Today, geolocation technology company Foursquare introduced Sales Impact, a brand new offering in its campaign attribution suite. The tool combines location and buy insights, allowing marketers to measure the impact of multichannel campaigns on sales.
Previously, the Foursquare Attribution goal used geolocation for logged-in customers to measure foot traffic to stores and other signals to estimate sales. Sales Impact adds purchase data and recent metrics, so marketers can higher connect the dots between campaigns and purchases.
Across the client journey. Sales Impact lets users compare signals across the whole purchase journey during a campaign — from the impression when a customer first encounters an ad, to when the client enters a store and makes a purchase order.
New metrics. Foursquare’s Sales Impact includes 17 recent metrics for detailed measurement and comparative analytics across the client journey. Among the metrics are average basket size and sales lift.
Real-time reporting updates on campaign metrics allow marketers to alter campaign strategies mid-flight based on the parts that impact purchases. Sales Impact also goals to make it easier for marketers to measure campaign ROI.
Cross-channel attribution. Foursquare Attribution measures ad impressions for campaigns across digital sites, social media, audio, CTV, linear TV and out-of-home.
Foursquare’s multitouch attribution model includes 15 billion human-verified check-ins, 2 billion transactions and 83 billion visits per 12 months. The consumers in the corporate’s model have control of the collected data for privacy protection.
Why we care. Traditional in-store shopping at brick-and-mortar locations hasn’t gone away. Foursquare cites research from Capital One showing that in-store sales represented 84.5% of total retail sales in February 2024 — down just one.01% from the previous 12 months. And revenue from U.S. brick-and-mortar stores was up 5.14% in the identical period.
As holiday campaigns ramp up in 4Q, retailers will probably be trying to measure the impact of those campaigns over a posh multichannel journey. The excellent news amid all this fragmentation is that many channels — CTV, social, mobile apps — are digital and measurable. Customers rely on mobile devices and other digital channels to make purchase decisions, including holiday gift-giving decisions. So while brick-and-mortar purchases remain high, there’s a digital component to this journey that marketers can leverage and measure.
Dig deeper: Salesforce sees a shorter, more competitive holiday season in 2024
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