Introducing – Place Visit Rate™
Dear Friends of PlaceIQ:
With Spring upon us, signifying a time of rebirth, rejuvenation and regrowth, we at PlaceIQ are experiencing much of the same. As pioneers and leaders in mobile location intelligence, the idea of constant evolution and change is baked into our philosophy. We pride ourselves on never staying complacent, and always trying to push the needle and develop tools, approaches and advancements that move forward the goals of our clients.
We have a slew of exciting updates in our 2013 pipeline, including a number of new offerings produced or being developed that we are strategically rolling out over the next few months.
Today, I’m here to let you in on our latest that we are very bullish on, and that’s Place Visit Rate™.
Place Visit Rate™ aka PVR™, is a revolutionary new patent-pending mobile KPI that not only measures the effectiveness of mobile advertising’s ability to drive in-store traffic, but also gives marketers the ability to optimize towards it.
Place Visit Rate™ defined: The ratio of people who viewed mobile ads for a physical retailer and subsequently were observed in that store.
We developed this new KPI because we saw the need for mobile marketers to, for the first time, actually verify real-world, measureable ROI. We proved Place Visit Rate™ in a holiday campaign we ran for a leading brand. The results of which were quite impressive. The metric was validated through a traditional A/B test (PIQ targeted ads) and control (no ad shown) model that demonstrated that users shown brand specific targeted mobile ads were more likely to visit that brand’s store. We also showed that those consumers who clicked on our client’s ad were more likely to visit its stores than users simply exposed to the ad. In short, creative (and engagement) matters!
Place Visit Rate™ and the tools we use to measure it can also reveal a tremendous amount of valuable intelligence for marketers. We have tested ads targeted to specific competitive retailers, (conquesting) via our proprietary “polygoning” methodology, as well as ads targeted to audiences. We also proved that unlike CTR, PVR™ is improved by frequency! The limits of this capability are truly extensive and we believe this will change the way the industry looks at and values mobile.
Spring, regrowth, it’s palpable and we’re literally seeing it as our team has expanded from 16 to 36 in the last three months. There is certainly a lot to be excited about. I’m pleased to be able to reveal this new KPI with you (see the Ad Age article, read about it on our website), but this is just one of many announcements we have planned for the year. Stay tuned.
Duncan McCall, CEO & Co-Founder