DENVER, April 24, 2013 /PRNewswire/ -- After more than a year of highly-technical development, Denver-based Location3 Media has released a new data management platform (DMP) that allows the digital partner to track and evaluate consumer data at an entirely new level. This tool now provides Location3's expert analysts the ability to process huge datasets in order to gain insight into actual consumer behavior and craft highly-efficient media campaigns.
"With this level of data we can be better at predicting trends and will be able to answer the all-important question,'What media had the greatest influence on my user's eventual decision to convert?' These answers give us a much clearer idea of what channels are contributing the most to conversions and ultimately the most effective way to spend a client's budget," said Samantha Bedford, Senior Vice President of Digital Media for Location3.
Development of the new DMP began in early 2010 when the Location3 data team started focusing on analyzing consumers' paths to purchase and determining the influence of different media channels on those paths. Known more widely as attribution, this process attempts to move beyond simply tracking the last click before conversion to tracking all of the channel activity along the way. It is a complex process but one that leadership knew was critical to the company's future success. Proper attribution is a challenge seen throughout the industry, and one that attribution expert Avishash Kaushik speaks about at length.
"[Multi-channel attribution] is a tough challenge…Customer experiences are ever more complex, influence channels intersect a lot more, content consumption is fragmented…So you don't have a choice. You are going to have to deal with the multi-channel attribution problems…if you want your company to have an effective advertising and marketing strategy," said Avinash Kaushik, Digital Marketing Evangelist at Google.
It's Kaushik's and other industry expert's knowledge and work that inspired Location3 to tackle this massive undertaking. Realizing that there is no one-size-fits-all solution, Location3 developed this custom platform with partners Tableau and Mediaplex. Many attribution solutions available on the market have canned models and only show data from converting paths. The Location3 platform allows analysts to customize a model for each client and collect data on both converting and non-converting paths. This provides insight into not only why consumers are converting, but just as importantly, how a campaign can be adjusted to improve the non-converting paths as well.
"Under the constant bombardment of new and changing data from so many sources, the most common reaction is to generalize decisions, defer solutions or perish into analysis-paralysis. With data existing in such detail at such magnitudes, extracting micro insights that can drive macro results is a huge challenge. Location3's new DMP will serve as the foundation for our clients to tackle the big data of digital media and get ahead in this ultra-competitive environment," said Jared Schroder, Data Intelligence Analyst for Location3.
With the roll out of this technology Location3's optimization efforts will become more tightly integrated as all media channels will be working together to effectively meet client goals.
About Location3 Media Location3 is a digital marketing partner built to improve the findability and performance of consumer and multi-unit retail brands through enterprise-level and local digital marketing solutions. Founded in 1999 and located in the heart of Denver, Location3 has a staff of 75 full-time employees who service global, national and local brands. More than half of Location3's client base has worked with the agency for at least three years, as Location3 improves the findability and performance of every client they partner with.