Geofencing has been exemplary in exploding the market since its inception. It is now being used in the multiple fields to different uses. Geofencing in modern world looks like a technology that can be the answer to many questions around the globe. If anything, it’s just a matter of some creativity with respect to the use of geofencing that can bring about some more path-breaking developments. The most common use with respect to geofencing has been in the advertisement industry. Multinational brands and telecom companies have been constantly using this to attract customers into buying their services and products. However, can small businesses be at an advantage with this technology? The question looms.
Advantage for small businesses
If experts and specialists are to be believed, geofencing might have more at offer for small businesses than most people believe. They suggest that due to specific targeting of geofencing, small businesses can benefit by getting their specific audience targeted. Small businesses are often restricted to certain few locations. Social media advertising is often not the most feasible option for such businesses as the conversion rate often turns out to be too less or almost negligible. Geofencing, on the other hand, helps them target people only in the cities or regions where they have their services or outlets.
Reach your Customers Directly
Further geofencing, as put forward by a survey, increases click-through rate by about 15%. It also provides with excellent timing for advertisement. Another advantage is the fact that it is highly cost-efficient as well. Most small businesses don’t have the luxury to spend lavishly on advertisements. Geofencing allows small businesses to create their own specific marketing channels that help them immensely in competing with big businesses at a price much lower than what is spent by big businesses.
Geofencing effectively allows you to boost your business by increasing the probability of consumers interacting with your business. Businesses can be creative and strategic by setting a geofence around the setup of the competitor’s business. Further, depending on what your business is, a geofence can be set around venues that are complementary to your business and people visiting those areas might be more likely to be interested in your products and services.
Currently, there is a concern around privacy of businesses with the use of geofencing. However, advantages of geofencing surpass its disadvantages by a mile and its time small businesses make the best use of it.