Marketers today have seemingly unlimited options when it comes to building, targeting and delivering campaigns, but they also need to answer the same age-old question: is my advertising actually working? Marketers are looking for answers about attribution now more than ever -- in 2017, 57.1% of marketers will spend time examining cross-channel measurement and attribution, according to the IAB’s “Outlook for Data” study.
This is why Cuebiq has developed the industry’s first Footfall Attribution Benchmarks report http://www.cuebiq.com/attribution-benchmarks. The goal of this report is to introduce marketers to the value of location-based footfall data and help them gauge how their advertising campaigns perform in driving offline activities like in-store visits.
Of course, no two marketers have the same campaign goals, and outcomes can vary dramatically across different verticals. For example, a consumer will likely visit a grocery store once a week, but they aren’t likely to visit an auto dealership as often.
So, rather than produce one benchmark for every kind of marketer, the report breaks down the averages across nine verticals: automotive, quick service restaurants (QSRs), retail, big box retailers, grocery stores, casual dining, financial services, entertainment, and travel. We’ve also presented the benchmarks in a range, so that marketers within those verticals have a baseline for what a successful campaign looks like, should they choose to invest in location data.
To measure this success, the report introduces and provides averages for the following key metrics:
- Uplift: Measures the impact of ad exposure in driving in-store visits, determined by comparing those exposed to the ad campaign to those who were not.
- Visit Rate: Identifies the average daily visits at POIs/stores by category.
- Footfall Trends: Includes two categories: Dwell Time (the amount of time spent at a specific location) and the most popular time of day for in-store visits.
- Brand Affinity: Highlights specific brands that appeal to consumers the most.
These benchmarks were developed using the largest, most accurate resource of geo-behavioral data available in the marketplace today, which Cuebiq creates by collecting more than 100 data points per anonymous user, per day. This accurate location data helps marketers tie together signals across channels to get a firm grasp of their campaign attribution. When used together, these metrics help clients measure campaign ROI and determine strategies for future campaigns.
This report provides guidance for implementing these metrics and leveraging footfall attribution into campaign analysis, along with some insights and trends from marketers already putting these metrics into action. We’ve also integrated the benchmarks directly into our Attribution Dashboard, which is used by marketers to optimize campaigns while in flight and measure overall performance once the campaign is over. More on updates to our platform can be found here.
Our hope is that the introduction of these footfall benchmarks will become a valuable part of every attribution strategy going forward. The report can be downloaded for free here.