I am particularly fascinated by geofencing. Though I knew that a company could geofence their business, I didn’t realize it could geofence another. So if I was Caribou Coffee and you entered an area I had geofenced around Starbuck’s, I could send you an SMS with a reminder that Caribou was only half a block down the street from where you are and offer an enticing coupon.
Because a company can build a geofence virtually anywhere, it can also geofence complimentary businesses. Amit Shah, VP of online, mobile and social at 1-800-Fowers says its company has geofencedthe area around jewelry stoes that are close to their flower shops. So if you are shopping for jewelry, you might just receive a discount offer for a bouquet from 1-800-Flowers (as cited in Brousell, 2013).
Brousell, L. (2013, August 28). 5 things you need to know about geofencing. Retrieved from http://www.cio.com/article/2383123/mobile/5-things-you-need-to-know-about-geofencing.html
Nanni, C. (n.d.). Geotargeting vs. geofencing vs. beaconing: The art of nailing time and place. [Infographic]. Retrieved from http://blog.apps-builder.com/infographic-geotargeting-vs-geofencing-the-art-of-nailing-time-and-place/
The benefit of some of wearable technology is feedback companies get in relationship to how their products are being used. If Nike shoes have embedded fitness trackers in them, Nike could determine to what degree consumers are using their sneakers for sports vs. leisure (serious workouts vs. running errands around town). It could uncover which shoe models are chosen by sport enthusiasts verses people who just want great looking/feeling sneakers. While I’m at it, if there was a way to geo-track the shoes, Nike could more fully understand the psychographics of its consumers. Are the shoes walking into Sports Authority or Dick’s Sporting Goods? Lifetime Fitness or Gold’s? Tennis courts or running track? This information is marketing gold.