New York’s business world is to have a new player after Seattle-based location analytics startup ‘Placed’ raised $10 million and decided to open an office in the Big Apple.
From location-based ads to store visits
Since its launch in 2011, Placed has been steadily building a reputation as a leading light in the world of mobile ad intelligence. Last year, it launched Placed Attribution, a platform that tracks whether locally served mobile ads actually end up in personal visits to a vendor’s bricks-and-mortar store. You don’t need to be a seasoned tech product manager to appreciate that this bridges the online world with the offline, physical world. And since it also lets brands, agencies, ad networks and publishers know whether people actually make purchases upon visiting the store, it gives one of the most comprehensive insights into the connection between ads and offline behavior available.
Placed Attribution is based on the startup’s central product, Placed Analytics, which uses a panel of 175,000 opted in users to map local activity, identify trends and work out which groups are most likely to visit which retailer (it covers no fewer than 175 million consumer locations). Even the most battle-hardened product manager would agree that that’s an impressive reach.
Alongside the new funding, which brings Placed’s total investment to $13.4 million; the company also announced a list of new publishing and other partners, including InMobi, Pandora, Rocket Fuel and The Weather Channel. Its Placed Attribution platform has also been used by some big players, including Millennial Media, PayPal, Verve, xAd and Thinknear (they get charged on a CPM basis once they plug the technology into their media campaigns).
According to the startup’s CEO David Shim, although geofencing may count as conversions for people who’ve simply gone into store, all the attribution data collected by Placed over the last year suggests that it really works to drive store visits (it’s “the clear winner in terms of targeting tactics in mobile,” he says). Clicks appear irrelevant to the task of pushing store visits – Placed data finds no correlation between clicks and store visits.
Shim firmly believes, though, that inventory, content and creative play significant roles in in-store conversions.
The New York office is due to open within the next two months.