Categories
Retail

Leveraging Local Intelligence In The Retail Industry

In this modern era of technological advancements, it would be wrong to say that the retail market isn’t seeing similar growth. The number of online customers is evolving swiftly, and demands for more personalization are emerging. Retail industries are becoming more powerful as they are integrating with the latest artificial intelligence tools.

In 2019, the global market size of location intelligence was valued at USD 10.6 billion, and it is estimated to expand at a CAGR of 15.2% over the forecast period. Moreover, according to GSMA, the total number of IoT connections accounted for 9.1 billion in 2018 and is estimated to reach over 25.2 billion in the same period. 

Location intelligence is becoming more crucial for retailers with every passing day in providing measurable offline results, scalable audience insights, and better audience targeting. 

Here are the five ways how location intelligence proves to be revolutionizing retail industries. 

Customer Insights

If retail leaders start utilizing location intelligence, this can prove beneficial for them by provoking valuable customer insights. Technology can be used for this purpose called geo-enrichment. This technology efficiently converts customer’s residential addresses into useful insights. This way, retailers can utilize modern geographic information systems to generate smart maps and identify customer’s popular locations accurately and effectively. Retailers can accumulate information about numerous customer demographics and their behaviors. This helps business leaders to develop a better understanding of customer localities that are loyal. Business owners can optimize staff performance and have a better customer behavior experience by incorporating location intelligence in retail industries. 

Trade Area Analysis

Trade area analysis is essential for retailers to select suitable locations of a new store, define sales targets, and study competitor strength. Retailers can choose appropriate stores where they can easily access their target audience with trade area analysis. Location intelligence helps business owners have real-world insights about different customer demographics and behaviors around prospective retail sites. 

Also, business leaders can better understand which other locations their customers will consider for shopping. Thanks to location intelligence, retailers can collect data to measure customer trends and whether the customer demographic is growing or shrinking in a particular area. Location intelligence can offer data-driven approaches for trade area analysis in retails. 

Asset Tracking 

Retail businesses require a wide range of products to meet the ever-changing demands of customers. Late product delivery set’s a wrong impression on customers. This immensely affects customer delivery and staff productivity. Retailers can continuously track the location of their delivery staff and for the management of supply chains. Thankfully, location intelligence can also immensely usher identity verification of retail store staff members during asset tracking. 

Retailers can develop custom location applications that can be easily installed on mobile devices of their delivery staff. Location intelligence helps with asset tracking and can prove to be beneficial for business retailers. Business owners can track the precise location of a delivery executive in real-time and calculate accurate ETA. This way, retailers can track the location of all delivery executives on a centralized system.

Virtual Geo-Fences

Retails can set up virtual geo-fence for marketing. Business owners have the liability to define a certain radius around their store based on their store size. By utilizing this, retailers can push notifications regarding ongoing product discounts, deals, and offers when customers get in and out of geo-fence. Retailers can alert their customers by using this approach about products and discounts when they are in proximity to the store. Moreover, retailers can utilize innovative machine learning and artificial intelligence algorithms to improve sales and product suggestions. 

Let us consider an example. Suppose a customer wants to purchase coffee. There’s a high possibility that the same customer wants sugar and milk. Location intelligence is utilized for enhanced product suggestions and allows retailers to prepare themselves for ever-changing customer preferences. 

Competitive Strength Analysis 

Analysis of the competitor market is mandatory for retailers and business owners before selecting a new retail site. Location intelligence proves to be a game-changer in this scenario. Location intelligence assists business owners in measuring competitor’s market share and perforation in a particular geographical location. Also, this helps retailers to understand customer’s loyalty to themselves and their competitors. If their customers tend to visit other stores, the retailers can utilize this opportunity in the best possible way and capture less loyal customers of their competitors. A retailer can use Data-driven approaches with the help of location intelligence. 

Invest Today For Long Term Business Protection

Location intelligence has great potential to protect your business against criminal acts and fraudulent activities in the long term. Today, everything is prone to digitization due to the rapid evolution of technologies. The utilization of data and insights from experts for efficient and accurate business decisions is becoming a new normal, proving to be revolutionizing the world. 

In this current competitive environment, if you want to enhance your business’s security, it’s high time to invest in location intelligence technology. The utilization of local-based data helps the identification of those areas where you are overspending and underspending. Moreover, it helps develop a better understanding of your business operations and identity area of enhancements and how your retail store operates. It is much more straightforward to prove your compliance to stakeholders and customers with precise and versatile map data. Just start investing today for the long-term protection of your businesses. 

Categories
Data

How Top Businesses are Using Geospatial Data in 2021

Uber, Google, Wendy’s, CDM Smith Inc, and Amazon – you couldn’t get a much more diverse set of organizations. A search engine, a fast-food chain, to an online retail store – these businesses might be diverse in terms of their operations, but they’re all linked by certain business practices. 

That is, these top business players all utilize geospatial data to optimize their operations for a healthier bottom line. In this article, you’ll discover what geospatial data is and how it’s used by these top 5 businesses to gain a competitive edge.

