ups that appear when a consumer enters a given area, in-app purchase recommendations, or OTT campaigns). Location analytics provides users with analytics capabilities to understand the data through a location-specific perspective and boost business practices accordingly. With the rising location data, businesses can use location analytics solutions to increase consumer reach. Moreover, a business can create marketing ads to attract customers through location-based tools and services.
The location analytics market is highly competitive due to many players operating in different parts of the ecosystem. According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of partnerships, acquisitions, collaborations, and alliances increased by around 70–80% in 2020 from 2019. IBM, Microsoft, Google, Cisco, Oracle, Esri, Precisely, IndoorAtlas, Quuppa, Geomoby, and CleverMaps are some of the major players in the global location analytics market that offer innovative and a broad portfolio of location analytics solutions & services.
Conclusion
Location-based marketing is now becoming a hot trend as companies seek to improve on key areas to target customers with attractive ads. The fast growth of location analytics can be attributed to the increased number of businesses embracing the marketing strategy as they seek more personalized ways of interacting with their customers and focus on improving their ROI.
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