ENTER: GEOFENCING

Decoding the latest entrant in the broadcast advertising domain – geofencing
Geofencing, Advertising domain, Virtual boundary, Location-based service, Radio frequency identification, Global positioning system, GPS, RFID, AI-enabled application, TV Broadcasters, Hubbard Radio, Veritone Attribute, Michael Kennedy, Artificial intelligence

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A geo-fence is a virtual boundary for a real-world geographic area, which could be dynamically generated—as in a radius around a point location, or a geo-fence can be a predefined set of boundaries (such as neighbourhood boundaries). It uses global positioning system (GPS) or radio frequency identification (RFID) to set geographical perimeters, posing as a virtual fence. This barrier could outline the radius certain area, to target consumers who enter or leave the exact location.

An instance of usage involves a location-aware device of a location-based service (LBS) user entering or exiting a geo-fence. This activity could trigger an alert to the device’s user as well as messaging to the broadcaster. In marketing, geomarketing (also called marketing geography) is a discipline that uses geolocation (geographic information) in the process of planning and implementation of targeted-ad campaign activities for broadcasters. It can be used in any aspect of marketing – the product, price, promotion, or place (geo targeting). Market segments can also correlate with location, and this can be useful in targeted marketing.

TARGETTED ADVERTISMENTS
Broadcasters can benefit from additional data insights, enabling increased accuracy of campaign performance analysis for advertising customers. Once a user has entered the specific geographical area, an advertisement or promotion is shot to the user’s device.

Veritone’s Attribute, AI-enabled application for radio and TV broadcasters, now includes geofencing capabilities. “Veritone’s latest addition to the Attribute application further expands our ability to measure our advertisers’ ad performance and increase attribution data accuracy by adding geographic criteria to the analysis. Attribute’s quick, easy-to-decipher reports and slick graphics provide a great visual for presentations, and geofencing only adds to that story,” said Sara Henry, event coordinator, Hubbard Radio St. Louis.

A pivotal factor in any marketing campaign is staying relevant and user-centric to the users the broadcaster is hoping to target. This is where geofencing proves its mettle. The technology makes sure the campaigns are customised according to a user’s consumption pattern.

MEASURING EFFICACY
Geofencing enables a broadcaster to comprehend the user at every step, thus, helping them gain insight into the effectiveness of the campaigns. It also provides the broadcaster a means of measuring the success and accuracy of each of their marketing campaigns and identifying loop-holes along the way.

For example, Veritone Attribute enables radio and television broadcasters to demonstrate advertising efficacy for their customers by correlating the traffic on the brand’s digital properties with ads that have run on the broadcast networks. Attribute not only measures the effectiveness of pre-recorded commercials, but also leverages Artificial Intelligence (AI) to gauge the efficacy of live reads, organic mentions, and in-content chatter or displays. The performance data is available in near-real time, empowering broadcasters and their advertisers to conduct performance analysis without losing valuable time. They can make quick, data-informed decisions and adjust schedules and/or ad creative based on the findings - to drive maximum campaign success. Station users can isolate ad-tracking and accumulate campaign data by geographic area.

The additional data point of geographic location allows a broadcaster running a national campaign in multiple markets, to easily set the geofencing tool to only include traffic from specified geographic areas, in which the ads run into the performance analysis. The result is cleaner, more precise attribution data, in turn, allowing region-specific insights and reporting.

“Attribution models are becoming more and more critical to help broadcasters understand which ad campaigns are working or not, which in turn helps their advertising clients make their campaigns more effective,” said Michael Kennedy, senior director, Product Management, Veritone.

The ability to adapt to the changing dynamics of the market, and enhance a campaign to suit accordingly, is key to staying relevant in this industry. Geofencing can be considered an effective way to bring measurable data specifications to each advertisement campaign,  thus, driving deeper engagement and a stronger customer base. This, in turn, accelerates growth, boosting overall revenue.

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