TThe market is increasingly competitive, and adopting new marketing strategies is a great way to always stay ahead of your competitors. Two of these paths are: Geotargeting and Local Marketing.

Understanding the demographics of users who organically visit your website or interact with your ads is crucial for developing accurate customer personas for your business.

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Using this data, you can analyze your results in different regions and develop different strategies according to the conclusions of the studies.

But let’s talk a little more about these two strategies:

What is Geotargeting?

Geotargeting is a marketing resource that aims to use geographic data and create ads adapted to the region you want to reach. No matter your business, you need a steady stream of potential customers or leads.

Leads can be broadly categorized as outbound (those you actively seek out) or inbound (those who find you). To optimize your lead generation, honing in on locations, cities, and geographic areas where you’re likely to generate new leads is a huge differentiator for your brand.

And the best part is that geotargeting costs little to nothing to get segment leads. Targeting ads to customers based on their location makes them more likely to connect with the offer or ads.

Geotargeting Ads

The principle behind geotargeting is quite simple.. Every device connected to the internet has an IP address, which indicates the user’s location. So, when a user visits your website, geotargeting tools extract the geographical location from the user’s IP address and device ID. 

Leveraging this data, we can then deliver tailored ads to the device ID associated with the lead’s location, enhancing the likelihood of conversion.

Also, it’s worth noting that while you can use geotargeting to target specific locations, you can also use it to avoid specific locations. In that case, you can ensure you don’t waste precious lead generation funds running those campaigns in those areas where you don’t want to do business. 

Importance of Geotargeting for Prop Firms

Geotargeting can fuel your firm’s growth by addressing the specific needs of local leads, ultimately boosting sales and expanding profit margins.

Suppose you are in a highly competitive industry such as the trading market. In that case, whether you are a large or small prop trading firm, you can benefit significantly from incorporating geotargeting into your marketing strategies.

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Below are some reasons to consider geotargeting for your prop trading firms:

Personalization

Geotargeting enables the delivery of personalized content to leads based on their geographic location, enhancing engagement.

Since users can be targeted by country, region, state, and other position data, it makes it easy to narrow down the marketing campaign’s content to be more personalized, which helps increase engagement.

Reduced Acquisition Costs

If you have to run a marketing campaign to target the globe, the cost will be significantly high. But with geotargeting, you can reduce the cost of your marketing campaign. 

For example, with geotargeting, the average cost to run a pay-per-click marketing campaign will be reduced while increasing the conversation rate.

More Accurate Targeting

Also, geotargeting ensures your firm delivers the most relevant content to leads in specific areas. More accurate targeting helps reduce wasted impressions and clicks.

Brand Strategy

Prop trading firms that use geotargeting can deliver relevant content to leads which can be a brand-defining moment. In other words, leads tend to trust your brand as an authority in the region. Hence, geotargeting is a useful tool for building a loyal customer base.

Competitive Edge

Geotargeting also gives a prop trading firm a competitive edge, allowing you to hide your ads from competitors. As such, competitors based on the IP address you are trying to generate leads can’t view your ad campaigns.

Modifying Metrics

In response to these updates, Facebook adjusted its algorithm for analyzing and collecting metrics, mitigating the impact on existing campaigns.

However, not everything is just about negative results. The good thing about changes is that new opportunities always arise, and we are going to talk a little about the main ones and how to stay ahead of your competitors.

Source: SimilarWeb

Geotargeting Use Cases

To implement geotargeting, you need to track new and existing visitors to your website. By analyzing this data, you can find out which location generates the most clicks for your domain. 

Once you discover the regions, you need to understand what people are looking for on your website and send personalized marketing campaigns based on their location.

Here are some of the best practices Modernized Marketing uses for Geotargeting:

Language and Currency

Through geographic segmentation, we can know the local language and currency used in each region. By matching the language and currency of your company’s website with that of the lead, the chances of conversion increase significantly than with a regular ad.

Relevant Keywords

The customized keyword strategy for each region is a huge differentiator for you to be able to strengthen relationships with your target audience. We analyze and always optimize ad keywords so that your content is more relevant in local searches. 

This method is also used in our Local SEO strategies. Understanding how users from different regions search on Google can be essential to improving your search engine rankings.

Social Media Ad Personalization

Social media is another effective strategy to use for geographic targeting to produce better results. Creating matching ads with corresponding geotags for each social media platform your business features on is the key to increasing your revenue. 

With geographic segmentation, you analyze which platforms are most used in each region and create campaigns to appear on those that your lead uses most frequently.

Geofencing

If your business aims to capture leads in multiple locations, offering promotions using geotags can help increase conversions. The more specific your campaign, the better results you will get.

Use Geofencing Effectively

Geofencing is a part of geographic targeting where we create a virtual perimeter around a specific location to deliver a targeted and personalized message to the audience within that perimeter. 

Combining it with geographic conquest helps your brand to have more and more relevance in each location in a strategic way. And when well-mapped and optimized, this tactic increases your company’s revenue.

Conclusion

In summary, geotargeting is vital for prop trading firms as the market is highly competitive. Getting very localized and offering promotions to a target audience at a specific location appeals better to leads. 

Generally, when you apply this marketing strategy correctly, you are improving your chances of getting leads that can be converted into long-term customers for your firm.