Everyone talks about micro-moments and wants to win more of them. But these rich opportunities on the path to purchase are short lived and often elusive to marketers. So you need to be ready at the right time with the right solution, but how do you actually do it?
Location data is a shiny object, but marketers often get perplexed with how to start using it, or simply dive in without a plan. Yet the building blocks of a geofencing advertising strategy are super simple. So let’s look at 3 easy steps to jumpstart your geofencing strategy…
IP targeting is more than a powerful way to influence entire households that match your specific behavioral and demographic criteria. Mediavision2020’s IP targeting is indispensable to because it solves one of the oldest pain pints of digital media: calculating a measurable return on ad spend (ROAS).
Chad Bingle, Director of Media here at Mediavision2020, sat down with Jarrod Davis and the 8th & Walton crew to talk about how to strategically develop a geofencing media campaign. Listen to the full podcast conversation or grab the notes below!
Basic Elements of Geofencing
- Targeting location: Geofencing is targeting people based on their location, typically that of their mobile device
- Area: A geofence is simply a defined area on a map: circle or polygon, and anyone inside that geofence is your target audience. That basically translates to a set of coordinates
- Size: A geofence can be any size, but is typically most effective around a specific building or within a section of a building (like a section of a store).
Geofencing Isn’t Just One Technique, It Has Many Facets To It
- Unique Functions of Geofencing
- Real-time advertising (in geofence now)
- Retargeting advertising- really effective for when you want to build a custom retargeting audience where where they have been in the recent past is a salient layer of data.
- Attribution & analytics
- Context for Geofencing
- Shopping: in-store & conquesting
- In-home: individual devices or entire households
- Lifestyle: Concerts, Sports Events, etc.
- B2B: Offices, Conferences, Trade Shows
- Reach: Device vs Cross-device & Household
Common Geofencing Mistakes to Avoid
Everyone geofences, but all geofences aren’t created equal. There are a few red flags to watch for when crafting or evaluating a geofencing plan.
- Irrelevant or Missing Call to Action. If you’re going to go through the effort of targeting, make it worth it. Just pushing information/impressions: not having anything relevant at that point in time. A conquesting campaign should have a robust, exclusive offer that’s time sensitive. If you’re a CPG company, your geo-retargeting campaign should try to engage shoppers while they’re between grocery trips and planning their list.
- Wrong timing: Doing real-time by default when retargeting would make more sense
- Too broad of targeting: Just b/c location targeted doesn’t mean you’re relevant.
- Targeting an entire area around a big box store where everyone is there for different reasons, for example.
- Location isn’t always enough to reach the right audience.
- Layered data for better relevance (think: data sandwich)
- Measurement: What’s your goal? If geo-conquesting, did you drive click-to-call actions or visits to your store? If you’re influencing consideration, did you run a controlled test and see positive comparative sales for your test group within a given timeframe? While geofencing can be challenging to measure with accuracy, it’s possible to at least measure it consistently and do it in a controlled test.
When Geofencing Is Right, When It’s Not The Best Fit
When it’s right:
- Location = relevance: When your geofenced actually helps you reach your target audience in a meaningful way, where location = relevance, not just coincidence
- Conquesting (goal of growing share): lower ROAS requirements, open to aggressive approach
- Influencing consideration, offer exclusive content or offers
- Enrich targeting of current behavioral campaigns or complement other media tactics like search and behavioral.
- Bridging ecommerce and in-store through retargeting
When it’s not the best fit:
- Bottom-funnel: Goal of immediate lead gen or sales gen with a lower CPA
- Location = Irrelevance: Location is not aligned to intent
- No value added, nothing unique about reaching them through location targeting
Statistics from eMarketer had forecasted a tough year for paid cable in 2017 with an estimated 15.4 million people to cut their cable cord. However, reality struck a harder chord, no pun intended, surpassing their forecast by 7 million cord-cutters and counting for 2017 alone. With video being one of the most compelling aspects to a brand’s personality, what will be the smartest way to move your TV ad spend to digital in 2018?
- Connected TV: Just because there are fewer people paying for cable, doesn’t mean that TV is disappearing. In fact, users are consuming more video content than ever, but they’re buying it in smarter ways to fit their individual needs. With the recent development of Connected TV, your valued TV spots still exist through smart TVs and streaming devices. Targeting your audience as they stream their favorite shows creates not only more video opportunities, but adds potential for display advertising creative as well. Knowing the right place, right time, AND right device for your audience is essential. We can re-engage with your TV audience as they’re on other devices, browsing other sites, as the other devices in their home are connected to that same Wi-Fi router. Taking your TV ad spend to the next level with remarketing lists, third-party audience targeting segments, and dual-layered creative campaigns to engage on both the video and display space.
- 6 Second Bumper Ads: There are few things more annoying than trying to pull up a video on the go, and being hit with that 30 second video ad that you can’t skip. Attention spans are short, and growing shorter, especially when a user is on a mobile device. YouTube is trying to combat this dilemma with bite-sized video content that leaves a big mark for your brand. With 6 second video ads, you can say more than you’d think and viewability is 100% for these non-skippable ads. In testing over 300 bumper ad campaigns, YouTube says 9 out of 10 bumper ads drove a significant lift in ad recall. Pretty impressive. Building your brand is important, and modifying your marketing strategy to the ever-changing landscape of where your user is, and what they’re doing is going to keep you on the up and up.
- Out-stream Video: Contextual targeting has been the bread and butter of display advertising for a long time. The simple logic of: I want to show a person a banner ad of what I sell, as they read about the things that I sell. With out-stream video, that same contextual experience is being created for a consumer in a less invasive way than your pre-roll in-stream video ad. With out-stream video, your ad is being placed directly into the content of the page similarly to a banner ad placement. A user chooses to watch your video or to scroll past it. If the user doesn’t want to engage with it, they’re not forced to. These videos will only play when a large percentage of the video appears on the screen of the device, if the video is off the screen the content will stop. Your consumer wants to choose what they’re seeing, and with out-stream videos the control is literally in their hands.
The future is so bright for video! Knowing where and how your user wants to watch it is going to make or break your campaigns in 2018. Planning for the future is key, and being in the right place is going to keep your brand top of mind when your audience decides to buy.
Learn more about our truly unique Connected TV behavioral targeting solution.
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HOW WE VERIFY OUR RESULTS
Our Geofencing campaigns are able to track visitors who see your ad - then visit your location. No other ad technology provides this level of 1:1 attribution for measuring ROAS and campaign performance. Using our GeoConquesting tactics, we even track visitors who were at your competitors location - then visit your location.
IP TARGETING - SALES RESULTS
Our IP Targeting campaigns are measured by comparing the homes that saw your ad - directly with your sales results. This match-back process allows you to precisely measure your ROAS. In fact, in is not uncommon for us to see over 25X return on ad spend for IP Targeting campaigns in the auto and furniture industries.