It has never been easy to target customers where they are, when you want to reach them. That is changing. Today, 133.7 million consumers, a full 52.5% of the US population, own a smart phone, making them accessible for merchants to reach them in more immediate ways.
The average consumer spends 127 minutes on mobile applications a day. They are responding to their emails, browsing Facebook and other social media, and searching for places and things to do nearby. That is nearly an hour longer than people spend on the Web using their desktop computers or lab tops and only about 40 minutes less than the average time they spend watching TV. Most importantly, the consumer is on the go using their mobile device to solve problems or fill time as they move through their day.
With this, change in lifestyle, Hyperlocal targeting gives merchants the ability to reach just the consumers they want to reach, at the times and places where it matters. With this, fresh technology comes brand new ways to reach consumers, ways such as device level targeting; location enabled impression, positioning targeting, place based and something referred to as Sense Targeting, which is the use of location, behavior and user-level targeting all in one.
However, today, merchants are missing out. Mobile usage accounts for 10% of all media consumption by consumers, yet only 1% of the marketing community’s overall spending. Part of the reason is there are challenges for hyperlocal targeting. There is a lot of “dirty data” in that some complex algorithms and inconsistent standards get passed off as in correct location data. In addition, privacy is an issue and the ability to measure the full benefits of hyperlocal marketing because mobile users often make their purchases offline. However, even as the technology continues to improve marketing involvement in hyperlocal targeting remains behind the curve.
This could be a big benefit to the ICB owners. By taking advantage of the technology that is ready for use and getting ahead of the curve could give the ICB a leg up on its major competition. There are a number of hyperlocal marketing companies on hand today to work for the ICB marketing, and their pricing is very reasonable. It has always been a problem for major merchants to take the lead in new technology. They tend to want to sit back and watch the entrepreneurs take the risk on brand new development and then come along when they feel it is safe. In today’s world of technology, that is no longer a sound business practice but because of this old-school thinking, the ICB has been given a leg up on their major competitors, and they need to take advantage of the opportunity.