CANNES — In this economy, more CMOs are being asked to prove the results of their ad spending. But outcomes can be about more than just making a sale.
Speaking with Jonathan Steuer for Beet.TV in Cannes, Lisa Coffey, Global Chief Revenue Officer at LoopMe, underlines the growing importance of incrementality in the world of business.
Coffey notes: “The world went so far down the funnel to RoAS (Return on Ad Spend) and was so hyperfocused on that area… brands really started asking, ‘Where’s the incrementality coming from? How are we going to find net new customers? How are we going to grow our consumer base, eventually sell more products or services?’” She says things are changing.
Closing the loop
LoopMe is a decade-old company aiming to help companies uncover their ad effectiveness.
Its PurchaseLoop product aims to go beyond “proxy” ad metrics like views and click-throughs by using a massive audience data pool and AI algorithms to identify real uplift outcomes like awareness, consideration, favorability, intent, foot traffic and offline sales.
“Our PurchaseLoop measurement product allows us to do that … finding the customer … being able to do that at scale, and then understanding what a brand wants to measure them for,” Coffey says.
The LoopMe team had a fantastic time in Cannes last week, connecting with clients and partners from around the world and sponsoring the @Beet_TV Data & Measurement Summit. We're already looking forward to next year! #cannes #advertising #digitalmedia pic.twitter.com/PWflzjAlRg
— LoopMe (@LoopMe) June 27, 2023
Surveys and AI
“It starts with our patented survey technology, which is a mobile-based survey that helps a brand find the individuals that they’re looking to reach,” Coffey says. This is a departure from traditional panel-based, incentive-based reward panels.
These surveys are then connected to LoopMe’s data management platform (DMP), which builds out an audience segment.
Coffey adds, “It’s our AI technology that really weaves its way through the entire platform, ultimately delivering five times better performance than industry benchmarks.”
Success in the Field
Coffey provides a real-world example of their technology in action. “La Colombe, coffee brand, a client we work very closely with post-COVID, found that their coffee sales and their e-commerce site was dropping significantly,” she says.
The company wasn’t using their video assets to drive traffic to their e-commerce site at the time.
After employing LoopMe’s technology including AI, the results were staggering, Coffey says: “We delivered 97% of the traffic to their landing page, and the revenue performance of the program was 119% above their target.”
You’re watching coverage of the Global Leadership Summit on Data & Measurement at Cannes Lions 2023, presented by Comscore, LiveRamp & LoopMe. For more videos from Beet.TV’s Cannes Lions 2023 coverage, please visit this page.