Ready?

Let’s jump straight to it.

 

What is geospatial data?

Geospatial data is also known as place-based or location-based data, such as longitudes, latitudes, stress addresses, and postal codes. Geospatial data analysis collects, displays, and manipulates GIS – Geographic Information System – data like imagery, satellite photographs, and historical data. The aim is to collect, store, retrieve, and display vast amounts of information in a spatial context.

For instance, can you imagine life without GPS?

In this vein, you’ll likely remember buying a paper map to plan your routes from one place to another. This system was slower, hard work, and vulnerable to human error. Today, geospatial data has been a game-changer when it comes to providing location/place-based information. Whether it’s MapQuest, Pokémon Go, Google Maps, or the in-dash car navigation system, everyday citizens use geospatial data more than they know. 

 

How do top businesses use geospatial data?

Just as we rely on geospatial information every day, leaders worldwide use geospatial data to guide them towards making the right decisions at the right time. With that said, let’s take a closer look at how Uber and other top businesses are using geospatial data to optimize their strategic decisions for efficient operations and sustained business growth.

 

Uber 

In 2019, Uber brought in $14.1 billion in revenue, showing exponential growth from 2013 (where revenue equals $0.1 billion). Founded in 2009 by Garrett Camp, the organization has since grown into a disruptive tycoon that’s ripped up the cab industry by storm. 

Central to its success comes geospatial technology. 

With the Uber app, the user can request a cab. This user’s location is then taken and matched with the closest driver. The driver accepts this match and is guided by applying it to the user’s location to transport the user to their chosen destination. This entire process draws from the application’s geospatial data. 

This isn’t the only way Uber uses geospatial data — there are countless others. For instance, the application identifies areas with the highest need for drivers and advises active drivers to be near those hotspots during high demand times. 

Without geospatial data, Uber would not be the business disruptor it is today.

 

Google 

Google is the goliath of the business world. In the third quarter of 2020, Google’s revenue amounted to $46.03 billion, up from $38 billion in the preceding quarter. Taking a good chunk out of this revenue comes from Google’s map application, which brings $4.3 billion a year.

Google maps has 154.4 million monthly unique users. And behind every map, there’s a much more complex system, the key to your queries but hidden from your view.

This more in-depth system contains the logic of places, all the left and right turns, freeway on-ramps, speed limits, traffic conditions, you name it. And to produce such a system, Google uses geospatial data provided by a third party to deliver digital maps and other dynamic content for navigation and location-based services.

 

Wendy’s

Square hamburgers, sea salt fries, and the addictive Frosty, this fast-food giant brought home $1.687 billion in revenue in 2020. 

What’s the secret to Wendy’s success?

I say geospatial data

Wendy’s carefully researches locations, leveraging mapping software and census data (population information). The fast-food chain searches for sites with a high population and potential customers and looks at household demographics, average income, and nearby businesses. 

But this analysis doesn’t stop when the right site has been found. Wendy’s continues to examine this geospatial data after construction at the given location. Before construction, prior construction results can then be compared to continuously tweak and improve their GIS analytics model and processes.

 

CDM Smith Inc

CDM Smith Inc is a global engineering and construction firm providing solutions in water, environment, transportation, energy, and other facilities. In 2015 the organization’s revenues totaled over $500 million, and one of the reasons for the success has been the organization’s use of geospatial data. 

That is, for CDM Smith Inc, geospatial data provides design and engineering capabilities to create plans, layouts, and maps. GIS applications for design and engineering make use of both imaging and planning functions. Such functions mean geospatial data is commonly used in industries such as landscape engineering, environmental restoration, commercial and residential construction, and development. CDM uses geospatial data for environmental engineering and remediation projects. 

 

Amazon

In 2019, the online retail platform, Amazon, reported a net income of $11.59 billion, up from a $10 billion U.S. net income in the previous year. To stay ahead of the curve, Amazon is always coming up with new and innovative ways of doing business. And one example is Amazon’s Prime Air drone project, expected to officially launch on August 31st, 2020.

By integrating GIS with Artificial Intelligence, it’s possible to fly drones over much larger distances than other previous attempts. Amazon has jumped on this bandwagon, delivering packages by drones. The aim is to deliver packages to customers in 30 minutes or less using unmanned aerial vehicles – drones – operational thanks to geospatial data.

 

Gain a competitive edge by using geospatial data

As technology advances, geospatial data is becoming more complex, with widening business potential. At the end of this article, we saw how Amazon is combining GIS software with Artificial Intelligence (drones) to expand the use of both. Does this represent the future of things to come regarding geospatial data?

Geospatial data analysis has the potential to: 

  • Match consumer demographic data with spatial information about the places they live 
  • Validate existing GIS data sets 
  • Monitor and report weather 
  • Survey habitats 
  • Model landscapes 
  • Assess disaster damage 

While these are just a few examples, by combining geospatial data with AI, the possibilities of its use are expanding. To grasp a competitive edge, and be a top player in the business arena, dig deep and see how you can leverage geospatial data technology for your business operations.

Categories
Business

How to Keep Track of All Your Business Expenses

When you run a business, whether large or small, one of the most important aspects of your success is the way you handle your finances. As a business, you’ll have expenses—there’s simply no way around it. However, the way that you manage them can have an impact on your profit. 

From paying your taxes to managing your payroll, there are a number of reasons why tracking business expenses is paramount to the smooth running of your company. Here are some of our top suggestions for tracking your business expenses.

Stay organized

While your individual home expenses may consist of tracking expenses through keeping all of your receipts, this won’t fly when it comes to your business expenses. Not only is it terribly hard to keep track of numerous receipts, but it can also be a nightmare to go through all of them when it’s time for tax season or staying aware of how much your business is spending. This is why automating how you track your expenses and using an online bill pay service is a game-changer. 

Use apps for tracking expenses

Along the same lines as the above-mentioned tip, using a receipt scanner and software helps you have all your business expenses in one place. Platforms like Spendesk even offer virtual employee debit cards to help keep track of your teams’ business expenses.  You can easily keep track of your money and where it’s going, which can go far in how you run your company and save for emergencies. From categorizing expenses to keeping track of the little things, being organized with your finances is key to the success of your business. Apps are a great way to achieve this. Learn more about your business’s debits and credits here.

Consider hiring a professional

If you simply don’t have time to take care of your business finances because you’re busy managing teams and networking with clients, hiring a professional can go far in helping you control business expenses. While it does mean making an investment, the benefits found in hiring someone to handle your finances can make a world of difference for you. Through their expertise, they can make sure the company is saving, only spending what’s necessary, and profiting as you should be.  

Have a business credit card

Most large businesses that have been around for a while already have a dedicated account for their expenses. If you’re a small business just starting out, chances are you’re still using your personal credit card. Maybe it’s been easier that way. However, this can become confusing and even detrimental to the success of your company as it grows because you’ll have all of your money and expenses lumped in one place. There are apps and websites that not only make it easy to open a business account, but to manage it all from one place. This way, keeping track of your business expenses is streamlined and you’ll know where your company money is and what you’re spending it on. 

Review expenses and accounting every so often

Whatever option you choose, it’s a good idea to go back to it and reevaluate how things are going. In some instances, what works for one company may not be the best for yours due to different kinds of products or services and ways of operating. With your financial health being one of the most important aspects of your business, it’s important to get it right. Even if you have hired a professional, it’s still a good idea to check in and make sure they’re helping you get your money’s worth.Learn more about efficient project accounting tactics and how it impacts your business.

The Bottom Line

Your financial health as a small business is important. Haphazardly keeping track of your expenses simply won’t cut it in this day and age. Fortunately, with the help of today’s technology and financial professionals in your area, you can easily track your expenses and make sure your small business is making a profit. 

How to Keep Track of All Your Business Expenses

Categories
Business

3 Tips to Finding the Best Candidates When Hiring

A chain is only as strong as its weakest link and, when it comes to growing a successful business, you can’t afford to have a link that’s anything less than strong. The first step to building an unstoppable team for your company is to hire the right candidates from the get-go. 

With these three tips, you’ll be well on your way to a chain that’s truly unbreakable. 

#1 Get Creative with Recruiting

Don’t let your recruiting efforts fizzle on your website. While a posting on your careers page is a must, make sure you’re also expanding your recruitment horizons by placing job listings on online platforms like:

  • Handshake – This virtual recruitment service makes it easier than ever to nab promising candidates from a wide pool of top-tier university students searching for a job in your industry. 

 

  • LinkedIn – LinkedIn connects millions of enthusiastic professionals, industry veterans, and recent grads in an easy-to-search digital networking space. Take advantage of its premium features and messaging capabilities to reach out directly to the professionals that catch your eye (like in dating, sometimes you have to make the first move). 
  • Social media – Platforms like YouTube, Twitter, Instagram, TikTok, and more are practically overflowing with young professionals showing off their talents, skills, and passions. For candidates that break the mold, reach out to smaller influencers, and see who bites. And who knows? They might be a great catch.  

#2 Cast a Wide Net

A person is far more than their college GPA and resume. Sometimes, a piece of paper doesn’t do a candidate justice. While straight-arrow, by-the-book candidates are highly valuable, try to diversify your team by sprinkling in some creative thinkers with unorthodox backgrounds. 

Consider out-of-the-box candidates like:

  • Older professionals with deep-rooted IT skills in another field—their years of experience in collaboration and unique know-how can do wonders for your team.  
  • People with non-traditional educational paths. Maybe they went to trade school and are brilliant welders with a penchant for writing. Perhaps they’re high school grads who taught themselves how to code. Whatever it may be, a lack of a standard college education doesn’t have to be a flaw—it can be what sets them apart.  

However, make sure you’re supplementing your interviews and resume checks with some good ol’ vetting. No matter how shiny your new hire’s CV or how strapping their suit, you can never go wrong with a background check and a quick look at their tradeline.

