The location space has always been defined by innovation. It is a complex, yet incredibly powerful data point, and companies like Cuebiq were founded with the mission to help businesses unlock its value to inform decisions across their organization. This week’s partnership announcement with Innovid exemplifies the potential of location to help brands execute more effective media campaigns.
In its most basic form, location intelligence is simply the understanding of real-world behavior: Where people go (mobility) and the “stops” they make (visits). For those unfamiliar with Innovid’s DCO product (Dynamic Creative Optimization), it is a powerful technology that helps advertisers generate multiple versions of a creative (or change the relative allocation of multiple creatives) to more efficiently achieve an outcome. Brands and publishers have traditionally leveraged optimization tools like Innovid’s DCO to improve media performance metrics (like viewership and engagement), which have proven remarkably effective. After all, we know advertising works, right?
The integration of Innovid’s Dynamic Creative Optimization (DCO) technology and Cuebiq’s timely, precise visitation metrics, means brands (and publishers) can now optimize their creative messaging to drive more traffic to stores or, even better, more incremental visits using real-world behavior patterns and action.
The Power of the Partnership
Leveraging opt-in location data, we can now verify the offline customer journey, from the moment people initially see the ad to when they visit the store. These tangible, real-world metrics demonstrate actual human behavior—beyond the digital sphere—and that’s what makes location data so unique, and so powerful.
For the past two years Cuebiq has been developing our unique definition and methodology for incrementality. Read this for the long version, but in summary, we project the expected number of visits of an individual (device) based on historical and control group behaviors, isolate variables and compounding factors, and report on the variance to give the industry’s truest understanding of the campaign’s influence at the device level and in aggregate. (apologies if you feel like this was the long version!)
The ability to optimize to increase incremental foot traffic—to allocate more weight to the creative that does the best job of driving visits that would not otherwise have occurred—means brands and publishers can now maximize ROAS within existing (and often inflexible) campaign elements (ie publishers, inventory mix/type, flighting, etc.). This is not a subtle or insignificant advancement. This is the manifestation of our industry understanding viewership and engagement metrics only tell part of the story, and recognizing mid or end-of-campaign reporting is woefully insufficient, and demanding the ability to impact real-world behavior in real-time.
Looking to the Future
This partnership is just scratching the surface of what’s possible. By testing and optimizing in real-time, we can adjust both the minute and macro elements of a creative, and we can learn what impact every creative decision has on store visits. This is the realization of the value performance marketing can unlock, and it is incredibly exciting.
Please reach out to your Innovid or Cuebiq representative, or email [email protected] to learn more.