Study: Location-Based Marketing Becoming ‘Essential’ to Remain Competitive

Location-based mobile advertising is fast becoming a competitive differentiator, according a new report by Forbes Insights, in association with xAd: “Location: A Strategic Marketing Imperative.” With mobile surpassing …

1222
1222

localLocation-based mobile advertising is fast becoming a competitive differentiator, according a new report by Forbes Insights, in association with xAd: “Location: A Strategic Marketing Imperative.”

With mobile surpassing desktop computers as the most essential tool for making a purchasing decision, the ability to capture purchase intent offline and convert that into additional revenue is fast becoming a strategic marketing imperative, a report summary shared with MMW reads.

By 2018, global smartphone users will reach the 2.5 billion mark, according to eMarketer. Despite the rapid growth and adoption of smartphones, the majority of retail transactions (over 90%), still occur in brick-and-mortar stores. As a result, the goal for marketers shouldn’t be to replace the offline experience with an online one but to enable a faster, more seamless purchase process.

According to the report, consumers’ expectations are changing as apps such as Uber, Tinder and Yelp raise the bar on immediate service delivery.

Whether mapping the nearest coffee shop or swiping for the closest love connection, location data is currently changing how people shop, eat, date and travel. As a result, shoppers now expect in-the-moment, personalized, relevant experiences, whether purchasing products online or browsing the aisles of a brick-and-mortar retailer.

So what does this mean for marketers?

For marketers, this new breed of mobile-dependent, highly demanding consumer is a prime opportunity to engage and activate customers in innovative ways. Chief among these new strategies is location-based marketing—one of the most powerful means for identifying and delivering on consumers’ real-time intent. The goal is to leverage intent to create purchase incentives and foster a more personal engagement. As a result, location is now critical to tapping into these precise moments of decision making.

“Location is now marketing’s vital frontier,” said Bruce Rogers, Chief Insights Officer and head of the CMO Practice at Forbes Media. “It allows you to send relevant messages at just the right moment.”

Want to know more? Check out the report here.

In this article