Snap-owned measurement company launches free store visit metrics
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Placed, the Seattle-based measurement company acquired by Snap last year, rolled out a free service Thursday that will provide metrics around store visits for 2,000 businesses.
Why it matters: Foot traffic is a crucial metric for marketers looking to measure how advertising directly impacts sales, but access to this type of technology can be expensive. Providing it for free mirrors Snap's commitment to working with advertisers that are actively looking to sell things, not just enhance their brands.
David Shim, the CEO and founder of Placed, says he’s open-sourcing the tool with the goal of bringing some much-needed transparency and accountability to the space:
“We see this as similar to Zillow launching Zestimate, where data changed the way we look at our homes. Placed Insights is set to do something similar by giving everyone access to location analytics, enabling them to make store visits an actionable metric.”
Here's an example of how that data can be helpful: According to Shim, 25% of Whole Foods customers travel over 13 miles to the nearest store, suggesting Amazon’s two-hour delivery offering could be a good bet.
The backstory: Snapchat acquired Placed last June, but has allowed the company to operate independently. Their financial backing from Snap's deep pockets likely helps make the open-sourcing possible.