Snapchat has acquired Placed, the location measurement data firm, to help track its mobile advertising conversions.
Placed is known to focus on location and provides clients with an opportunity to track foot traffic to stores following mobile ad exposure. Clients such as Horizon Media and Essence have all previously boosted their offline insights.
The popular imaging app did confirm that Placed would continue to function independently with CEO David Shim reporting to Snap Inc. CEO Imran Khan.
Snap has previously launched a Snap to Store service which analyses foot traffic of consumers who were exposed to a Snapchat ad. 7-Eleven and Wendy’s were among the initial brands to test the offering.
In a release the company noted that online to offline attribution was a difficult part of the mobile ad ecosystem. Since Snapchat is being used whilst people are on the go, it makes sense to track the users’ journeys to store. Indeed, 80% of consumers are using the app whilst in a restaurant and 66% whilst in shopping malls.
The acquisition shows just how important location-based advertising and ad tracking have become. Snapchat is also working with Foursquare to track where advertising clients purchase geofilter ads.
It appears Snap is trying hard to close any gaps left in its ad offering. In order to achieve better revenue results and drive business growth, Snap will have to push improvements across its ad measurement and mobile advertising products quickly.
June 7, 2017