 

#3 Know How to Sell Yourself

If you want to hire the best talent in your industry, or you are looking at hiring inside sales representation you’ll need to foster a company culture that shines brighter than the rest, especially if you’re a smaller business. If you don’t have the capital to offer the pay and benefits that larger companies can, you must know how to sell yourself to highly coveted candidates, just like you would to potential investors. It’s also a great idea to have an employee onboarding process to start off as you mean to go on.

While some professionals may turn away from a growing company, you just need to focus on the ones that are attracted to your immense potential. To make them see the light, you must offer:

Don’t Settle for Anything Less Than Excellent

Hiring talent is a two-way street. If you want to hire impressive candidates, you’ll need to impress them too. No matter what, building your A-Team takes time. Be patient, don’t settle, and you’ll get there eventually. Happy hiring. 

Categories
Marketing & Advertising News

Tamoco’s Accurate US Segments Available In LiveRamp & Adsquare

Are location-based segments the answer for marketer’s identity crisis?

For marketers, the cookie is an essential way of understanding consumers, their interests, and how best to deliver them relevant and engaging content and ads. Whatever happens with the cookie, many marketers have agreed that moving towards people-based marketing is a direction that the industry is well advised to take.

That’s why at Tamoco, we’re focused on supporting a marketer’s ability to be better at people-based marketing. We believe that device location can help build distinct audience segments based on real-world locations that drive results.

Tamoco has been in the location space for a while now. We started by using beacons and other sensors to deliver push notifications to users. A lot has changed since those days, but we feel that there’s still a lot that needs to be done for marketers.

The power of location-based targeting has been proven, but we think we’ve built something that gives marketers better certainty when using location-based segments.

For us, this all comes down to accuracy. For consumers, there’s nothing worse than a lack of relevance in their advertising. We noticed that much of the location data that was being used to target consumers was simply inaccurate.

That’s why we built our visits product. It takes multiple device signals (such as movement type, acceleration, and altitude) over numerous data points to measure visits to real-world locations more accurately. Marketers can now be sure that the person they are targeting with their ads spent time inside a retail location, rather than just walked past.

But the best part for marketers is that we’re integrating this all directly into LiveRamp and Adsquare.

With Tamoco’s segments, marketers can accurately target consumers based on their behavior in the offline world. Tamoco offers hundreds of unique audiences, based on a detailed analysis of visits to real-world locations and points of interest. These segments run across multiple industries, from retail stores to restaurants, entertainment venues, and travel locations.

 

How to access Tamoco segments from within LiveRamp

Tamoco’s location based segments are available through the LiveRamp platform. Activate these segments today to target people and provide a better advertising experience for consumers.

Tamoco makes 70 pre-build segments available in the data store; these are split by POI category and refreshed monthly.

Our off the shelf segments can be found by following Tamoco > US > Location data > Verified visits > Month Year > Segment name. E.g. Tamoco > US > Location data > Verified visits > Month Year > QSR

Tamoco off the shelf segments are also automatically pushed to DV360 and available through their marketplace.

We can build custom segments (based on more tailored POI categories, brands, locations, smaller time windows) and push these to 198 Liveramp data partners; including Adobe Advertising Cloud, Amazon, Amobee, Facebook, Hulu, MediaMath, Roku, theTradeDesk, Verizon and Xandr.

For customized options, please get in touch here.

 

How to access from within Adsquare

Tamoco’s location based segments are available through the Adsquare platform. Activate these segments today to target people and provide a better advertising experience for consumers.

Tamoco makes pre-build segments and audience profiles available in Adsquare and these are also pushed to all public marketplaces; these are split by POI category and refreshed monthly.

Our off the shelf segments can be found by searching for Tamoco in the Adsquare platform or in any marketplace you use.

We can build custom segments (based on more tailored POI categories, brands, locations, smaller time windows) and push these to any of the social media platforms integrated with Adsquare including Adobe Advertising Cloud, ApNexus, Facebook, MediaMath, theTradeDesk, amongst others.

For customized options, please get in touch here.

Categories
Data Uncategorized

How Big Data is Poised to Disrupt Personal Investment

Last year, in a piece about big data’s impact on finance, we touched on the notion that location data sets can simplify the practice of investing. The idea is that accurate data regarding consumer movement can provide insights on consumer trends — and, thus, potentially, corresponding market movements. In this article, we’re going to expand on that general idea with a closer examination of big data’s potential influence on personal finance.

 

Big Data & Investment Today

First and foremost, it’s necessary to briefly discuss the current state of big data in the investment world. In the piece, as mentioned above, we mainly covered an idea of how data, and specifically location data, can be applied to market management. However, the truth of the matter is that some significant investment funds and financial firms are already using massive troves of data of all kinds to inform their investing decisions.

At this level, AI and big data are transforming the investment process in several ways (and through companies as big as JP Morgan, BlackRock, SoFi and others). In some cases, AI labs are being used to analyze investor performance and recommend changes that yield a quick, significant result. In others, advanced AI applications are using a deep-learning approach to sift through astonishing amounts of data with the straightforward goal of predicting near-future stock prices. For example, looking at realtime car purchases to predict Rolls Royce shares. There are mixed results with approaches like this one, but the potential for genuinely predictive analytics in large-scale investing is significant.

