What Happened
In order to better measure how their ads impact offline sales and boost their ad attribution capabilities, Facebook and Pinterest announced new partnerships with Quantium and Oracle Data Cloud, respectively, earlier this week. For Facebook, the decision to team up with Quantium, an Australian data analytics and strategy firm, stems from their clients’ need to better understand the effectiveness of their ad spending on social media. Brands that have joined the beta test include L’Oreal, Kelloggs, and Proctor & Gamble.
As for Pinterest, the new partnership with Oracle Data Cloud aims to further convince brand advertisers of its conversion prowess. Citing the results of a new Oracle study, which “measured in-store sales for 26 Pinterest campaigns across major food and drink, household goods, and beauty brands,” the company says its Promoted Pins “drive five times more incremental in-store sales per impression” compared to other online advertising.
What Brands Need To Do
While measuring offline sales and store visits driven by online and mobile ads are still relatively new in ad attribution, they have quickly become crucial parts of digital ad measurement, especially for retailers and CPG brands. As social platforms like Facebook and Pinterest try to appeal to advertisers by beefing up their attribution tools, brands should learn to leverage the new data they generate to inform their current and future campaigns.
Sources: Mumbrella & Marketing Land