When Apple (NASDAQ:AAPL) released the first iPhone in 2007, there was much uncertainty and apprehension about whether or not this new technology could ever replace the largely popular flip-phone technology in use at the time. In 2008, when Tesla (NASDAQ:TSLA) showcased and began producing their first vehicle, consumers were more than skeptical about the future of electric cars. Many questioned whether electric cars were truly the future of the automobile industry, or an unattainable, futuristic aspiration of a successful entrepreneur.
Today, Apple has released twenty models of the iPhone and Tesla has produced five successful models with numerous additional designs in the works. These developments in spite of initial consumer apprehension make it clear that industries have been forever changed by the technological advances that took place in just a few short years.
Where is Marketing Going?
Traditional marketing formats do not adequately predict how sales will be impacted. This produces a feeling of uncertainty because you cannot be sure who is receiving the message. Some uncertainty still exists to some degree with new marketing techniques, however most uncertainty has diminished because we are now able to confirm the identity of the person receiving the message. Historically, many “unknowns” were evident throughout the entire process of traditional marketing formats. Compared to now, revolutionized marketing technology makes it possible to verify with most methods precisely who is receiving a message. This process allows us to make modifications to the overall strategy based on initial results.
GeoSpatial Data
If you have heard of any new marketing techniques, you have likely already heard the term “Geofencing” mentioned. While this is a relatively general term, the core meaning of the method remains the same: geofencing is the collection of data based on devices that enter a designated location.
Traditionally, geofencing provided some pretty basic results. Companies would place a Geofence around a location and collect a Mobile Advertising ID (MAID) for a device. Now this MAID is nothing more than a series of characters, like a serial number for your phone, that only you have. Utilizing this MAID, marketers will then push mobile advertisements to that phone once they are alerted that the device entered a certain location at a certain time.
Data can also be collected once Bluetooth Beacons are deployed, or a user logs into a WiFi Hotspot. These technologies are helpful in that they collect additional information than just the MAID. One downside is that Bluetooth Beacons can be costly to implement because you must have access to the space you are attempting to collect information from, and they have significant physical implementation costs. Most often, competing businesses would not allow you access to target their customers thereby potentially depleting them of revenue. Wifi Hotspots require consumers to connect and login before any data can be collected.
How We Are Different
At OakRidge, we utilize technology that does not require the necessity of costly hardware implementations or hotspot logins. Rather, our clients simply draw a circle on a map around their designated location, and unique data is obtained on data points entering this area. If the designated area is our client’s place of business, our AI algorithms will find common information present in the collected data and build a marketing plan for data collected in a new location. We call this building the ideal customer profile and it is central to the success of our marketing strategy.
Communication with targeted devices using countless methods is all made possible through one accessible location: the OakRidge Portal.
By focusing marketing efforts and budgets only on consumers that are likely to become customers, our clients are able to better allocate their resources to target those who are likely to be receptive. This in turn bestows consumers with direct communications from industries they are likely to be interested in.
Christian Romano is the Managing Member of OakRidge Consulting. Following a number of years in the Technology Industry, he started OakRidge Consulting, centered around their leading marketing technology after years of development and implementation. He is a native of Pittsburgh, Pennsylvania, where he resides.
