PlaceIQ’s Location Insights Combines With IRI’s CPG Store Purchase Tracking In A Single Data Set
One party knows if someone walked into a shop; the other knows what that customer bought.
Among other things, 2015 can be noted as being a year when location intelligence providers were in demand as partners for app developers, programmatic platform engines, agencies, and Big Data companies.
For PlaceIQ, which began the year by opening up its mobile-based online/offline analytics program to agency partners widely, the company is closing out the holiday season by sharing its geo-data with consumer packaged goods shopper tracker IRI. In turn, IRI will allow the New York location data company access its in-store purchase information for the benefit of both their clients.
“We see ourselves as providing the intelligence, the data, and the insights behind platforms,” said Srishti Gupta, president, IRI Media Center of Excellence. “As far as this partnership is concerned, Place IQ has very strong and key media relationships with clients that they would bring to market. We see ourselves as really powering PlaceIQ solutions and powering other solutions in the media marketplace. And we would directly insert our clients measurements and consumer insight.”
In a sense, PlaceIQ’s deal, which follows the evolution this summer of its Enterprise Place Visit Rate and expanded work with auto manufacturer Audi existing agency partner Starcom MediaVest Group as well as other allies like Acxiom, is part of a strategy that emerged years before the use of smartphones and location-based advertising were such an intrinsic part of mainstream marketing.
“Over five years ago, we had this vision of using mobile location to build a new understanding of consumer behavior,” said Duncan McCall, PlaceIQ’s CEO/co-founder. “That consumer behavior is essentially not based upon people’s website visitation; it’s not based upon what people buy, it’s where people go in the physical world. That’s was the focus for the first two years. Then, of course, we realized that this was really going to be a horizontal data set that could be used to enable all series of applications in industry.”
Once PlaceIQ sensed that location data could enlarge the notion of consumer insights beyond the standard demographic profiling or simply serving a geo-targeted ad to someone walking by a coffee shop, it became logical to tie it back to existing data sets.
“The idea of tying a consumer’s behavioral journey in the real world back to grocery purchase data and other metric like the television viewership and auto ownership, we got very excited about it because it made this concept of understanding how purchases can affect behaviors and how behaviors can affect a purchase,” McCall said.
The promise of PlaceIQ’s and IRI’s alliance is that brands and agencies can better target their audiences based on shoppers’ likelihood to buy certain products, ultimately serving ads that consumers might be more interested in (and less “wasted” ad spending). This allows brands to increase or lower ad dollars between areas that are over or under-performing, thanks to the greater efficiencies from smarter marketing forecasts.
“The fact that the innovation we’re able to bring here is something that’s been sought after by CPG companies for a while means that with PlaceIQ and IRI working together, we’re going to be engaging in further product development to shed light the entire purchase path,” said Nadya Kohl, PlaceIQ’s SVP of Business Development. “We’ll be able to see a fuller view of the journey taken when a Doritos package goes out the back door of the plant and all the important things that happen in the moment when it gets to the checkout counter. Being able to see into the supply chain and then couple it with the gold standard of sales measurements that IRI brings to the marketplace is going to be exciting to a lot of CPG planners, buyers and brand marketers.”
In addition to the clearer sense of what happens between the mobile ad and the store cashier, IRI’s Gupta also highlighted another huge hole PlaceIQ’s geo-analytics can fill.
“It doesn’t matter what channel the consumer is on, whether it’s television, mobile, desktop, whether it’s video or mobile, at the end of the day, “ Gupta said. “Once an advertiser figures out who their consumer is, we should be able to provide them the means to activate it across all the channels. This is a perfect partnership in that regard.”