SnapChat has acquired location based analytics Placed, so it can provide itself with better monetization strategies for its GeoFilters. As consumers view various Geo Filters from Snaps they received, knowing if they eventually made an instore purchase will be increasingly important for advertisers. Attributing what ads perform in a customer’s buying journey will allow advertisers to make informed decisions on where they should place their advertising dollars. Purchasing Placed, will allow SnapChat to help its advertisers with view through conversion metrics, allowing them to know if the GeoFilter ad influences the consumers journey with in-store sales.
Placed has built an audience of users, analyzes their locations and asks if they have made an in-store visit. It then cross references this information with 3rd party audience data to determine what percentage of those users made an in-store visit. It focuses on brand lift as it using data signals of the users and matching them up with potential store visits to give a strong guess that the sale had occurred.
Most companies focus on click through conversion data through web analytics, and large amount of companies ignore conversions that derive from an ad that has not been clicked on. SnapChat’s purchase of Placed is trying to bridge the gap with those offline attribution metrics.