Just a few months ago we launched Attribution, knowing that the advertising industry was hungry for a way to quantify its influence on behavior in the real world. While we knew we were solving an important problem, we couldn't have predicted just how much we were able to re-energize every segment of the industry. It seems like everyone — from the tech-forward digerati who get pitched a dozen new ad tech solutions a day, to jaded veterans who have seen it all, to creative marketers vying for attention at Cannes Lions — has come clamoring to us to get on board.
Today we are proud to announce a new real-time client dashboard, so that our partners can gain immediate insight into how well their campaigns are doing. This gives them the ability not only to measure success, but also to truly optimize their ad effectiveness mid-stream.
Foursquare's dataset has unparalleled breadth from over 50 million monthly active users of our own consumer apps/services, as well as data from over 100,000 other partner developers like Apple, Uber, Twitter, Microsoft and Samsung. This organic visit data, which is not incentivized, offers a clear picture of daily consumer behavior. Coupled with the best-in-class accuracy of our stop detection technology, we are able to provide more granular and specific insights on a daily basis into where people go, the strongest possible indicator of intent behavior. Since advertisers traditionally have had to wait weeks or even months for campaign results, partners are thrilled that the new Attribution dashboard now equips them with the power to track success and optimize their campaigns on a daily basis, and using many different measures including:
- Daily visits to stores
- Incremental visits
- Lift for a campaign
- Return on ad spend
- Incremental revenue
- Number of impressions
- Number of devices reached
The dashboard also features audience insights including:
- Age groups
- Customer loyalty
- Category, chain and taste affinities
Sample dashboard screenshot for a retail chain comparing visit data for those who were exposed to a particular ad campaign as compared to visits of the control group.
Bringing New Partners On Board
Foursquare is also excited to announce that we have signed deals with more than 55 major partners in Attribution's first four months on the market. We are already up and running with brands, publishers, agencies and programmatic partners including Anheuser-Busch, Peet's Coffee, Blue Bite, Undertone, Opera Mediaworks, Clearstream, Drawbridge and TubeMogul.
We have already seen the impact that our real-time data can have on brands large and small to measure how effectively they can reach customers with their brands or platforms, gaining a tangible understanding of their influence. For example, one retailer found that the same ads were 15% more effective on one publisher than another, giving them the ability to shift media dollars to the more effective partner. Another client, a fast casual restaurant, found that a mobile campaign was effective and necessary for reaching their goals to attract take-out customers during major fight nights.
According to Brian Mandelbaum, CEO of Clearstream, “Attribution has become an essential tool for marketers to understand and optimize their influence on customers. We have created an advanced platform which can target with precision and deliver quality inventory at scale — and Attribution powered by Foursquare has definitively validated the effectiveness."
The Bigger Picture: The name of the game is location intelligence
From time to time, people are often impressed and a little surprised that a company like Foursquare — known for building mobile apps that help people go out and have fun in the real world — would also be working on business and advertising solutions like Attribution. What many don't realize is that the underlying foundation of everything we do is the same: meaningful location intelligence.
Our technology is homegrown and consumer driven. We have spent the past seven and a half years developing our understanding of places, when they're open, where people go, where people want to go, what places and tastes are trending, and all kinds of other deep, data-driven and location-based insights. We get excited about how people move around the real world and how to optimize those paths — either by providing consumers with smart recommendations they'll love or by helping over half of AdAge's list of the top 100 Leading National Advertisers to target their key demographics. It all works hand-in-hand and we are the strongest team around because of it.
“Much of the excitement around mobile is the potential it has to close the rift between the online and offline world — to forge a much-needed connection between what ads the consumer is seeing and how it is impacting their real-world purchase behavior," said Mike Owen, EVP North American Sales, Opera Mediaworks. “We are looking forward to offering our clients, through Foursquare's Attribution, the ability to measure the conversion of their media spend into actual visits to retail locations and the incremental lift they receive from their campaigns."
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