May 19, 2023 — A tool under geospatial data, geographic information system (GIS) can revolutionize businesses and one excellent example of that can be found in geomarketing.
Geomarketing is a location-based data tool that combines with other marketing data points so companies can further hone their strategies to suit specific demographics. From age groups, to spending power, to gender in a given area, geomarketing can make use of readily available consumer data to provide better services, achieve higher foot traffic, and increase profitability overall.
Check out our article on Geospatial Data: How Does It Fit Into Business?
Whether for expansion or even before starting your business it is essential to know and understand your target market. The business decisions you can make through geo-targeted campaigns are endless.
In your area of business and operations, what is the gender ratio? What socioeconomic demographic makes up the majority? How many are under the age of 60? How many have children?
Every data point can be directed to help craft tailored, geo-targeted campaigns that will ultimately resonate with your market in a given area, increasing your chances of sales and profitability.
For example, if you’re in the food industry and you have multiple branches in the area, you can harness the power of geomarketing and craft promotions that would give your branches a competitive edge:
Geomarketing provides you with the tools to pinpoint the needs and interest of your target market far more intimately than general demographics.
Using GIS data allows you to track the success of your marketing campaigns based on key performance indicators such as physical traffic in your chosen location. If your company has multiple store locations, tracking performance through GIS data can also do store comparisons. Not only will you be able to identify which particular branches need more work and attention or recognize those who’ve gone above and beyond their goals, but you can also end up managing your business in such a way that eliminates the chances of cannibalism, where your own stores end up taking away each others’ market share.
A key component in effective geomarketing is the ability to visualize the data you’ve collected and collating them into a single system that can organize it in such a way that makes sense. Data alone is important in itself, but seeing your target market, points of interest, and other information as dots, lines, and colors on a map can bring your decision-making to a whole new level.
Know where to set up a new location, identify the best routes to put up advertisements, understand which areas are accessible – finding the right combination for your organization would make the world of a difference.
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