Beacon technology — and the type of customized, personalized marketing it enables — is one of the fastest growing segments of the local industry. As beacons graduate from the “experimental” phase, interest among retailers is expected to explode. In the U.S. alone, in-store retail sales influenced by beacon-triggered messages are predicted to reach $44.4 billion this year, according to BI Intelligence.

In order for this burgeoning vertical to flourish, beacon vendors need to find a monetization strategy that makes sense. Building a sustainable stream of revenue has proven to be harder than building a piece of hardware that detects nearby smartphones, and vendors of all sizes throughout the industry will have to refine their strategies if they want to stay in the game in the long term.

Here are five examples of monetization strategies for beacon vendors.

1. Try a one-time fee for the hardware. “Monetization strategies for beacon vendors depend on their product offering, which can

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Source: Street Fight