CHICAGO — IRI is teaming up with Pinterest to measure advertising campaigns on the social media platform and maximize sales lift. Called IRI Lift for Pinterest, the real-time advertising measurement tool may be useful to retailers who are looking to boost dwindling same-store sales.
IRI Lift for Pinterest determines how effectively a marketer’s Pinterest campaign drives incremental sales and helps identify optimization opportunities to maximize sales lift, according to the company. Expected to launch by this year’s third quarter, the tool integrates Pinterest’s advertising exposure data with IRI’s big data assets to link advertising exposure on Pinterest with actual offline purchases, both on Pinterest itself and on other platforms, down to the specific product and household levels.
Within weeks of launching an advertising campaign, marketers will be able to see in-depth campaign analytics with 80% more accurate results and use that information to quickly adjust the campaign to ensure that they are delivering relevant messaging to their most valuable consumers, IRI explained. The solution also will enable measurement of engagement via loyalty and lifetime value analytics, as well as analysis of Pinterest KPIs like pins, pin closeups, pin click-throughs, repins, time spent and number of visits for a deeper understanding of sales performance and its drivers.
“The integration with Pinterest builds upon the success of IRI Lift, the industry’s leading solution to deliver deeper, more accurate and granular campaign results in real time and on the fly,” said Andrew Appel, president and CEO, IRI. “This transformative partnership will bring to life IRI’s vision of driving media personalization and relevancy with real-time measurement through a distinctive media asset like Pinterest. With tools such as IRI Lift for Pinterest, advertisers and agencies will have the ability to develop long-term personal relationships with brands, and gain insight into which elements of a digital campaign are most effective at driving short-term offline sales and long-term brand resonance.”
IRI used its 30-plus years of sales lift measurement, marketing mix and analytic modeling expertise and combined it with fully integrated big data assets to create IRI Lift. The tool works by capturing a large amount of data, including all outlet point-of-sale and consumer panel data, frequent shopper programs and TV and digital advertising. It also looks at macroeconomic factors, health-and-wellness attributes, and more than 20 relevant control variables, which are analyzed on IRI’s proprietary modeling engine.
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