There's no doubt that marketing methods have had to evolve within the last few decades due to the advancements of technology. Currently marketers must be informed of what's going on in the world of marketing technology to stay ahead of the game. Widely used digital marketing methods such as banner ads and online promotions are still necessary, but there's a new form of marketing that has been taking lately. This particular marketing method is known as location based marketing.
With location based marketing, advertisers are able to reach their target audience and provide them with advertisements, promotions and coupons they may be interested in. Here are just a few of the many examples of how location based marketing has been helping major retailers and advertisers reach their audience like never before.
iBeacon Technology - Retailers are able to analyze their consumers based on locations they frequent and their shopping habits due to what's known as iBeacon technology. There are a variety of stores and businesses throughout the country that have already been testing the iBeacon technology for their location based marketing efforts. For example, Lord and Taylor and Hudson Bay have already been using iBeacon technology in order to adjust their mobile creative based on where the shopper is at in the store. Just last year the major clothing chains began installing iBeacon technology in all of their stores throughout the U.S. and Canada. Macy's has implemented iBeacon technology in their stores as well, and Urban Outfitters is currently in the process of developing an Android application to work with beacons in their stores. They hope to be able to push notifications to their buyers that are relevant and valuable to them which they hope in turn to increases sales. Other popular retailers such as Duane Reade and Hillshire Brands are also experimenting with beacons in order to improve the shopping experience of their consumers.
Something similar that I personally use are the phone apps. For example, buy texting “747474” you will instantly receive 20% off your next purchase at Payless shoes. I was in a shopping mall right near a Payless store last year and my phone pinged and Payless offered me a deal I couldn’t refuse. I took a few short steps into the store and redeemed my amazing offer.
Ordering Apps – Consumers are constantly on the go trying to balance their busy lives, so it only makes sense that stores and restaurants want to simplify the buying process for them. This is why both large and small companies are targeting users based on their proximity to a store in order to allow them to place an order and pay right from their mobile devices before they ever arrive. One company already experimenting with this type of location based marketing is Starbucks. The popular coffeehouse is saving their visitors time by having them avoid long lines when they're in a hurry. When close to a particular store, users who have previously opted-in will receive a notification asking them if they want to place an order. Loyal customers who have already downloaded the app and opted-in to the program are also able to place the same order each time with just a click of a button if they're the type that prefers to drink the same thing every day. By the time they walk into the location, a barista will already have made their coffee drink and have it waiting for them. Restaurants such as Chili's have also implemented tabletop ordering devices at some of their locations to give their patrons an easy way to order and pay without having to wait for the waiter or waitress to visit the table.
There are plenty of other ways retailers and marketing firms have been using location based methods to reach their target audience and provide them with valuable promotions. For example, one particularly creative way location based marketing has been used recently is by the beauty company Nivea. They embedded Bluetooth proximity beacons in their magazine ads for parents to tear out from the page and put on their children somewhat like a wrist-band. The parents of the child can then track their children when at a busy location like the beach or while visiting a theme park. If the child happens to wander too far from the parent, he or she will receive an instant alert on their smartphone. Another highly creative method of location based marketing is being used by an American music group known as BlueBrain. They have developed an app that changes the type of music being played as app users walk pass popular locations and landmarks in New York City.
There’s no doubt that all sorts of location based/apps/iBeacon technology will be utilized by marketers to capitalize on our needs and wants by helping both the companies realize greater profits and consumers by being offered discounts and ease of purchase. Technology is moving rapidly – are you?
Happy Investing!
Kal Kotecha PhD
Editor of the Junior Gold Report
email:
kal@juniorgoldreport.com
website:
www.juniorgoldreport.com
Kal Kotecha, PhD, is the editor and founder of the Junior Gold Report, a publication about small cap mining stocks that is read and enjoyed by thousands of investors. He was the editor and creator of the Moly/Gold Report, which focused on critical analyses and open journalism of companies profiting from the precious and base metals sector. The scope of his current activities include worldwide onsite analyses and reporting of developing companies. Kal has previously held leadership positions with many junior mining companies. After completing his MBA in Finance in 2007, Kal completed his PhD in Business Administration in January 2016. His thesis was on the Affective Heuristics of the 2008 stock market crash. He also lectures Economics at the University of Waterloo and Niagara College where he was voted Professor of the Year 2013/2014. Contact: kal@JuniorGoldReport.com