Geomarketing Market Insight

Geomarketing is the analysis of demographic and economic data of a territory to plan marketing strategies for an organization. Data is collected through normal business activities or with geographic information software (GIS), which is affordable for small businesses to get access to the same data that bigger businesses access. Every piece of data related to a customer’s location can be used to create a digital map showing local activity. By using a digital map, end users can display information about competitors, consumption, distribution, fidelity cards, and estimate turnover. Geomarketing is a modern approach to analyze business on territory area. Many variables such as people, competitors, consumptions, and streets availability are analyzed together to predict and evaluate the best area where to locate a business through geomarketing software, increasing its demand in the market.

Geomarketing Market Scope and Structure Analysis:

Impact of COVID-19 on Geomarketing Market:

• Analyzing trends in smartphone owners’ whereabouts is expected to be a powerful tool for health authorities looking to track coronavirus, which has infected people globally.
• Foursquare has been documenting the decline in foot traffic to airports and hotels, movie theatres, retail stores, restaurants, and bars. However, it has captured the increase in visitation to drug stores, grocery stores, certain warehouse stores, parks, and fast food chains.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

Increasing adoption of emerging technologies in marketing sector is a key factor boosting the growth of geomarketing market. Also, emergence of location analytics and big data to generate useful insights from data silos among various marketing organization is a factor driving the growth of geomarketing market. Growing demand for location-based intelligence that includes functionalities such as spatial analysis, objective decisions, generate added value for your data, identify relationships more easily, individual benefit, and many more is a factor expected to support growth of the market globally. Increasing adoption of location-based applications among end users and growing investments in the digital marketing are also driving the growth of geomarketing market. However, concerns associated with individual data privacy and rising cyber threats are key factors that is hindering the growth of geomarketing market. Contrarily. increasing demand for mobile computing among consumers and trending social media websites are factors that are expected to create significant growth opportunities for geomarketing market in the forecasted years. Also, adoption of geomarketing software among various industry verticals is expected to drive the market in the forecasted years. 

Growing demand of geomarketing software in retail business

Retail business are using location-based promotional activities in multiple ways, such as sending proximity messages and using a geomarketing solution to the mobile devices of potential customers who pass by the store to locate the target audience. Moreover, on arrival of customers near stores, storekeepers can be notified so that goods ordered online by customers can be kept ready for pickup increasing ease of use to end users. Such kind of promotional activities help in reaching consumers at the right place and at the right time. Geomarketing campaigns help enhance the customer experience through targeted reach. Location analytics helps marketers find the most profitable customers and identify more such customers for generating revenue opportunities. For instance, Timberland was able to increase store visits by 6% by targeting urban adventurers near their stores. Also, Currys PC World used a similar approach, combining audience and location targeting to increase store visits by 12%.

Increasing social media check-ins

Social check-ins that allow users to digitally “check in” to various geofencing locations can be used to send special offers to customers who are currently in store, restaurant, or shop targeting a large audience for better experience. Foursquare is a popular app that offers these services to drive store visits in geofences set by end users location data.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the global geomarketing industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global geomarketing market share.
• The current market is quantitatively analyzed from 2021 to 2027 to highlight the global geomarketing market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global market analysis depending on competitive intensity and how the competition will take shape in coming years.