There aren’t full AI operations of this nature explicitly focused on making use of location data. However, deep-learning approaches are reasonably comprehensive in theory. They can certainly make use of this specific type of data and share prices, company data, macro-economic indicators, asset histories, and so forth. Location data can primarily be used as a piece of a sprawling analytical effort.

 

Automated Investing Tools

While significant investment firms may be well situated to take advantage of big data and act on it quickly, most ordinary people can’t do the same. A true day trader with access to adequate data (on locations and otherwise) may be able to make quick decisions to react to fresh information. But for most people who are simply managing stock portfolios, it’s more realistic to attempt to leverage data relating to broader movements. That’s where some of today’s automated investing tools come into play, especially in some online depot tools.

When you hear about automated tools, you might first think of mobile apps like Acorns and Stash that can, to some extent, manage your investments for you. Generally, these apps allow you to create a portfolio — or at least a type of collection — based on your risk aversion and/or category preferences. They then conduct trades according to your preferences, such that your money goes to work for you in an automated fashion.

Automation is also involved in more traditional trading methods, though, and it introduces an interesting way of potentially leveraging big data. On some platforms, when trading contracts for difference or stock futures, for instance, investors can place profit and loss limits on their positions. This means that while investors still determine entry points on individual stocks, they can set up automated safeguards that will pull money when a certain profit has been attained, or a certain loss has occurred. Through this sort of feature, investors can still set up their investments and contracts, but trust automation to manage them after that.

This all relates to big data because it can be more comfortable for an investor to make a long-term play based on big data than a short-term trade. To give an easy contrast, consider consumer location data based on a product release versus that based on a more significant trend. A surprise hit film might lead to data suggesting a short-term surge of moviegoers, such that a day trader or larger fund could stand to profit by investing in major cinemas. But the average investor likely can’t recognize and act on that data quickly enough. On the other hand, if consumer location data indicated a widespread, gradual return to shopping malls in 2021 (when they’ve been largely abandoned in 2020), an investor could make a play to buy stock in department stores, with automated limits set in place. In short, automated options allow for more responsible long-term positions, such that investors can feel more comfortable attempting to leverage certain types of data.

 

Location & Digital Payment

As you’ve likely noted in the sections above, one of the problems with big data in personal investment is that the most information and the best analysis tend to belong to the giant funds and finance companies. While there are ways for individuals to access more advanced analysis of investment-related data, it isn’t easy to compete on a day-to-day level. Sometimes, the significant funds will interpret data and move on a trend quickly that there’s not much opportunity left for everyone else.

This is why location data may prove to be particularly interesting for individual investors, however. When we talk about comprehensive data analysis done by leading financial firms, we’re referring to all sorts of in-depth material that is difficult for an individual to manage, or in some cases, even get a hold of. By contrast, location data may be getting more convenient in the near future.

This assertion is based on the simple fact that electronic payments are up; by 2019, some 2.1 billion consumers were estimated to have used a digital wallet of one kind or another, and moving forward, even more people are likely to be embracing digital payments. These types of payments are meant to be more secure and convenient for consumers and businesses alike, but they’re also generally more traceable. In theory, it may soon be the case that information about where consumers are spending digitally will be reasonably easy to access (whether through public ledgers, payment processing company reports, etc.). That would turn consumer location data into something individual investors could access and use with relative ease compared to some other kinds of relevant data.

 

In Conclusion

The use of big data in investing is still an evolving concept with less to do with individual investors than larger funds. However, certain methods of investing and certain types of data can be of use to independent traders, and will likely only become more useful in moving forward.

Categories
Marketing & Advertising

Everything You Need To Know About Attribution

Marketers now have a bigger arsenal than ever before. It’s a digital arsenal, an outdoor advertising arsenal, a location-based, personalized, tailor-made arsenal of marketing channels that attract customers.

All this power comes with a problem; it’s hard to tell which marketing channels have the most significant impact on your business. Creating dozens of campaigns across several channels might get the word out about your business, but you’ve got to tie leads back to the marketing channel that delivered them if you want to know what’s working.

That’s where marketing attribution comes in. Attribution means tracking each touchpoint customers have with your brand and assigning credits to those touchpoints according to how much they impacted the customer decision. According to data from HubSpot, companies that use attribution to show marketing ROI have a 12% bigger marketing budget than those that don’t.

Without attribution, you won’t know how to adjust spend and allocate resources towards the most effective, efficient marketing channels. Let’s make sure that doesn’t happen.

 

The Issue of Offline Attribution

Attribution can solve the problem of how to give credit to offline conversions. Imagine that someone calls your business after seeing your billboard, bus stop ad, or brochure. How do you assign credit to that marketing source if you can’t track a click?

Call tracking numbers can solve this issue. Simply put a tracking number on the ad, link it to your real number, and use call tracking software to capture that lead and track it back to the marketing source.

