LoopMe, the UK-based mobile video platform, has just rolled out a new optimisation and reporting technology called PurchaseLoop. It’s a self-learning platform that taps Artificial Intelligence (AI) to optimise mobile video campaigns for brand metrics such as purchase intent, brand affinity and product recall. Ultimately, advertisers want to reach consumers which are most likely to purchase their products, and PurchaseLoop enables them to find these audiences.
LoopMe launches AI self-learning platform
Though click metrics such as CTR have long been an industry standard, their impact has actually been criticised. There may be less of a connection between clicks and offline purchasing behaviours than previously thought.
Stephen Upstone, CEO LoopMe, explains:
“The challenge many brands face is getting ROI from their digital campaigns and achieving their marketing goals. Clicks were used to judge the impact of campaigns simply because there was a lack of other reliable metrics to use for optimisation or reporting. The implementation of this new technology allows advertisers to act on metrics which genuinely have an impact on revenue. It will also allow them to overcome the challenge of identifying users who are in market for their product, improving ROI and their understanding of what works for their brand.”
According to research among 1,000 mobile users, almost half of them admitted to never having watched a mobile video ad, because they were not interested in the product at the time. Another 29% admitted that these ads weren’t relevant to them. Indeed, ads are often delivered at the wrong time, targeting consumers who aren’t interested in purchasing a certain product. This ultimately wastes ad dollars.
LoopMe says that its AI solution aims to solve these issues. The technology has been used with brands including Samsung, Unilever, Mattel, Comcast, Macy’s, Renault, Oracle, Cartier and Verizon to drive brand consideration up 68% and purchase intent by 40%.
Having considered research from Nielsen and On Device, the new LoopMe PurchaseLoop targets users at the moment when their purchase intent is enhanced. In addition, some users will be surveyed and benchmarked to control a campaign’s performance against brand metrics such as awareness and favourability alongside purchase intent.
The AI technology then updates its assumptions every 20 minutes to act based on such results, which essentially reconfigures the targeting of a campaign to reduce the number of ads shown to users who aren’t likely to make a purchase.
In addition, users can be targeted with campaigns that complement their position in the purchase funnel with different messages.
LoopMe provides a range of mobile video ad formats including pre-roll, HTML5 and VAST. It was founded by mobile advertising executives Stephen Upstone (CEO) and Marco Van de Bergh (CTO) and now has global offices in New York, London, San Francisco, Los Angeles, Beijing, Dubai, Dnepropetrovsk, South Africa, Bangalore, Berlin, and Paris.