PlaceIQ and IRI partnership combines location and purchase data for customer insights
Location data is quickly moving to the center of digital marketing because of the way it can define real-world audiences and reveal consumer behavior insights. But it arguably becomes even more powerful when combined with other data sets. This is the premise behind a newly expanded partnership between PlaceIQ and IRI.
PlaceIQ location data is being integrated into IRI’s data set, which includes verified consumer purchase data. IRI has a consumer panel, licenses credit card data and has access to retailer loyalty card data representing roughly 250 million loyalty cards in the US. Its primary customers are CPG brands.
One of the things the data will be used for is enhanced personalization, as part of the new IRI Personalization Suite. It will also be used for lookalike modeling: where are more consumers who are like the consumers shopping for the product or brand in question? Location intelligence will also be used to inform ad creative and media buying and planning. For example, are media placements actually driving the targeted audiences into stores?
PlaceIQ CEO Duncan McCall gave an example of a brand that did out-of-home advertising in sports stadiums under the assumption that attendees matched its target customer profile. Location data showed, however, that people at the sporting events were not in fact visiting stores to buy the advertised product. (more)