Our partners at LiveRamp released a new study on People-Based Measurement and the impact it would have on marketing.
Key insights from the study include the following:
- Identity Resolution is Key to Accurate Measurement: 94 percent of marketing professionals report that a lack of “people-based” measurement capabilities makes it more difficult to create a complete view of cross-media exposure and link that view to performance metrics – such as sales and brand lift – to accurately assess marketing ROI.
- There are Common Challenges Organizations Face in Implementing People-Based Measurement: These challenges include not having the ability to link disparate data sets together for analysis (49 percent), not having identity resolution technology (48 percent), not knowing where to get started (42 percent) and not having access to enough offline sales data (42 percent).
- People-Based Measurement is the Starting Point for Creating Better Customer Experiences and Unlocking the Value of Data: Marketers and advertisers indicate the benefits of implementing people-based measurement extend beyond calculating campaign ROI:
- 75 percent of respondents indicate it will help them improve targeting and/or real-time campaign optimization
- 72 percent of respondents indicate it will help them optimize customer and prospect insights and improve product strategy, and/or improve the consumer experience
- 96 percent of respondents indicate identity resolution will be key to unlocking the value of their company’s data assets in the coming years
- While People Based-Measurement is not Yet Widely Implemented, There is Increased Investment on the Horizon:Nearly 70 percent of marketing and advertising professionals share that they have not yet implemented people-based measurement but plan to in the next three years. Additionally, over the next three years, 56 percent of respondents report that they plan to increase their in-house analytics capabilities, while 52 percent plan to invest more in marketing analytics technology.
Brian Andersen – Luma Partners
“It’s clear that identity resolution is key to solving challenges with cross-media measurement,” said Brian Andersen of LUMA Partners, “as well as helping marketers improve the consumer experience.”
LiveRamp CMO Jeff Smith
“We all know that marketers, media companies, and measurement vendors struggle to stitch together an understanding of the total
audience reached across traditional and digital channels,” said Jeff Smith, chief marketing officer at LiveRamp, “and even more importantly, tie omni-channel marketing exposure to key performance metrics like sales and brand lift. This study, however, for the first time highlights the true underlying challenge and a potential solution to this conundrum.”
12 Questions Every Buyer Should Ask about Location Data
We recently found a guide from the IAB on buying location data that is still relevant today. The convergence of place based audiences (merging device data and places/point of interest) is driving high ROI for advertising campaigns. Understanding the source of the raw data plus the human element involved in matching those latitudes/longitudes to a place is important. Circles or polygons? That’s the level of location discussion today. Contact Skydeo to learn more about our rapidly growing mobile location data and places audiences.
1. What is the source of your “place” information (i.e. data about what businesses, points of interest or addresses are found at specific lat/longs in the physical world)?
2. What is your overall share of 1st vs 3rd party place data (E.g. Do you have a proprietary mapping system/address data or utilize a 3rd party database)?
3. What is your approach to organizing places/place data (E.g. polygons, geo-fence radii, etc.)?
4. How precise is your place information (E.g. are you able to discern the location of a specific store in a mall versus the parking lot)?
5. How comprehensive is your place information (E.g. What percentage of business, addresses, or points of interest do you have place data for)?
6. How do you qualify and/or verify your place information? For example, how do you address the scenarios below:
a. How do you compensate for bad addresses?
b. Do you have a way to account for recent opening and closing of locations?
7. What are your sources of device location data (i.e. data used to locate a device) and how do you receive that data?
a. E.g. 1st party (O&O properties/servers), direct 3rd party deal/relationship, impression/ exchange data, etc.
8. What types of device location data do you use?
a. E.g. Device GPS, cell tower/triangulation, user-reported (check-in), user-reported (registration), Wi-Fi, IPS, beacons, low power Bluetooth, zip – local content, centroids, NFC, etc.
9. How do you identify and filter out the types of targetable location data that are not appropriately accurate for my campaign’s needs?
10. How long is your location data stored/considered relevant?
a. Is your device data time stamped?
b. If you offer dwell times, how are these calculated?
11. How do you verify/substantiate that the device location data you are using is accurate?
12. What is the scale of your device location data?”
According to Geekwire: Snapchat parent Snap has acquired Placed, a Seattle-based startup that operates a consumer location analytics platform.
GeekWire first learned of the acquisition last week, and made inquiries to the company, which at the time did not want to discuss the deal. Sources close to the deal pegged the purchase price at more than $200 million, marking a potentially large outcome for the original investors and early shareholders. It’s also one of Snap’s most expensive acquisitions to date.
Founded in 2011, Placed raised $13.8 million from Madrona Venture Group and Two Sigma Ventures. Board members include Shim; Matt McIlwain; David Joerg; and Brian McAndrews.
Placed CEO and co-founder David Shim will stay at the company, and will report to Snap Chief Strategy Officer Imran Khan.
“Over the past 12 months, Placed has measured more than $500 million in media spend to store visits, across thousands of campaigns and hundreds of partners, cementing Placed as the leader in location-based attribution,” Shim wrote in a blog post shared with GeekWire on Monday afternoon. “By partnering with Snap, we will do even more.”
Location Attribution and Measurement
Skydeo provides place based audiences and location based services. Contact us to learn more.