UberMedia, a company known for transforming “mobile behavioral data,” announced on Wednesday (July 13) that it was launching a new product, Optimal GeoSpace, which the brand says will erect a “virtual fence around individual retail shopping areas, enabling retail marketers to fully capitalize on the actual footprint of a customer.”
“Traditional geo-fences poorly serve most advertising targeting solutions because they are a ‘one-size-fits-all’ approach. They often misrepresent or overextend the parameters of specific shopping areas, sometimes by as much as several miles, increasing the chances that an advertiser is serving ads to consumers not specific to their location,” UberMedia said in a statement announcing the new endeavor. “Whereas Optimal GeoSpace can create a flexible fence tailored to each unique location based on specific shopping patterns using UberMedia’s analysis of billions of high-quality location data points over a period of time as set by the advertiser.”
Optimal GeoSpace uses an algorithm to analyze data points in real time, which helps it account for customers’ shopping habits when it comes to behavior, location and time period. For example, if a retailer wanted to see how its customers responded to its latest Black Friday sale, Optimal GeoSpace would be the perfect tool to do so, according to UberMedia.
“Imagine you’re a brand manager for a national retail chain having to manually customize 2,000 locations with the limitations of traditional geo-fencing technology,” Michael Hayes, UberMedia’s chief revenue and marketing officer, said in a statement. “To be the most effective, each location needs its own settings since every market presents different consumer challenges, which is why Optimal GeoSpace technology, combined with our expansive mobile data, takes the headache out of this process. Our technology can identify specific optimal shopping parameters and can update and dynamically set a flexible fence at scale to create an accurate picture of the customer’s actual journey to a specific location, freeing up the time to focus on other campaign elements.”
UberMedia said that Optimal GeoSpace grew out of its existing retail division, which was using similar technology to “identify competitive trade areas” and analyze the data for real estate brokers and developers.