Place Visit Rate Metric to Measure Location-based Mobile Advertising’s Ability to Drive In-Store Traffic
NEW YORK, NY — Proving location-based mobile advertising’s effectiveness has become paramount for marketers. There’s clear evidence that consumers are taking advantage of mobile search, according to a recent study by Google, more than 50 percent of all search has local intent. That figure is up from 40 percent in 2011.
Consumers are also taking action, more than 39 percent report contacting a local business after reviewing local search results. Branded mobile apps also contribute to the increasing volume of the local-based searches as well. Taken together, all of these search trends are great news for retailers, and that’s also why today’s announcement by Starcom MediaVest Group (SMG) and PlaceIQ caught our attention.
The two companies have announced a strategic partnership and have the launched a new mobile solution that measures the effectiveness of location-based mobile advertising campaigns. They’ve introduced a new metric, called the Place Visit Rate (PVR), that measures the ratio of people who view a retailer’s mobile advertising campaign and then are subsequently observed visiting that retailer’s store.
According to SMG and PlaceIQ, the Place Visit Rate provides a unique key performance indicator in that it not only measures the effectiveness of location-based mobile advertising campaigns’s ability to drive in-store traffic, but also gives marketers the ability to optimize towards it. Starcom MediaVest Group and PlaceIQ developed the PVR metric during a recent campaign for a leading brand. The location-based mobile campaign and KPI were successful in proving that contextually relevant, location-based messaging, was successful in driving increased store traffic for the campaign.
“Mobile’s true potential relies on the ability to harness data and connect with consumers at the right place and the right time with the right message to drive a specific action,” says Derek Thompson, Senior Vice President & Global Mobility Director at Starcom MediaVest Group. “We are very excited about our ground-breaking work with PlaceIQ and the measurable impact we are generating for our clients.”
“We developed PVR because we saw an area of mobile that was lacking: providing a clear way of measuring and impacting the success of a brand driving consumers into their stores via mobile advertising,” says Duncan McCall, CEO & Co-founder of PlaceIQ. “Our DNA is very much about innovating on behalf of our clients. When Starcom MediaVest Group came to us for this collaboration, we knew it was time to roll up our sleeves and create a solution that would help the entire industry understand real-world, measurable ROI.”
Free Trend Report: Why Location Is the New Currency of Marketing
Finding effective ways to deliver branded messages in today’s complex media environment is one of the biggest challenges facing advertisers. Traditional methods of advertising have become less effective as consumers spend less time in places where marketers have traditionally had an advantage in reaching them. In addition, consumer attention has fragmented across multiple channels as media options and device platforms increasingly diversify.
Active consumers spend money, and while they are going about their daily routine, they are also actively looking for information. According to Google, more than 50% of all mobile searches have local intent, and 17% of search happens while consumers are on the go.
Digital Out-of-Home (DOOH) advertising, also known as Digital Place-based (DPb) media, utilizes strategically placed, networked digital signage displays to reach on-the-go consumers while they are outside of their home with highly targeted messages. Location-based mobile and digital out-of-home media are part of a larger multiscreen ecosystem that effectively amplifies brand messages to create a deeper level of engagement with active consumers.
Why Location Is the New Currency of Marketing is aimed at CMOs, media buyers and strategists and provides insight into why marketers are increasingly shifting their advertising dollars to these rapidly emerging media platforms.
Highlights from Why Location Is the New Currency of Marketing include:
- The Connected Consumer
- Leveraging the Moment
- Multiscreen Campaign Planning
- Amplifying Reach With DOOH Media