Marketing attribution provider LeadsRx has been ramping up its podcast capabilities during the past year as marketer interest in the medium has grown. Now the Portland, OR-based company says it will offer advertisers the first real-time podcast advertising data alongside other advertising mediums. LeadsRx says the new capability means advertisers will more easily evaluate their return on podcast advertising and make mid-campaign changes that will help reduce wasted ad spend.
Because LeadsRx receives information about podcast advertising the moment an ad is played or when the podcast is downloaded, the system in turn provides real-time feedback on campaign performance. This allows marketers to make adjustments, such as changing advertising messaging, during the campaign period to reduce the chance advertising budgets are exhausted on poorly performing ads.
How does it work? LeadsRx says it is able to connect the dots between a podcast ad and an in-store or online visit that ends up as a purchase through a five-step process. First, it receives information from the podcast server that anonymously identifies the individual when the podcast is downloaded or streamed. Then, depending on how and where the podcast is consumed, identifiers may include an IP address, timestamp, episode ID, and an advertising ID from the individual’s mobile device. LeadsRx stores that information and later compares it against similar identity data it receives from people who visit physical businesses. By matching the data, LeadsRx is able to attribute the in-person visit back to the podcast advertising campaign that drove them there. Finally, those optimization insights are made available in real time allowing for in-flight marketing changes to podcast advertising campaigns. Those outcomes, or “conversions,” often result in revenue to an advertiser and are therefore highly valued as Key Performance Indicators by marketers.
“While there are some point solutions on the market that provide siloed podcast advertising analysis, that is all they focus on. They don’t consider podcast advertising’s interaction with other channels, which is so critical for accurate insights and for tracking return on ad spending, says AJ Brown, CEO and co-founder of LeadsRx. “This new facet is invaluable for anyone advertising on podcasts or producing their own podcasts.”
The LeadsRx solution incorporates podcast advertisements as a marketing touchpoint within its multi-touch attribution models. The approach uses advanced algorithms to divide success metrics across all touchpoints that appear in a consumer’s journey to becoming a customer. The company says that reduces attribution over-credit and gives appropriate credit to each channel involved in success. That in turn allows better decision-making across all marketing channels. LeadsRx says the approach to podcast advertising analysis can also monitor consumer behavior for extended periods of time after ad exposure to see the specific outcomes that occur.
The company said for existing or new LeadsRx customers, there is no additional cost to immediately take advantage of its new podcast attribution reporting capability. That includes Westwood One, where Chief Insights Officer Pierre Bouvard welcomed the latest update. “No longer can brands dismiss podcasting for its lack of measurement,” he said. “Now brands can evaluate podcasting’s ability to drive search and site traffic alongside TV, AM/FM radio, Google and Facebook.”