The internet has upended the relationship between consumer and retailer. Once upon a time, consumers relied on companies including Sears, Macy’s, and RadioShack to provide them with certain goods. The Sears Catalogue famously stood as one-stop-shop for all kinds of products, selling clothing, cars, appliances, and even build-your-own-home kits. Today Amazon performs the same function, however there is a major difference: Amazon doesn’t simply sell goods. Amazon gathers an enormous amount of data on its customers’ shopping and browsing habits. This data has many uses, among them enabling Amazon to deliver customer-specific, influential product recommendations.
To compete, retail outlets must provide the same level of personalization and recommendation if they intend to compete with mighty Amazon. How? Through the use of proximity and location data.
Knowing the kind of items your customers like to buy, as well as the websites they visit, is enormously valuable when it comes to retargeting. However, understanding how people behave on the internet is only a small piece of the puzzle. ComScore’s report, 2017 US Cross-Platform Future Focus, notes that mobile now accounts for 69% of digital media time, while desktop accounts for less than 1/3 of total digital media time. Understanding how people behave in the real world (i.e., with omnipresent mobile devices) allows marketers to get a more holistic view of their audiences. Proximity Data is the currency that fuels that understanding.
Brands are already using proximity and location data to inform their marketing strategy. Shinola, a lifestyle brand, has been using geolocation data to determine the best ad placement. They teamed up with PlaceIQ to collect a variety of data, including foot traffic analysis, tactic visitation, creative performance, and audience analytics. This data revealed revenue-impacting insights. At ProxSummit, Jacques Panis, Shinola’s President, offered, “One thing we found was that our media targeted post-exposure to our out-of-home placements had the highest visitation in-store. That shows us the importance of having multiple exposures to consumers in a media buy to get them to take action.”
More importantly, Panis added, “We also learned more about the lifestyle and purchase behavior of the people who were most likely to go in-store, which helps us zero-in on these consumers for future campaigns.” These insights helped fuel a successful geolocation campaign, in which the company used location data to segment consumer audiences in six cities, developing creative for each segment that spoke to each audience directly. Panis said that going forward, “These types of geolocation campaigns will definitely play an important role as we open stores in new markets.” A testament to the power of proximity and geolocation, indeed.
Shinola offers just one example of the many ways in which proximity and location data can create value for retailers, brands, and agency marketers alike.
Highest Value Uses of Proximity & Location Data
- Understanding behavior and shopping preferences of individual consumers
- Personalizing consumer touchpoints
- Activating of in-store experiences including:
- Customers receiving a coupon upon entering a store
- Product recommendations based on shopping and browsing history
- Gauging effectiveness of advertisements to drive in-store attribution
Location and proximity data are the building blocks that will empower brands and brand marketers to create better ways to connect with consumers – adding sophistication to offline marketing strategies, helping to close the online/offline gap.
Chris Cunningham is the Chief Revenue Officer at Unacast, the world largest network of beacon and proximity data, building the Real World Graph and connecting the physical world to the digital — for online retargeting and attribution. Cunningham is an active tech startup investor and founder of C2 Ventures, a privately-held investment firm with a focus on consumer, data, and financial techs that provides seed capital to early stage digital media companies. Cunningham has been named one of the "Most Important People in Mobile Advertising" by Business Insider, as well as being an Ernst & Young Entrepreneur of the Year, finalist two years in a row. He's been featured speaker at International CES, Cannes Lions, IAB's Annual Leadership Meeting, dmexco, and f.ounders. Cunningham is a contributor to CNBS and Bloomberg TV via on-screen appearances, and is former co-chair of the IAB Social Media committee and Native Advertising Task Force.
Here’s today’s AdExchanger.com news round-up… Want it by email? Sign up here. Still Spoofing British publisher News UK “did a test where we turned off all our programmatic supply and tried to buy our own inventory when it wasn’t available, and we found that we could,” said Ben Walmsley, commercial director at The Bridge, the company’s... Continue reading »
The post News UK Targets Domain Spoofing; Holding Co Stocks Draw Short Sellers appeared first on AdExchanger.
Ad tech companies floundering in the public markets have increasingly turned to private equity firms to reinvent their businesses away from the glare of Wall Street’s harsh spotlight. Some PE firms buy ad tech to wring out costs before putting them back on the market or selling to another PE house. Others, like Sizmek, which... Continue reading »
The post With MaxPoint, Valassis Digital Closes The Loop On Omnichannel Media appeared first on AdExchanger.
Can hyper-localized marketing really drive interaction and sales? For made-to-measure men's suit brand Indochino and healthy foods manufacturer Daiya Foods, the answer seems to be yes. Indochino gained fame as an online suit service, wherein consumers would send their measurements to Indochino via a web portal and have a custom suit made. But in recent... Continue reading »
The post Indochino And Daiya Foods Take A Hyperlocal Approach To Targeting appeared first on AdExchanger.
Solution enables brands to pivot video advertising funds from traditional TV to more targeted digital video channels RESEARCH TRIANGLE REGION, N.C. – Netsertive, a marketing technology company that enables brands, publishers and local businesses to execute multi-channel, localized marketing at scale, today announced the launch of the industry’s first scalable & localized solution for digital […]
The post Netsertive Launches First Scalable Brand-to-Local YouTube Advertising Solution appeared first on Ad Tech Daily.