Digital ad firm AdTheorent has launched a suite of machine learning features for restaurants, dining brands and marketers.
The solutions are aimed at fast-food and fast-casual restaurant marketers to drive measurable business outcomes and design campaign goals to bolster foot traffic and ultimately increase sales.
According to research by Statista, 53% of diners use smartphones to find a restaurant location, 49% use smartphones to browse menus and 37% use their smartphones to check out and research restaurants.
One such solution is Cost Per Incremental Visit (CPIV) which helps restaurants to bring in new customers. CPIV is based on machine learning that learns when a customer is close to a restaurant location. It uses predictive location targeting to reach those customers who are more likely to dine at a certain location.
Pricing is based on incremental visits – in other words, a consumer that would not have visited the dining location otherwise. Pricing is also verified by a third-party measurement provider.
AdTheorent also added Visitation Measurement Study that allows the company to analyse campaign impact on restaurant visits. They can also monitor the frequency of purchases and changes in purchases.
The company added that it also now has partnerships with large electronic payments networks to match exposed audiences to transactions and measure and analyse campaign impact of in-store sales, online orders and in-app orders.
AdTheorent revealed another solution for restaurants called Transaction-based Audiences, which uses past purchase data from credit card providers to identify audiences.
In addition, the group revealed a Competitive Conquesting solution which serves ads to customers of competitor restaurants. With Competitive Conquesting, marketers can serve ads that are geo-targeted and defined brand audiences based on apps that consumers frequently use.
“We have seen great success working with AdTheorent to use machine learning to drive incremental visits to Firehouse Subs locations across the United States,” said Marisa Burton, director of field marketing at Firehouse Subs. “AdTheorent’s Cost Per Incremental Visit pricing model is such an attractive option since we only pay for those incremental visits that resulted from ad exposure.”
In 2018, the company executed dining campaigns that outperformed the industry benchmark by 8x and yielded an average rich media engagement rate that was 33% higher than the industry average.