Geo-Targeting Tips for Advisors
Geo-targeting has become one of the most powerful digital marketing tools businesses have at their disposal. This game-changing tactic uses data from a consumer’s mobile device to deliver highly-targeted and relevant content. To make a broad analogy, think of geo-targeting like the tech-savvy grandson of direct mail marketing. But instead of spending good money to cover a broad area of mailboxes, geo-targeting allows you to build a customized audience of consumers based, not only on where they live but where they work, shop, eat and anywhere else they go.
Two or three years ago, geo-targeting was considered to be the “next big thing” in digital marketing. Today, it is the big thing. Businesses that have made geo-targeting a part of their digital marketing strategy are making better use of their ad budgets and enjoying a higher return on that investment. Are you geo-targeting?
Facebook, Google, and other platforms have for years allowed businesses to deliver ads to consumers within a specific geographic region. It’s effective but does little to account for relevancy. Your ad might reach a lot of people, but how many of them will actually care? Geo-targeting works to solve this problem by providing insight into the consumer’s interests and behaviors based on real-time, or historical location. For example, someone who makes daily trips to their local gym is probably going to be more interested in a health food store ad than someone who doesn’t frequent that location. While both people might live in the same zip code, the ad is only relevant to one of them. By geo-targeting the gym, the ad is more likely to hit the right target.
So how can agents and advisors put geo-targeting to use?
Consider Your Target
Think about who you’re trying to reach. Pre-retirees? High-net-worth professionals? Using generalized parameters like age or education to build your target audience is a good start, but that only tells part of the story. However, where these consumers spend their time can paint a much clearer picture. Where do these consumers work? Where do they spend their free time? That C-level executive you want to connect with can might spend their day in a nice office building downtown and Saturdays at the golf course.
Create a Geo-fence
Once you’ve determined who you want to reach and where you’re most likely to reach them, focus your ad on those locations. For more precise targeting, include any additional demographic information that might be relevant.
Use the Right Platform
The platform you use for your geo-targeted campaign can play a big role in the effectiveness of your geo-targeted campaign. Which social media channels are popular with your target? You probably won’t find too many baby boomers on Twitter, but there are plenty on Facebook. And that executive? Try LinkedIn.
Analyze and Experiment
Geo-targeted campaigns can be complicated and often call for a little tweaking as they run. Pay close attention to the analytics, measure your results, and act accordingly. If that geo-fence you drew around the downtown business district isn’t generating any new leads, try making a few changes. Maybe you need to expand your geo-fence or revise the content of your ad itself. Digital marketing is not a science, especially when it comes to a data-rich tactic like geo-fencing. Don’t get frustrated if you don’t strike gold right away. Keep experimenting until you find the strategy that works for you.