Post by Kevin Theodore, Media Director
Location data is on the rise for Programmatic Media as it enables marketers to create more custom data segments rather than leveraging preexisting curated segments through third parties. The problem with current data segments is the transparency of how that data is being collected, how often it’s being refreshed, and the validation of its accuracy. Much of it is a test and learn approach, attempting to identify if it works for specific objectives.
Location data is no different than existing segments in terms of transparency. Because of this, marketers should seek to understand each service’s methodology for collection and data partnerships, allowing for flexibility of segment creation.
ACHIEVING MARKETING OBJECTIVES
Location data enables precision to achieve marketing objectives allowing location to inform behavior. A sports enthusiast can be someone who has visited an arena twice in the past 30 days versus just reading a sports article. The different variables of location data allow marketers to value consumers differently, allowing for a better understanding of proximity, frequency and recency. The data is largely used in two ways; in the moment and for historical reference.
In the Moment Data
In the moment, geo-fencing provides an impulse opportunity to the proximity of choice to align with population density. This can be to enhance your brand and drive sales or to conquest nearby competitors. The data will also provide an opportunity to reach consumers at one-time events for example (i.e. conferences, specific concerts/sporting events, fairs, etc.)
Understanding historical location data provides insights to where consumers have been, how often they’ve been there and the time frame they visited. This information allows marketers to customize their data sets to value consumers differently, ultimately maximizing efficiency. This can provide an opportunity for reactivation and the ability to understand consumer loyalty.
Some examples of how location data can be leveraged:
Location data doesn’t stop at targeting features but also provides measurement insights. Through location data, marketers have the ability to understand in-store visits and connect the dots from offline sales to online media. With the continued growth of the mobile medium alongside a rapid adoption of attribution and cross-device measurement services, location data will soon play a major role in media strategy.
To learn more about location data, contact Performics today.