Offline attribution methods like call tracking allow you to quantify revenue from non-digital ads. As for the digital ads? Many tracking tools use first-click attribution; when credit goes to the first click that brings a user to a website.

 

A Simple Guide to First-Click Attribution

Picture this; someone performs a Google search for “CRM software.” That user finds your site in the search results and clicks. They visit your site, see your number and eventually call your salespeople. This is a lead, and the credit for this lead goes to the first marketing source they clicked on; Google organic search results.

Now let’s imagine something different happened. Instead of calling your sales team, that user ended up leaving your site without making contact. A few days later, they saw one of your PPC ads while searching for CRM software again. Recognizing your company name, they clicked the ad, called the tracking number on the landing page, and got in touch with a salesperson.

The credit for this lead still goes to Google Organic because that was the first click this user made before interacting with your site. There’s a problem though; PPC marketing also played an essential role in converting this customer.

Without the ability to track and account for all your marketing sources, you’d risk overvaluing Google Organic and undervaluing the PPC campaign simply because first-click attribution didn’t split the credit evenly between the two marketing sources. Marketers have recognized the need for more data and multi-channel attribution; a 2016 study found that 39% of marketers planned to use six or more marketing channels over the next two years.

 

Expanding Attribution with Better Data

Landing Page reports and Lead Page Reports give you the extra insights you need to assign lead credit across all marketing sources accurately. Landing Page reports tell you which web page the lead first landed on when coming to your site, a tidbit that can help you identify the keyword they used to search for your product. For instance, if they land on a specific product page, they likely used a keyword related to that product.

Landing Page reports can also reveal the other marketing methods leads used to visit your site. You may be sending out emails with links to pages on your website, or you may have backlinks from other sites, and landing page reports can reveal whether or not the people who clicked on those links ended up converting.

Lead Page Reports are a little different. They reveal which page the lead was on when they took a conversion action (calling, filling out a form, or initiating a chat). These reports reveal how effective various web pages are at turning prospects into leads.

First-touch attribution may only reveal one marketing channel’s effectiveness, but combining attribution data with a landing page and lead page reports will reveal how the various marketing channels intersect and impact the customer journey. In fact, you can even bring location data into the mix.

 

Realizing the Power of Real World Store Attribution

Attribution isn’t just for digital businesses. Integrating a real-world store attribution tool into your marketing stack will tell you when leads saw your marketing, when they came into your business and when they made a purchase. For brick and mortar businesses, this is a must. It’s also no longer a futuristic technology reserved for a select few; real-world store attribution tools are available.

With these tools, you can see how to drive traffic to your Shopify store, as well as your real0world store. You can see how long people stay in your stores, how often they visit, and demographic information about each customer. Maybe some marketing efforts drive people to your stores, but those people don’t make large purchases. You might be able to identify the marketing efforts that drive high-value customers to your stores, who make large purchases and come back for more.

The prevalence of mobile devices among the population has made real-world store attribution possible. However, these devices are just one part of the multi-device ecosystem that marketers must follow to capture every lead and trace it back to the marketing source.

 

The Need for Cross-Device Attribution

According to this Google research project, 51% of consumers will search for products across multiple devices, and 48% will directly navigate to their destination website from a different device than they used to find the site initially. Someone might search for a new CRM software on their phone, find a product they like, and then use their desktop computer to navigate that website directly and buy the product. Attribution has to be able to keep up with these changes.

That’s a lot of information to keep track of. Luckily for us marketers, that study was conducted in 2012, and attribution technology has caught up since then. While most consumers probably use multiple devices to shop even more frequently in 2020, it’s easier to track all searching, browsing, and shopping with cross-device attribution tools.

 

A Wrap-up on Attribution

Attribution is one of those marketing phrases that gets thrown around a lot, but it boils down to how well you can understand what marketing works. It’s the process of capturing data, tying it all together, and creating simple reports that explain what’s going on. If you can do that, you can calculate the exact impact your marketing has on the business’ bottom line. That’s valuable information, and it can make you, as a marketer, invaluable to your company.

Categories
News

COVID-19 – Free And Open Data To Assist In The Coronavirus Response

The global outbreak of Coronavirus or COVID-19 has been unprecedented in the effect it has had on individuals, businesses, and governments around the globe.

As the virus has spread, the ways that we are interacting with each other has changed. As governments have implemented guidance for citizens to remain at home, the question has shifted towards what this means for businesses as individuals remain indoors for the foreseeable future.

Another big issue for governments and response planners is how they implement this advice. Are guidelines being followed? What is the impact of these guidelines and is it having an effect on the transmission of the virus.

These are all questions that we think our anonymized data set can help to solve. By understanding how citizens are moving and behaving on an aggregated and macro-level, it’s possible to provide insights to help inform those that need these insights to keep the population as safe as possible.

That’s why we’re making our dataset freely available in many cases where it can have a positive impact on reducing the spread of the virus or where it can provide significant assistance in responding to the spread of COVID-19.

