Geofencing is a local-mobile advertising tactic that allows you to target smartphone users once they enter a certain radius you set up. Not only is geofencing a relatively new advertising tactic, but it’s also highly effective at targeting consumers when they’re likely ready to buy.
Here are three geofencing stats that will convince you to invest in a geofencing strategy:
Only 22% of businesses say they’re using hyperlocal targeting to its full potential.
According to Search Engine Watch, only 22% of survey respondents said they’re using hyperlocal targeting tactics, like geofencing, to their full potential. Which means if you are using geofencing, you’re ahead of about 88% of your competitors. And if you’re not using geofencing, then your competitors could be out-advertising you and directly targeting your customers.
77% of Americans own a smartphone.
One hesitation when it comes to geofencing is whether or not you’ll be able to reach a large audience when you’re advertising via smartphone. But, 77% of all Americans own a smartphone, and 85% of college graduates use a smartphone, so the fact is that a majority of consumers own and regularly use smartphones, making them prime targets for your mobile display ads through geofencing.
51% of smartphone users have discovered a new company or product when conducting a search on their smartphone.
Consumers are increasingly using their mobile devices to research companies and products, and the majority of smartphone users are open to finding new companies or products through their phones. So, by targeting users directly through their smartphones, you’re helping them through the buying cycle on a device they’re already using to make purchasing decisions.
Geofencing is a helpful strategy that allows you to target consumers when they’re near your business (or near your competitor’s business).