PlaceIQ Makes Media Decisions More Efficient and Eliminates Wasted Inventory with Introduction of Location-Based ‘Smart Market Area’ Audiences
New Offering Lets Marketers Deliver Media to Customers That Are Likely to Visit Brick-and-Mortar Locations, Significantly Optimizing Media Investments and Strategy
NEW YORK CITY – June 4, 2018 – PlaceIQ, the company building a new model of consumer behavior with location data and insights, today announced an industry-first offering named Smart Market Area audiences, which give marketers the ability to deliver media only to consumers who are likely to visit brick-and-mortar locations based on their daily routines.
Smart Market Area (SMA) audiences give brands and their media agencies a new approach to media strategy and activation, built on location-aware context, that identifies and eliminates large amounts of wasted inventory from inefficient advertising.
SMA audiences define market areas based on an understanding of store locations, daily audience travel routines and their interactions with the real world. These audiences save significant media campaign spend by removing specific subsets of consumers from media delivery: consumers unlikely to travel far to brick and mortar locations and those who never pass by a brand’s brick and mortar locations.
SMA audiences offer marketers competitive advantage by going beyond traditional definitions of market areas which have been pre-defined for decades, based on elements like TV signal reach and post office locations. SMA audiences are unique to PlaceIQ and leverage more than eight years of location-based audience creation and refinement, built on an understanding of billions of anonymized and opted-in location-aware data points. These data points help brands better understand and engage with consumers that work near and commute near their brick-and-mortar locations, and how those attributes change over time.
“PlaceIQ is using location intelligence to modernize one of the fundamentals of media delivery, that of market areas,” said Drew Breuing, SVP of Strategy, PlaceIQ. “By taking into account real-world behaviors, retail locations, and the interactions between the two we’ve built a product that is technologically complex but incredibly easy to use. Media buyers can simply drop-in Smart Market Area audiences for existing market area tactics and receive instant efficiencies. In some cases, our analysis shows that brands waste a third of ad investments on audiences that live, work, and commute too far away from their locations. In some markets, these figures are far more frightening. PlaceIQ’s early start in the location data space has given us an accurate understanding of how the customer journey connects with real world locations, which makes us uniquely qualified to solve this challenge.”
PlaceIQ is a leading data and technology provider that powers critical business and marketing decisions with location data, analytics and insights. An early industry pioneer, PlaceIQ has become the standard for fueling better decisions for marketers, analysts and publishers through powerful location-based consumer insights, real-world measurement and attribution.
With PlaceIQ, companies can uncover opportunities within the consumer journey by learning about and connecting with location-based audiences, measuring real-world ROI, and applying insights that drive intelligent marketing and successful business outcomes.
The company is headquartered in New York City and has offices in Palo Alto, Chicago, and Detroit. For more information, visit www.placeiq.com. Follow us on Twitter @PlaceIQ and like us on Facebook: PlaceIQ.