Sure, it’s July. But as the 2024 holiday shopping season nears, using location intelligence allows businesses to integrate physical and digital experiences, creating a cohesive customer journey across both realms.
By seamlessly bringing together data from customers’ physical movements and online interactions, retailers can personalize shopping journeys, optimize inventory management and enhance targeted marketing efforts.
In an era when omnichannel shopping and personalized experiences are paramount, location technology will be a critical tool in every digitally mature marketer’s toolkit.
Precise segmentation
Location intelligence enables marketers to identify audiences based on real-world behavior, driving more effective targeting of ads and promotions. During the holiday season, understanding shopper patterns and preferences can help tailor messages that resonate with specific audiences, boosting engagement and sales.
For instance, retailers can use location technology to reach distinct types of shoppers such as sneakerheads, pet owners or wine enthusiasts based on where they visit.
Hyper-personalization
Personalization is the new normal. With location intelligence, marketers can deliver highly relevant offers to holiday shoppers and gift-givers when they’re in proximity to a store in real time.
Consider how an ad offering a compelling discount might entice a passerby to enter the store, driving foot traffic and sales. Alternatively, targeting holiday shoppers who are currently visiting competitive locations can help win market share.
Enhanced customer insights
Beyond targeting, location technology is also essential for gaining a comprehensive view of customer behavior. Omnichannel attribution allows marketers to analyze customer interactions and understand how each touch point contributes to a sale, from physical stores to online platforms, social media and more.
A customer might discover a product through an out-of-home (OOH) ad, learn more about it via TikTok and finally make a purchase in store. Proper attribution allows retailers to understand this holistic journey and ultimately boost ROI.
These insights are also vital to businesses without their own brick-and-mortar presence. When a beauty brand wanted to drive gift hunters to buy its products at an upscale department store, omnichannel attribution showed how holiday advertising influenced beauty enthusiasts’ real-world behavior.
Optimized marketing spend
Accurate omnichannel attribution enables retailers to identify the channels that drive the most conversions and allocate marketing budgets accordingly. This prevents overspending on underperforming channels and ensures funds are directed toward the most impactful tactics.
As one agency analytics leader attests, it “allows us to pull levers to help optimize the media, which ultimately funnels up to business impact. So, it helps us see things that we aren’t otherwise able to see.”
Increased visibility has tangible benefits – in this case, an 80% increase in incremental store visits per ad dollar spent.
Preparing for the 2024 holiday season
Ready to break through the clutter this holiday shopping season? Harnessing the power of location will be key to stand out in a crowded market. By providing deeper insights into consumer behavior, enabling personalized marketing and fueling data-driven budgeting decisions, location intelligence empowers marketers to maximize ROI.
Embracing this innovative technology will play a key role in enabling brands to stay competitive and drive success in 2024.