Further, what we now know about shopping and social media activity says that online and offline behavior interact. They’ re complements, not substitutes, and you ignore these interactions at your peril. The vast majority of communications on social media sites are between friends who are within 10 miles of each other. The same is true about the available data on buying behavior. As Wharton professor David Bell documents, the way people use the internet is largely shaped by where they live, the presence of stores nearby, their neighbors, and local sales taxes.
For years now, we have heard big talk about the big data behind big investments in social media. Let’ s see who is behind the curtain. It’ s time to expect more from social media and prove it. The Association of Advertising Agencies has refused to endorse the 70 % goal and wants 100 % viewability, which means if an advertiser buys 1 million impressions from a site, that site must display that ad as many times as it takes to ensure a million viewable impressions. In 2014, The Economist guaranteed those who buy space on its apps and website that readers will spend a certain amount of time there. For instance, it will guarantee that a site containing an ad appearing for three weeks will receive X hours of readers’ attention— documenting, not assuming, engagement with the medium.
Other companies try to trace the links( or not) between online platforms and sales outcomes. They buy point-of-sale data from retailers and have systems that purport to match Facebook or Twitter IDs, for example, with a given campaign and subsequent retail sales for a product. The validity of these approaches is still to be determined. And the FTC has raised concerns about privacy issues and disclosure practices, and has urged Congress to pass legislation to give consumers the right to opt out. But shining light on what does and doesn’ t happen here will be a good thing.
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