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.
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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.
Major players analyzed in the market include Adobe Inc., Cisco Systems Inc., CleverTap, Google LLC, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.com Inc., Software AG, and Telefonaktiebolaget LM Ericsson.
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.
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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%.
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