Closed-Loop feature gives brands and advertisers a holistic view of the customer’s path to purchase for online and hybrid conversions
Foursquare, the leading independent location technology company, today released Closed Loop, a new feature within its Attribution offering that gives marketers unprecedented insight into a marketing campaign’s true impact on multiple types of conversion events. Closed-Loop Attribution provides a holistic view of the customer journey in a single place, eliminating blind spots so brands only invest in media that is proven to be effective. The new feature distinctly measures ad exposure against online and online-offline conversions, allowing brands to measure in-store foot traffic in addition to historical visitation and incremental data for accuracy. Through this first to market enhancement, brands and advertisers will have access to omnichannel campaign KPIs in a unified user interface.
Closed-Loop Attribution allows marketers to optimize spending, cutting inefficient online and offline media through a better understanding of what their customers respond to.
“Both consumer behavior and the marketing toolkit have undergone substantial change in the last few years,” said Foursquare President and CEO Gary Little. “Consumers are now exposed to ads in numerous ways, from television to digital and social media. They also have more ways to buy, as well as the ability to purchase online, in-person, or hybrid. Given that, plus the seismic shift the pandemic has had on foot traffic patterns, brands need more tools to know what is working, and they need that full picture in one place.”
Foursquare SVP of Product Oren Teich agreed. “Closed Loop Attribution provides that much-needed comprehensive, contextual view of the countless customer journeys from ad, to in-store behaviors and patterns, to purchase. Using incremental and historical data, we’re able to distinguish between customers who are actually influenced by targeted media, versus those who would have already made a purchase. Now, data can replace assumptions and ‘gut feelings’ about what’s working and what isn’t, allowing marketing teams to spend their budgets far more effectively than ever before.”
The new feature within Foursquare’s Attribution solution links campaign exposure to store visits, online shopping, and hybrid purchases. That data is measured against a synthetic control group to demonstrate how exposed customers would have behaved had they not seen the ad. In giving brands the ability to use historical visitation and incremental data, Closed-Loop Attribution accurately reflects campaign influence, whereas competing attribution tools show a false correlation between existing customers and media exposure. The streamlined feature provides these granular insights in real-time and in one user interface for easy reporting.
After a successful soft launch in beta last month, the Closed-Loop feature is now available to all Foursquare customers through the Attribution dashboard.