Don’t call it a “geofence.” UberMedia introduces the “Optimal GeoSpace”
July 13, 2016 –Marketing Land – Company’s dynamic targeting is based on actual foot traffic patterns throughout the day and is specific to each store location.
UberMedia has launched what it calls the “Optimal GeoSpace,” a dynamic targeting zone that changes by location, time of day and retail category. The company says it developed the approach to fight against the blunt, “one size fits all” approach of conventional geofences.
Several years ago, xAd introduced what it called SmartFencing, which is conceptually similar.
UberMedia’s Optimal GeoSpace was developed from a internal product used to help retailers make real estate site decisions. The collected data reflect consumer shopping foot-traffic patterns and retail “trade areas,” according to Michael Hayes, UberMedia’s CMO. The methodology was then translated into an advertising and offline attribution product. “We look at shopping patterns throughout the day to determine the optimal shopping area for each location,” he explained.
UberMedia says it’s analyzing “billions of high-quality location data points over a period of time” to define these Optimal GeoSpaces, which are then algorithmically adjusted based on actual consumer behavior. The analysis also factors in “where visitors likely live and/or work, and path-to-purchase data evaluates where store visitors were in the hours prior to arriving at a location.”
As indicated in the images above, the geospaces may change for the same location throughout the day or may be very different for the same retailer at different locations depending on consumer foot traffic.
To continue reading, please visit Greg Sterling’s article for Marketing Land