Accuracy & Precision: Why You Need Both to Understand Your Offline Data

Accuracy & Precision: Why You Need Both to Understand Your Offline Data

By Ruben Bloom | Industry Insights | 23 January, 2018

In the age of big data, “drinking from the firehouse” has become a common metaphor, but when you pull in trillions of data points every year, “drinking from the water main” might be more appropriate. Of course, it’s not just the scale of data which matters, but also the quality.

Two of the most important metrics that determine quality are accuracy and precision. The meaning of these terms is clear when you think about a blue circle showing where a customer is on the map.

Accuracy means that the center of the circle is at the customer’s true location.

Precision means that the circle is small and a customer is at most a small distance from the estimated location.

GPS datasets are often lacking in both accuracy and precision, whereas Euclid’s Wi-Fi data combines precision under 10 meters with accuracy to guarantee a customer is definitively located in a store near a specific Wireless Access Point.

At Euclid, we put our trillions of accurate and precise data points to use to drive ROI for our customers.

Accurate and precise data means that store visits are correctly detected – a must for location-based marketing campaign and measuring the influence a store visit has on the path to purchase.  

In other words, you may know a customer is near your store with accurate data, but with accurate and precise data, you’ll know your customer was inside your store rather than on the sidewalk nearby.

GPS Dataset vs Euclid Dataset

Knowing who actually visited the store allows our clients to implement intelligent targeting, such as retargeting customers who left the physical store without making a purchase with personalized incentives in order to lead them back to the store or online to finalize a purchase.

Implementing such campaigns with low quality GPS data may waste marketing dollars on the wrong audience – people who were never actually in your store. Additionally, the distinction between who was inside the store vs. outside, allows clients to incentivize passerbys to enter the store and make a purchase.

Euclid’s robust dataset, and rapidly growing network, sets the bar for precise and accurate location data:

Location Data Accuracy Matters

To learn more about how Euclid’s retail customers are using our data to drive ROI, check out our blog post on predictive metrics, or reach out to us directly to see how Euclid’s location data analytics can help you!

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Ruben Bloom

Ruben Bloom

Ruben is the Product manager for Data Science at Euclid. He applies his expertise in machine learning and analytics to Euclid’s product design.

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