With rising media spendings and more hours spent on mobile devices, it is no surprise that also companies with offline business want to invest more in mobile advertising. The questions is – how do I measure the impact of spendings on my local business and make it comparable? Cuebiq tries to answer that question with their latest Footfall Attribution Benchmarks report. They accumulated campaign data across different verticals to make results comparable. The first metrics that Cuebiq takes into account are uplift and visit rate.
The uplift measures the impact of media exposure in driving offline visits. Businesses that are benefiting the most are pharmacies, telco stores, electronics or gas stations. Visit rate defines the relationship between ad impressions and in-store visits. High performing categories are restaurants, convenience stores, financial services, pet stores and retail. Looking at devices, pure in-app campaigns performed best with cross-device in second and desktop only targeting in third place. The featured case studies within the report also suggest that a combination of out-of-home (OOH) and in-app campaigns show the greatest uplifts.
Another important metric is the cost per incremental visit (CPIV) – how much do you pay for “each incremental in-store visit.” The median CPIV across all verticals was $23.05 – retail had the highest CPIV ($54.51), followed by home appliances ($52.29). CPIVs below $10 could be achieved for convenience stores ($1.81), financial services ($4.48) and electronics ($8.70). Once in the store, other metrics such as dwell time and time of day can give you valuable insights about customer behaviour and how to optimize your campaigns.
All in all an interesting overview about footfall attribution across different verticals and a good starting point if you need a broad idea where you stand with your own campaigns. To dig deeper, just visit cubiq’s website to view the full report.