We’d firstly like to illustrate some specific use cases where our data can be of use for a coronavirus response. We encourage those that require free and rapid access to the data to follow the form at the end of this article.

 

Using location data as a tool in the response to COVID-19

Understanding busy locations as areas to avoid

Device movement data can help provide insights into areas that are currently experiencing high amounts of social activity. Identifying large gatherings of people can help to give up to date advice to citizens of areas to avoid.

It can also assist responders in dispersing people from areas where large amounts of people are gathering and risk rapidly spreading the virus. A good example of which is the increased number of visits to London’s parks during weekends. 

 

Understanding how the virus is spreading in new areas

Overlaying positive test cases with historical locations can help to understand hotspots and how the virus initially spreads throughout new and existing regions. 

For example, in areas where the virus is in the infancy of spreading. Understanding all the people who may have been exposed and requesting that they self isolate can have a considerable impact on delaying the spread.

Data can also be at the forefront of a proactive response to the spread of COVID-19. For example, by identifying hotspots and areas where the virus is known to have spread, data can help to identify other devices that have exhibited similar behavior.

 

Understanding the impact on businesses and coordinating financial aid to those who need it

Over the coming weeks and months, it’s unavoidable that businesses of all kinds will be hit by the impact of people remaining at home and the forced closure of physical stores and retail locations.

For these businesses, it’s crucial to quantify the effect that these factors are having on businesses. For governments, understanding the impact that the fall in footfall is having can help to direct financial aid to the right place in any potential recovery effort.

 

Next steps

It’s important to note that any effort to use this data will exist along with the robust privacy processes that all of our customers are expected to adhere by. Tamoco has built-in protections to ensure that any data can’t be reverse engineered to track individuals. All data requires opt-in, is anonymized and aggregated to ensure these protections are respected.

As we mentioned at the top of this post, for cases where our data can be used to assist in response to the spread of COVID-19, we are allowing free access to our aggregated and anonymized dataset.

To get set up, we ask that you complete the following form so that we can coordinate.

 

[contact-form-7 404 "Not Found"]
Categories
Marketing & Advertising

What is Geofencing? Best Guide To Using Geofencing In 2021

It’s high time we took another look at Geofencing. The technology has been a powerful way to reach consumers in the best moment in the right locations. But how have the capabilities changed, and how can marketers best use the technology as we move into a new decade?

 

What is Geofencing?

Geofence marketing is a form of location-based marketing where a geographic boundary is placed around a point of interest. When a mobile device enters this area, the geofence can trigger several different events. These triggers are usually the delivery of some kind of advertising. Historically this has been via SMS, but increasingly this process has developed to include push notifications and even fit seamlessly into the programmatic advertising stack.

 

A definition of geofencing in 2020

Geofencing is a technology that has been around for a while. It is always developing, and marketers are finding intuitive new ways to use it effectively.

Geofencing is useful for instant location-based advertising. But its use can move beyond this simple moment marketing. Geofencing can be used to identify and build large addressable audiences over time. As we’ll see, it can even have a role in retargeting, attribution, and other location-based insights.

 

How does geofencing work?

Geofencing mostly consists of the following steps:

  • Identify a geographical radius around a real-world location.
  • Set up a geofence (virtual barrier) around the location.
  • When a device enters or exits, an event can be triggered.

 

What are the limitations of geofencing in marketing and advertising? (What you can’t do)

Not all geofencing technology is perfect. Sometimes a device registers inside a geofence when, in fact, it isn’t. Other times the geofence is set around a store, but in busy cities and other hard to measure locations, sometimes this means that devices are falsely attributed to the physical location.

These issues mean that geofencing has to be accurate. To provide maximum value to consumers, ads have to be relevant. Directly sending everyone that walks past a store, a message isn’t a viable option.

At Tamoco, we are obsessed with accuracy. We want our customers to be sure that a device is being targeted because it actually visited a location. So we build a solution that understands more than a single data point when calculating if a device is inside a POI or geofence.

Geofencing also has potential scalability issues. Being so highly targeted and in the moment means that the addressable audience in a geofence campaign might be quite small.

A geofencing campaign might work across McDonald’s stores, for example, but this is because there are a significant number of them. When dealing with smaller campaigns, the reliance on your own audience might not be enough.

For this reason, it might be better to target a type of consumer or build a segment over time that consists of visits.

 

What you can do with (better) geofencing

Simple geofencing push is no longer as powerful as it used to be. With better accuracy and a slightly different approach, you can still use location to achieve convincing results. Let’s see how.

 

Marketing and advertising

Targeting

Geofencing has traditionally been used to target devices as they enter a geofence. The brand would place a radius around its stores, for example. When a device using their app entered these areas, they would be sent a message encouraging them to visit the retail location.

As we’ve already mentioned, this isn’t always accurate in practice. Larger geofences are likely to include devices that aren’t nearby or not inside a competitor store. This can render the advertising message irrelevant.

Another potential issue with geofence targeting is the lack of audience scale. If you are using the technology with your own application, a large audience is required to send messages on the scale needed to shift the needle.

