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5 Ways Location Based Services Will Prove to Be a Boon for businesses

Mobile phones are undoubtedly one of the most remarkable inventions ever. The evolution of mobile phones from mere devices of communication to a multi-purpose device has proved to be a great boon, especially for businesses. Businesses have been leveraging the features offered by mobile phones such as user location tracking to market their products or services to a relevant audience. In fact, location based services (LBS) have already started emerging as one of the most vital aspects of mobile marketing for B2B companies. For those of us who are unclear about how location based services work, it uses real-time geo-data from a mobile device or smartphone to provide information, entertainment or security. Though location based services were initially used only by B2C companies, B2B companies are slowly waking up to the innumerable opportunities that this technology can offer them. Location based services enable marketers to gain a better idea about the group of customers that are more likely to favor a particular product or service. The only challenge here is to gain customers’ permission from customers to provide more personaliRequest Proposalzed offerings to them. Here are some of the key reasons how companies and marketers can benefit from location based services:

Building networks and partnerships 

Using location based services enables two or more companies to enter into a mutually benefiting relationship through tie-ups. By forming a network of companies that can support and promote each other, the success of one company can prove beneficial to all the others. Such efforts also open up several avenues and opportunities for companies to flourish and increase their profits.

Rewards and discounts 

Rewards and discounts act as great baits for attracting potential customers to the company’s products and services. Once businesses identify their customers’ behavior pattern by using location based services, they can be targeted by offering rewards and discounts for the services that are used by them the most. For example, if a customer regularly books flight tickets, companies can offer special discounts during a particular season. This would act as an incentive for customers to frequently use the company’s services.

Building social connection 

After clearly understanding the wants and needs of the target customers, companies can go ahead and link their location based services to a mobile social network, which would enable users to share details about the company with their friends and other contacts. Companies can greatly benefit from this as it helps build their user database and increases publicity for the brand without having to put in any extra effort.

Analyze competition 

It is vital for companies to not only understand customer’s behavior with respect to their products and services but also understanding the users’ level of interaction with the competition. This is essential as it will help companies position their offering differently and offer something extra to the customers when compared to the competitors.  By using location based services, companies can keep constant tabs on their customer’s action towards various offerings available to them.

Events and tradeshows 

Events and trade shows are useful platforms for businesses to showcase their products and services. Organizing an event on a subject of customer interest could attract more users to your services. This would require a considerable amount of effort on the company’s part, both in organizing and financial terms, but if this effort takes off well, it could prove to be highly useful in gaining more customers. Tapping the right companies for the event could also pave way for many new sponsors for future events.

For a visual explanation of how location based services work, check out this relevant video on YouTube: 

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4 Tips to Improve Your Marketing Research Process

Today, it has become quintessential for businesses to understand the fact that the concept of marketing has evolved and become more consumer-centric. Satisfaction is now the new aim of marketing, and to achieve this, companies need an appropriate marketing research process in place. 

With constant changes becoming the new norm in business activities, the only thing that remains constant is the need for establishing an effective marketing research process. Every marketing research process helps companies to evaluate market opportunities and take business decisionsGet more info based on hard facts. It is, therefore, the backbone of every successful business initiative. However, today we see that most companies prefer to cut costs when it comes to a marketing research process since it is resource intensive. While this may not be the best business decision, most companies have started following this logic during product or service launches.  Marketing research doesn’t always have to be an expensive affair, as many start-ups have shown, if companies are following the right set of protocols.

So, without further ado, let’s look at some of the best ways companies can improve their marketing research process:   

  • Define “YOUR” problemmarketing research process

This is perhaps one of the most critical steps in establishing a good marketing research process. In this step, companies have to define the scope and aim of their research. This would help businesses determine the information that they need and how they can go about collating that information. Properly defining the scope of the marketing research process can help business stakeholders to deal with the overarching business challenge, such as loss of market share or how to market products or services to a specific sub-segment of users.

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Developing questionnaires that cover your business challenge and examining the actual cause of these issues can help businesses to filter out the unnecessary data. To effectively define “YOUR” problem, take into account as many variables and their causes, respectively.

  • Plan your researchmarketing research process

Once the first step has been completed. The next task involves the process of planning an extensive research approach. This marketing research process can only be carried out once the preliminary step of establishing the research scope has been completed. The research plan or approach can be overwhelming to create since it includes steps and methodologies that can help answer or explore the opportunities uncovered in the first step. Every research technique comprises of the following:

– Interviewing potential customers to obtain feedback

– Conducting surveys with industry stakeholders to gain industry insights

– A/B testing on your businesses’ website to understand customers’ perception

Getting Personalized Marketing Right: What Do Customers Really Want?

What you think your customers want and what they actually want might not be the same in several cases. But if you don’t get it right, the chances are that somebody else will lose customers for your business. Thanks to digitalization, a lot of data on customer activities online is readily available to companies. This could prove to be a great boon for retailers while formulating their marketing campaigns and creating personalized marketing content. In fact, there is nothing that makes a customer feel more connected to your brand than knowing that you care about their needs. But personalized marketing is not a cakewalk. The challenge is to formulate marketing strategies in a way that it doesn’t cross lines and delivers genuine value and relevance. Just addressing a marketing campaign to a customer does not serve the purpose. Knowing what campaign to target and which customer group is the first step to personalized marketing. Based on our research, here are three things that most customers look for in personalized marketing campaigns:Request Free Proposal

Recommendations and reminders

Customers often tend to browse through products online and save the items of choice to their wish list/cart to come back later and make the purchase. In such cases, it is quite common for customers to forget to go back and complete the purchase. One of the most common personalized marketing techniques that brands today use is to remind shoppers of items they browsed but didn’t purchase. This is referred to as ‘retargeting.’ However, though this is an established technique, it can easily come off as creepy or annoying to shoppers if not executed thoughtfully. Shoppers dislike being constantly reminded of products they’ve already bought or searched for, especially if the ads appear either too soon, too frequently, or too late in the process. To correctly target marketing campaigns to what a customer might be interested in, companies need to use more sophisticated recommendation algorithms. This will help in offering complementary products or services instead of just the things the shopper has already browsed or bought. Finally, with any retargeting message, it’s important to observe who responds and who doesn’t adjust the frequency accordingly.

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Track shopper needs

Stock-outs and unavailability of the desired sizes are a common problem that leaves your customers disappointed. But the same customers would be delighted if you notify them when the items and sizes are back in stock. Retailers must ensure that the personalized marketing campaign contains a trigger or a call to action button for the targeted message. This would redirect the customer to the page on the website, and they can make the purchase quickly.

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Connecting online and offline experiences

Connecting digital messages with offline experiences of customers can work wonders in personalized marketing for a brand. Since this requires collaboration between disparate areas of the organization, such as store operations, PR, digital marketing, and analytics, it might prove to be a challenging task for companies. But if done efficiently, communications that seamlessly straddle both online and offline experiences and provide real value can make a customer feel that a retailer really knows them. Cross-channel communication involves using information that customers have not actively provided; retailers should try to supply information that consumers will find truly valuable. For example, Starbucks uses location information from customers’ mobile phones to ask them if they really want to place an order now at a store that’s an hour away from their current location, since the order will be ready (and getting cold) before they reach the store. Most customers do not object to such location tracking because it offers them the information they are likely to find helpful.

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