Cuebiq Unveils Industry’s First Footfall Attribution Benchmarks for Nine Key Verticals
New York, New York (PRWEB) June 06, 2017 -- Cuebiq, the largest provider of accurate and precise location data in the U.S., today released its Footfall Attribution Benchmarks report, the industry’s first report analyzing footfall benchmarks, which help marketers gauge how their advertising campaigns perform against industry averages for offline activities like in-store visits. The report breaks down the averages by nine verticals: automotive, quick service restaurants (QSRs), retail, big box retailers, grocery stores, casual dining, financial services, entertainment, and travel. The report gives vertical averages for the following key metrics:
• Uplift – Measures the impact of ad exposure in driving in-store visits, determined by comparing those exposed to the ad campaign to those who were not.
• Visit Rate – Identifies the average daily visits at POIs/stores by category.
• Footfall Trends – Broken up into two categories: Dwell Time (amount of time spent at a specific location) and most popular time of day for in-store visits.
• Brand Affinity – Highlights specific brands that appeal to consumers the most.
“Offline attribution is vital to understanding the consumer journey. The ability to bridge online and offline consumer behaviors and activities allows marketers to answer their most pressing questions such as how their advertising is driving consumers to stores, how much time they are spending in those stores, which consumers are most receptive to their messaging, and to which brands those consumers are loyal,” said Antonio Tomarchio, CEO of Cuebiq. “This is why we felt it was critical to release a thorough analysis of what success looks like for footfall attribution. Our analysis pinpoints nine specific verticals as well as the key metrics marketers should be measuring when gauging the impact on footfall.”
For example, when analyzing the retail vertical, Cuebiq’s Footfall Attribution Benchmark report projects that an ad campaign run by retail marketers should see 10 to 30 percent uplift for in-store visits. Uplift less than 10 percent indicates below average campaign performance. Uplift between the two thresholds indicates average campaign performance. Uplift higher than the 30 percent threshold indicates exceptional campaign performance. For the visit rate, roughly 14.44 percent of the U.S. population visit retail brands daily on weekdays and 18.28 percent visit daily on weekends. When examining footfall trends like consumers’ dwell time and time of visit at retail locations, consumers’ average dwell time is 23 minutes and they are most likely to visit retail locations between 12 p.m. and 1 p.m.
In addition to presenting benchmark data, Cuebiq’s report also highlights case study examples, giving marketers a better understanding of how footfall attribution can be used to derive actionable insights and how to best determine success when comparing to benchmark standards. One example comes from digital advertising software and services provider Centro, which partnered with Cuebiq to help a retail client understand its digital campaigns’ effectiveness in driving in-store traffic.
“Cuebiq’s post campaign analysis provided a wealth of insight. The data illuminated key metrics such as the overall lift of the campaign (which beat the industry vertical standard with an impressive 46% lift), which days and hours were the most effective, what other brands and stores the retailer’s customers frequent, and more,” said April Weeks, VP, Media Strategy & Operations, Centro. “Our client was extremely impressed by the results and is looking forward to implementing Cuebiq’s benchmarks to measure future campaigns.”
“Our goal with this report is to provide a valuable resource to marketers who are seeking further insights into campaign performance and consumers’ offline behaviors. We are thrilled to hear such inspiring success stories from Centro and our other partners,” added Tomarchio.
Cuebiq’s benchmarks have been integrated into its newly enhanced Attribution Dashboard, which is used by marketers to optimize campaigns while in flight and measure footfall impact on store visits once the campaign is over. Among other things, the new version of the Dashboard provides actionable audience insights, empowering marketers to further engage with the most receptive consumer segments at the click of a button, as well as a deeper understanding of consumers’ behavior and engagement while in store, enabling marketers to enhance both their advertising strategy and the in-store experience, leading to more store visits and higher dwell times. More information about updates to Cuebiq’s Attribution Dashboard are available here.
The full report listing footfall attribution benchmarks for the nine verticals is available for download on Cuebiq’s site here.
Study Methodology
The Attribution Benchmarks data was gathered from footfall attribution reports for Cuebiq clients from Q3, 2016 through Q1, 2017. Campaigns commonly ran for two months, but length varied from a few days to several months based on brand objectives, which ranged from retail weekend sales to brand-awareness campaigns.
Attribution Methodology
Leveraging its intelligence platform and a database of 61MM anonymous users, Cuebiq compares the group of users exposed to an ad campaign to a control group in order to perform its footfall attribution analysis. The control group is composed of anonymous users in its database who match the criteria of the exposed group but were not exposed to ads. Cuebiq then compares the visits of the exposed group to the control group to determine footfall uplift.
About Cuebiq
Cuebiq is the largest provider of accurate and precise location data in the U.S. Its leading data intelligence platform analyzes location patterns of 61 million monthly active U.S. smartphone users on over 180 mobile apps, allowing businesses to glean actionable insights about real-world consumer behaviors and trends. Cuebiq provides clients geo-behavioral audiences for cross-platform ad targeting, the industry's only SaaS based real-time campaign optimization and footfall attribution tools, and offline location analytics. Cuebiq does not collect any personally identifiable information. Its privacy-sensitive methodology has earned the company membership status with the Network Advertising Initiative (NAI), the leading self-regulatory industry association dedicated to responsible data collection and its use for digital advertising. Cuebiq is headquartered in New York with offices in Chicago, Italy and China.
Paul Chronister, Kite Hill PR, +1 (410) 596-9175, [email protected]
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