CEO Letter: Continued Independence, Investment, and Innovation

To Our Customers, Partners, and the Industry:

 

In June, Placed agreed to join Snap to establish the de facto standard in offline measurement for the next decade.  Prior to the announcement, Placed had established itself as the leader in location-based attribution with over $500MM in media measured in the past 12 months across thousands of campaigns and hundreds of partners.  Placed achieved this level of success without selling a single ad, and instead focused on delivering one of the best-in-class attribution solutions for advertisers and publishers in a manner that is truly independent of media.

 

Post-close, both companies are committed to maintaining Placed’s position as an unbiased and independent leader in connecting ads to store visits.  To reinforce Placed’s commitment to operating independently:

 

  • Placed will operate independently of Snap, maintaining its brand and continuing to deliver offline attribution to 500+ advertisers and agencies
  • Placed will continue to add new advertisers and partners to its client list
  • Placed employees will operate separately from Snap employees
  • Placed will continue to maintain its own offices, separate from Snap offices
  • Placed’s production infrastructure will operate separately from Snap’s production infrastructure
  • Placed will treat Snap in the same manner as the 300+ partners who utilize Placed Attribution and Placed will not share advertiser or partner data with Snap

In the first full month following the close of the acquisition (August), Placed experienced record growth.  When comparing the month prior to the announcement (May) and the month following close (August), Placed experienced:

 

  • 20.1% increase in impressions measured
  • 13.1% increase in advertisers measured
  • 19.2% increase in publishers, networks, and platforms

The adoption rates over the last three months are near all-time highs, which further quantifies Placed as a leading source for offline attribution.  We are humbled by the demand that we’re seeing in the market, and the trust that 55 new publishers, networks, and platforms have put into Placed as the unbiased and independent source of truth when it comes to store visits attributable to media.

 

Adoption metrics alone don’t showcase the success that Placed has seen in the market. Since the news in June:

 

  • Placed plans to increase investment in product significantly going into Q4.  This includes a 400%+ increase in investment in TV
  • Placed released a white paper highlighting the issues associated with exchange based location data, where 99% of the locations aren’t able to determine store visits
  • STX and Horizon used Placed to measure the impact of digital and TV on the release of Bad Moms
  • RetailMeNot utilized Placed Attribution to independently measure the impact of paid search on retail store visits

Snap’s acquisition of Placed was not designed as a roll-up, but rather as an investment in cementing Placed as the default platform for measuring the physical world.  Placed aspires to be the location platform for the next decade throughout the world.

 

If you have any questions or concerns about Placed measurement, please do not hesitate in reaching out to me directly at david@placed.com.

 

Sincerely,

 

 

 

 

David Shim

Founder and CEO

 

Hurricane Irma’s Impact on the Location of People and Places

Placed analyzed the location and visitation data generated by residents in the path of Hurricane Irma to gain insights into impacts of what has already proven to be an abnormally active storm season.

 

Foot Traffic to Businesses:  Areas impacted by Hurricane Irma saw quantifiable increases in visitation to grocery stores (2.1x), gas/convenience (1.7x), and pharmacy (1.7x) in the days before expected landfall of Irma. While these visits were expected, unexpectedly visits to Pet Food and Supplies retailers, Diet & Nutritionists businesses, and Sporting Goods stores also saw increased visitation between September 4th through the 7th.

 

Restaurant/QSR locations saw up to 3.7x visitation rates by September 8th as residents began evacuation, or conserved supplies by eating out up until the last minute.  Interestingly, Check Cashing locations saw upwards of 28X the visitation from prior to the hurricane, possibly due to banks being closed and power outages forcing cash only transactions. Wireless retailers also saw significant increases in visitation (1.5x-4x) before, during, and immediately following the storm.

 

Evacuations Before Landfall:  By mapping “away from home” percentages by city by day, we clearly see the alignment to evacuation notices as well as delayed returns for areas where Hurricane Irma caused extended power outages.

 

  • Evacuations Start (Average): 2 days before landfall
  • Population Returns (Average): 3 days after landfall, 5 days after landfall for areas with extended power outages

Distance Traveled:  The metric “distance traveled from home” indicates that the Sept 6th Hurricane Irma path projections, which placed the center of the storm traveling up the Eastern coastline, aligns with the first wave of residents of Miami and Naples opting to leave their home locations and travel distances averaging as much as 260 miles to escape the hurricanes cone of damage.

 

  • Shortest Average Distance Traveled (Pre-Land Fall): 32 miles, Tallahassee Residents
  • Longest Average Distance Traveled (Pre-Land Fall): 295 miles, West Palm Beach Residents

The September 7th announcement of mandatory evacuations for additional cities beginning Sept 8th initiated a second wave of residents departing with Ft Myers-Naples area seeing 73% of residents on the move.