Better geodata means that you can look at device across how it behaves over time. In the moment targeting is effective, but building up a detailed profile and using this to build segments provides you with more reach and better accuracy.

Using location data for geotargeting means that you can target more devices outside of your first-party audience. You can read more about location data for targeting here.

 

Measurement geofences

Another benefit of using location-based targeting is the ability to measure the effect of location-based marketing or geofencing campaigns. For example, if you target devices based on their proximity to a location, how do you know if they performed the desired goal, especially if this is in the real world.

Using location data to target means that the same technology can be used to confirm if devices visit a retail location after being delivered any kind of advertising. Better accuracy means that you can be certain of a venue visit, rather than just a person walking nearby.

So using accurate POI geofences or polygons can help you to attribute your advertising campaigns. This extends beyond your geofencing campaigns to include your digital advertising, out oh home campaigns, and much more.

 

The future of geofencing marketing

Geofencing marketing v location targeting

Geofencing in marketing can still be an effective way to reach consumers in the best possible moment. But for brands that want to identify larger groups of relevant consumers, this isn’t always the best solution.

Instead, location-based audience segments offer the best of both worlds. These segments are still based on real-world locations and therefore carry real-world intent. They are scalable because these segments can be built over a longer time period.

Another benefit of these types of campaigns is that you can activate segments directly in your marketing channels.

This means that you don’t need to rely on push in apps. You can use the entire programmatic marketing stack to target users wherever they are.

 

About Tamoco’s location segments

Our segments provide more scale for marketers looking to do better location targeting. Our first-party data focuses on accuracy, allowing marketers to do more precise geographical based campaigns.

Activate location-based segments today.

Categories
News

GeoSpock & Tamoco partner to scale location data insights

A new partnership is bringing together powerful data visualisation and data-driven business intelligence to give companies an unprecedented understanding into the offline world.

GeoSpock’s extensive and unique toolset processes data at speed and scale. This enables clients to understand in the moment how customers behave and interact with their businesses. Tamoco’s powerful data provides insights that link online to offline, with GeoSpock’s platform packaging these insights into tangible and actionable visualisations.

The partnership will provide a solution that allows clients to make faster, data-driven decisions about how consumers move and behave in the real-world, which is often an unknown for businesses. GeoSpock provides a platform that can process Tamoco’s location data and help businesses act on this in real-time.

This solution carries huge potential across multiple disciplines – from the marketing and advertising space, through to supply chain efficiency, city planning, finance, and business intelligence. Connecting and visualising the link between the online and offline worlds will provide clients with a powerful toolkit to place data at the centre of the decision making process.

Through the use of GeoSpock’s product suite, Tamoco’s data will feed into infin8™ – the extreme-scale indexing engine – and illumin8™ ­­­­­– the visualisation and analytics tool, which extracts incomparable geospatial insight from data in less than a second.

GeoSpock is fast establishing itself as the de facto processing engine that can provide insights in a tangible way for businesses that require data to fuel their operations. The partnership, therefore, demonstrates Tamoco’s increasing commitment to sourcing precise, sensor-driven mobile location data. Together with its fast-growing user base of over 100 million users, Tamoco is demonstrating the every-day applications for location data.

Partnerships such as this create cases for real-world, global scenarios, which can be scaled to meet evolving business needs – this includes working with companies looking to derive meaningful insight from extreme data across the smart city, automotive, retail, media, telecoms, and mobility sectors.

Rune Bromer, CEO at Tamoco, comments: “This partnership shows that the demand for accurate, sensor-driven location data is growing. With this rise in demand, businesses need a solution that can help them to act on the intelligence that location data can provide. GeoSpock is a company clearly leading in its field and provides our clients with a powerful tool to help visualise and learn what affects businesses in both the online and offline worlds.

Richard Baker, CEO at GeoSpock, comments: “As the world’s largest proximity network, Tamoco is a company with its finger on the pulse of innovation and we are delighted to be working with them. Its sensor-driven data sets have helped businesses build better products. This is extremely impressive and its focus on data privacy aligns with GeoSpock’s own values. We look forward to helping Tamoco to further its success in the mobile intelligence industry through the use of GeoSpock’s full analytics toolset.

About Tamoco

Tamoco makes accurate and secure data accessible for all. Their global network provides businesses, organisations, brands, and developers access to the leading source of precise, real-time location data and enable businesses to build better products, understand audiences, and make better business decisions through the use of powerful mobile device data. For more information: www.tamoco.com.

About GeoSpock

GeoSpock® provides analytics, builds insight, and enables prediction across space and time. Their proprietary data integration platform visualises extreme amounts of contextual data in milliseconds. Its architecture has the ability to analyse trillions of geospatial and temporal data points in sub-second response time with its high performance, cloud-based services  infin8™, illumin8™, and extrapol8™.

Conceived by Dr Steve Marsh while reading for his PhD in Computer Science at Cambridge University and founded as a business in 2013, GeoSpock is the future of big data management, providing extreme-scale, high volume-ingest, ease of use, and interactive results.