A lot of hype has been surrounding location based marketing for a considerable amount of time now, but we have yet to see it catch on to global mainstream audiences. It’s still slowly emerging as a new marketing medium in many regions, and at this point it’s partially down to the consumers within those areas, and how ready they are to adapt to new marketing mediums such as location based advertising. In this article, we will take a look at location based marketing as a whole, and how accepting the EU market is of this particular trend.
Location Based Advertising In the EU is Not a Myth
Whilst you may hear talk about location based marketing being used in Europe, you rarely see it in action, and this can easily fuel your doubts for the medium. The truth is, location based advertising is something businesses are using in Europe, and many marketers can see the value it could have within the region. In fact, a recent research report suggests that revenue from location based services such as local search, navigation, and other local social networking will reach a revenue of 825 million in 2017, which would be a steady year-over-year growth rate of 20.5% since 2012.
Whilst these numbers don’t directly translate into revenue from location based marketing or advertising, it shows that there is potential for location based advertising (LBA) because a large number of European smartphone owners are making use of location based services.
Growth in LBA is Forecasted for Europe
Along with the growth in revenue from location based services such as the ones suggested above, we can only expect a paired increase in revenue from location based advertising too.
LBA in Europe may not be used as a mainstream marketing medium, but it’s potential is being realized throughout the region, and over the next few years more businesses are going to start introducing location based campaigns as part of their marketing strategies.
It’s been said a thousand times before, but it’s very important to realize smartphones are filled with untapped potential when it comes to marketing and reaching out to new customers. We are getting close to having the potential to send advertisements directly to users whilst they deal with their everyday tasks, and we expect more European based services that support location based advertising to be brought to life soon.
Adopting New Location Based Marketing Strategies Now Could be Beneficial
Whilst many businesses may only be adjusting to new social media trends and general mobile marketing, the mobile industry has been growing at such a pace that even social media and standard mobile marketing aren’t even that shiny and new anymore. Using location based marketing in Europe right now will help your business to provide advertisements to new customers in exciting and refreshing new ways and will help to differentiate yourself from your competitors.
Whilst it may also be beneficial to follow the curve and start a sturdier location based marketing campaign when more platforms become available in Europe, taking the initiative to step ahead of the curve could be even more beneficial for your business, and you should potentially be able to open yourself up to a whole new audience of customers that many businesses are not yet advertising to.
To summarize this article – is the EU market ready for location based marketing? We personally think so, however it’s now down to businesses who are willing to take the initiative to prove that LBA can be a success before it is accepted by mainstream audiences.