A growing number of Out-of-Home audiences are commuters, with a higher disposable income from moving out of cities.
FREMONT, CA: Only because one's marketing plan has a place aspect does not mean it is location intelligent. With all the data now available, companies can understand exactly where their customers are, how they travel around, and where they invest their money. A wealth of knowledge helps geomarketers build hyperlocal, personalized, and competitive strategies with a wide variety of KPIs, mainly if they keep the following goals in mind.
It is essential to consider more than just the average rent or average wages of its inhabitants to understand the economic value of a location. It is necessary to tap into modern derivative data sources. With spending data from 2.3 billion Mastercard credit cards worldwide, producing about 160 million purchases per hour, companies can understand the effect of future building improvements or incoming traders, helping them approach wealthy areas and neighborhoods that are heating up.
2. Understand Community Dynamics for Focused Geomarketing
While most of the shopping is happening online, some brick-and-mortars are good bets for the local economies, such as grocery stores, gyms, and hotels. For Out-of-Home marketers and suppliers (which, by the way, is the only conventional ad medium still growing), the relative position of Out-of-Home assets and local businesses is crucial—raising the productivity of paid search by 80 percent and social media by 56 percent. Not only are they flagged on the map above, but they are mapped in comparison to the nearest billboards. This visualization is sure to convince any business owner looking to advertise in the neighborhood.
3. Scrutinize the Transit Trends of Customer Segments
Potential clients and audiences do not usually remain in the neighborhood. Consumers can make a road trip to destinations such as the outlet mall. A growing number of Out-of-Home audiences are commuters, with a higher disposable income from moving out of cities. In tandem with high vehicle ownership, these customers can come from well beyond the city—up to two hours away. By researching transport roads, marketers can consider which places consumers come from and plan localized marketing strategies accordingly. And by stressing on-site customer service, they can inspire similar customers to make a trip.