Powerful turnkey analytics tool uses control group methodology to isolate and measure conversion rates produced by specific marketing channels, messages or partners
CINCINNATI, Ohio, 2019 (GLOBE NEWSWIRE) —
Claritas, LLC®, a marketing leader that helps companies find and win their best customers, today unveiled a new Conversion Tracker analytics solution that allows marketers to accurately isolate and measure the effectiveness of each channel, message or partner in their campaigns – even when an offline campaign results in online buying or vice versa.
Using this solution, marketers can now measure each specific portion of their marketing campaigns with never-before-available precision, allowing them to optimize their campaigns as they run to maximize their return on investment (ROI).
So, for example, say a company wants to determine whether its television spots were effective in actually getting people to buy. Claritas’ proprietary Conversion Tracker uses control group methodology to isolate and measure the television campaign’s specific conversion rate.
In this case, Claritas first places pixels on a client’s website to measure how many people are converting before the campaign even runs. Next, it creates two identical groups:
- • An “exposed” group, consisting of those who have been exposed to the campaign, and
- • A control group, which is made up of people who look exactly like the exposed group but haven’t seen the campaign.
Finally, Claritas compares the conversion rate of the exposed group to the conversion rate of the control group as the campaign runs. The difference between the conversion rate of the exposed group versus the control group is called the lift rate, and it measures the true conversion rate of the campaign.
The most critical part in this process is developing the right control group, which must precisely match the exposed group for the conversion measurement to be valid. That’s where Claritas offers a key advantage to its clients, because it creates these control groups using its Identity Graph – which encompasses a proprietary data set of 95 million households and more than 400 million devices.
The Claritas Identity Graph incorporates customer identifiers such as email addresses and mobile IDs as well as Claritas’ PRIZM Premier segmentation data to create the most comprehensive and detailed demographic, consumer behavior and geography data set on the market today. Available data ranges from what car a consumer drives and their social media preferences to their income range and the specific devices they use to buy. This comprehensive data set allows Claritas to quickly create and adjust a campaign’s control group so that it precisely matches the exposed group.
One of Claritas’ first Conversion Tracker customers was Wrapify, which began offering mobile OOH advertising services to brands back in 2016. Wrapify’s concept was revolutionary in that it allowed companies to easily promote their products and services on hundreds or even thousands of vehicles “wrapped” with a specific advertising message.
When Wrapify launched the service, it soon found that brands were not satisfied with traditional outdoor advertising metrics such as number of impressions. Instead, Wrapify clients wanted data that showed them exactly how effective the wrapped ads were in producing actual conversions.
“Our clients don’t care how many people see their message,” says James Heller, CEO of Wrapify. “They want to know if those advertisements are producing actual sales on a website, in a retail store or via an app.”
Claritas helped Wrapify integrate a solution that would show companies exactly how effective their on-vehicle ads were in producing conversions. For example, Alaska Airlines – which turned to Wrapify to advertise its flights to Hawaii from the San Francisco area – saw its online booking rates for those specific flights jump nearly 20%. And thanks to the Claritas conversion rate analysis, Alaska Airlines was able to link that conversion rate directly to the Wrapify campaign.
Claritas has already used this methodology to isolate and measure specific campaign channels for clients in a variety of vertical industries, including financial, automotive, telecommunications and retail. For instance, Claritas combined geofencing technology with its Conversion Tracker to measure exactly how many consumers visited a group of automotive dealers after an email campaign – and found that the average ROI per dollar spent was $33.82.
And when a financial industry client launched a campaign to market a co-branded credit card, it turned to Claritas to measure both online and offline conversions – and used that data to decrease its acquisition costs by 94%.
Claritas is now rolling out its Conversion Tracker as a turnkey analytics solution that allows any Claritas client to easily measure the effectiveness of any part of their marketing campaign. The solution uses a proprietary methodology that collects and analyses the data needed to conduct the analysis in just days, allowing Claritas to provide campaign lift results very quickly so companies can adjust their campaigns to maximize their ROI.
“Our Conversion Tracker is a game-changer for marketers because it allows them to measure their offline and online marketing campaigns with more precision than ever before. They can now easily isolate and measure specific portions of their campaigns by partner, channel or message – or using any parameter they choose,” said Claritas CEO Mike Nazzaro. “It’s one more tool in our unique Claritas toolbox, which helps marketers succeed in every step of the customer buying process – from customer identification through campaign delivery and optimization. With this newest analytics tool, Claritas continues to transform how companies measure and maximize their marketing ROI.”
Claritas: Transforming the Way Companies Engage their Best Customers
Founded in 1971, Claritas has assembled one of the industry’s most robust identity graphs encompassing a proprietary data set of 95 million U.S. households and reaching more than 400 million devices. The Claritas Identity Graph is just one of Claritas’ leading-edge data and technology tools that allow our clients to identify their best customers, deliver campaigns to those customers when and where they want to be engaged andoptimize those engagements through marketing performance measurement. With powerful data, trusted partnerships, and an expert analytics team, Claritas provides the why behind the buy that is the key to selling smarter and maximizing marketing ROI.
Claritas is a company focused on growth and has recently transformed its capabilities through acquisitions that turbo-charge our core strengths, including the purchases of Miami-based Geoscape, New York-based Barometric and Foster City, Calif.-based AcquireWeb. More information can be found by visiting www.claritas.com.
Marketers have plenty of ways to assess the value of their marketing campaigns, and multi-touch attribution, or MTA, has traditionally been considered one of the most effective. Making MTA work best requires an identity graph running under the hood, but once you have an effective identity graph, you’ve opened the door to properly measuring the success of your omnichannel marketing. It’s a lot to keep straight, but Host Monique Ruiz takes you through it all with the help of James Heller, CEO of Wrapify, and Claritas identity graph expert Jeff Bickel.
Claritas and Wrapify continue to partner to deliver the first-of-its-kind attribution reporting for out-of-home advertising for brands like Zoom Video Communications, Anheuser-Busch, Mars Wrigley, General Mills, Salesforce, Alaska Airlines and more.
Learn more about how Wrapify can connect your out-of-home advertising to digital attribution: