While marketers are acutely aware of how to monitor the effectiveness of online campaigns, ensuring that location-based marketing is worthwhile can be more complicated than simply tracking click-throughs and sales. While there will undoubtedly be some crossover with online KPIs, organisations should also use the following location metrics for monitoring campaigns. Periscope® from Newgrove is a powerful software that allows businesses to access and develop data sets based on these metrics and more:
1. Local conversion rates
Conversion rates help you to establish whether your marketing content is resonating with local prospects. With A/B testing, you can try tailoring your marketing to appeal to local demographics, and plot conversions on a map to gain an insight into where your techniques are working – and crucially, where they need improvement.
2. Cost per local lead
Calculating the cost for each lead can be a good way of judging the effectiveness of a marketing campaign. However, things get more complex where brick-and-mortar locations are concerned. In the online world, if a specific form of marketing costs more than the leads it generates, you might decide to scrap it.
However, in terms of location, it might not be quite as sensible to cut back on a campaign simply because it’s costing more per lead. When you take location metrics into account, it could transpire that customers that cost more to attract (in affluent areas with high competition rates, for example) are likely to spend more, or visit your business more frequently, than customers in other locations.
3. Long-term value per customer
Your existing data will be able to tell you how many customers you currently have – and that’s great – but will they remain customers if they move house? In the long-term, are customers willing to commute to continue to use your services? Will they keep using other branches of your organisation if they move, or if they’re visiting another area?
With Periscope® from Newgrove, all this data can be plotted on your very own secure, corporate version of Google Maps. This provides valuable insights into brand loyalty across different locations. These will indicate whether your business has the power to retain customers who move, and how to keep customers using your brand (e.g., through cross-branch loyalty schemes).
4. Customer density by postcode
To expand the reach of your brand into new areas or to simply improve conversions in areas where you’re already successful, you need simple, visual data to understand which locations need attention.
Let’s say you run a marketing campaign targeting a nearby postcode that contains a number of competing businesses, with the idea of “poaching” prospects over to your brand. With simple visual overlays via Periscope®, you’ll be able to monitor the success of such campaigns with ease.
5. Return on investment
Ultimately, the end goal of any marketing campaign is to generate revenue. By highlighting how much revenue your local campaigns are generating on a heat map, you’ll be able to identify your most effective campaign strategies.
By tracking ROI by location, your marketing teams can then justify continued investment in successful campaigns. They can also reroute funds from less successful ones into other ways of enticing local customers into a particular branch.
Harness the power of location intelligence today
At Newgrove, we’ve been at the forefront of location metrics for over two decades. We enable brands to make strategic, location-based decisions based on unique local demographics and customer insights.
To find out how Periscope® could help improve your marketing campaigns or to request a free demonstration, please do not hesitate to contact us today.
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