Geofencing for ABM
Experts are enthusiastic about the possible uses of geofencing in B2B sales, though at present there has been little to no use in the SaaS sector. Due to a paucity of sources discussing geofencing specifically in the context of marketing SaaS, we have included sources that discuss B2B geofencing marketing more generally with the understanding that there would be considerable overlap. While we expanded our research to include programmatic advertising, this did not provide any examples of SaaS companies using the technology and so our findings are focused on geofencing.
Choosing the Fenced Areas
- Geofencing can be used to target a specific business, placing "an online banner aimed exclusively at people working at the address" one wishes to target.
- Since businesses often cluster together, serving targeted ads to specific business parks is an excellent way to inform likely customers of one's brand, offers, and content as a part of one's ABM strategy.
Segmentation and Account-Based Marketing
- A Data Management Platform (DMP) can use the data gathered from ABM (both geofencing and IP targeting) to provide "advanced real-time audience segmentation" and other audience intelligence.
- This could be used, for example, to only target those who enter a building several times a week to target a business's employees rather than their customers, or targeting specific employees within an organization as they are identified.
- Other possible segmentation includes "intent data, their demographic, firmographic, technographic, psychographic & cookie-data."
- This helps B2B companies to target specific cluster personas, allowing the creation of custom content that optimizes the chances of attracting their attention.
- For this to be effective, the vendor must have a "clear view of good-fit target accounts" and personas.
- The result is tailor-made content targeting smaller niche audiences to drive awareness, engage, and optimize conversions.
- In a B2B setting, ABM combines demographic data from multiple sources with geofencing to target key decision-makers in a company "based on the technographic, firmographic & psychographic data of the prospects."
- This generates more conversions — not only final sales conversions but stepping stones such as earning more newsletter subscribers among decision-makers and tailoring the newsletter to match their needs and generate more sales down the line.
While hard data on the benefits of B2B geofencing is few and far between (likely due to the technology's relative newness), there are a few claims made by its proponents:
- 70% of B2B marketers are willing to share their location in return for useful information on their buying habits.
- 80% of users of location-based services are interested in receiving alerts from the companies they have expressed interest in.
- One geofencing marketing company claims that geofencing at a local level (e.g., a section within a convention) achieves 97% more advertising efficiency that simply targeting a one-mile radius.