Location is everything, and PlaceIQ has created a new way for retailers to leverage it. Enter the new LandMark product, which lets clients view and compare analytics from a staggering repertoire of businesses in order to understand, and perhaps revise, their own place in the market.
How much foot traffic is their store seeing? How does that line up against their competitors? Do they have more success in one locale than in another, or appeal more to a certain demographic? Was the recent ad campaign a success? How often do customers pass by a store without entering or – worse – visit a competitor?
PlaceIQ helps businesses answer all these questions and more by tracking the smartphones of opted-in users to map the “consumer journey” across mobile, video, TV, email, and out-of-home activity. This massive repository of data can then be graphed to show performance, competition and trends.
“We really passionately believe in the power of location to solve real business challenges for retailers, casual dining – for all sorts of businesses,” said CEO and Co-Founder Duncan McCall. “Location and movement is this omnipresent force that connects people, places and things.”
PlaceIQ’s LandMark product is the most sophisticated method yet for marketers to dissect and analyze foot traffic. But it’s not just comparing a store’s business to competitors or others in the chain.
Clients can also see where fans of a certain TV show like to eat, whether frequent McDonald’s customers responded to ads for a theme park, how many dealerships a potential SUV buyer visited before making a purchase, what sort of person is likely to choose Home Depot versus Lowe’s, how far music fans drove for the Coachella festival and what impact that had on nearby businesses compared to other events at the same venue.
“We’re focused on one thing only,” said McCall: “Building a new model of consumer behavior from location.”
“We didn’t start this company to sell ads or monetize in marketing,” McCall continued. “We started the company around this construct of, ‘We think there’s an opportunity to build a better understanding of consumer data with all this new location technology out there.’”