Location intelligence leader Foursquare today announced a new feature known as Closed Loop Attribution. Nested within its core Attribution product, it’s meant to federate several data sources with the intention of providing brand marketers a more holistic picture of which channels produce results.
By “results” we mean tangible offline activity such as foot traffic, as this traces back to Foursquare’s core value proposition. Within digital clickstreams (think: eCommerce transactions following a Google search), connecting the attribution dots is a simpler endeavor. Offline attribution is a different animal.
Bringing that foundational competency to this new attribution product, the idea is to federate several media channels into one single view. That not only engenders simplicity but more comprehensible feedback loops. The goal is to draw out insights and discoveries about what’s working and not working.
Federated Approach
So how does this all work? according to Foursquare, its approach…
“can identify when a user has seen an ad, whether it be it on a billboard, app, or TV. Using our proprietary, always-on panel of devices, Foursquare matches ad exposures to store visits, online conversions or the sequence of online conversions followed by store visits…”
Meanwhile, tracking several media channels is key as marketers continue to broaden the mix. That’s a longstanding trend, validated through Localogy’s Modern Commerce Monitor, which is accelerating. Privacy reform has caused marketers to shift budget to less personally-targeted formats like CTV.
The other channels that exist within that expanding arsenal include search, online display, billboards, podcasts, radio, and television (including streaming and CTV). With all that budget shifting, the media mix becomes more complex… which primes the pump for Foursquare’s latest closed-loop play.
Atoms & Bits
In that sense, Foursquare’s latest release is all about eliminating blind spots in a given marketer’s media mix. Seeing it all in one place can surface discoveries that may otherwise be opaque. And as a corollary to the expanding media mix for marketers, consumers are likewise getting bombarded from all angles.
In addition to multiple media sources, consumers are also bouncing in and out of digital channels. One example is Covid-accelerated curbside pickup, or “click and collect.” This growing digital/IRL hybrid behavior compels tools for local businesses that can connect the dots between atoms and bits.
“Consumers see up to 10,000 ads per day, Foursquare writes. “With multiple touchpoints and channels, brands need access to platforms that can offer a holistic view of their customer’s journey in order to create media strategies that work.”
