In this episode, we explore the evolution of location-based marketing and its impact on the industry. With the global market for location-based marketing services projected to reach $232 billion by 2030, we discuss the challenges posed by ad blockers, VPNs, and the shift to a cookie-less future.
Our guest, Dan Hight, Vice President of Channel Partnerships at Placer, shares insights on the origins of GPS and how it has transformed the marketing landscape. From commercial real estate to advertising, we delve into the role of location analytics and true market intelligence in shaping the future of location-based marketing. Tune in to learn more and leave with a deeper understanding of this dynamic field.
Get in touch with Dan at dan.hight@placer.ai and visit https://www.placer.ai/ for a free trial of Placer.ai and to learn more.
Key Concepts and Highlights:
The Growth of Location-Based Marketing: The global market for location-based marketing services is projected to reach $232 billion by 2030, driven by the widespread use of cell phones and advancements in technology.
The Role of GPS: GPS on our phones exists primarily due to the need for public safety, particularly in emergency situations. The FCC mandated the inclusion of GPS capabilities on cell phones to enhance 911 services.
The Evolution of GPS: GPS technology has come a long way since its inception, with improvements in accuracy and new standards being deployed. GPS is now responsible for an estimated trillion-dollar impact globally.
Transition from Interest and Intent to Behavior and Movement: Traditional digital marketing focused on targeting audiences based on their interests and intent. However, location-based marketing shifts the focus to understanding consumer behavior and movement in the real world.
Privacy Concerns and Changing Regulations: With the rise of privacy regulations and consumer awareness, the advertising industry is moving away from one-to-one targeting and towards one-to-many or one-to-few approaches. This shift aligns with the changing landscape of consumer preferences and regulatory requirements.
The Impact of Data Collection: Data collected for location-based marketing differs from online data collection for ad targeting. Placer.ai's approach focuses on place intelligence rather than individual profiling, ensuring privacy and regulation compliance.
Technology Advancements and Future Possibilities: Advancements in technology, such as the expansion of the Wi-Fi spectrum, will unlock new capabilities for location-based marketing. Improved indoor positioning and enhanced consumer experiences will be exciting developments in the coming years.