Uber enhances ad-targeting strategies with advanced in-app video features

Article Brief:

Lyft has struck several new partnerships intended to strengthen its advertising business and hired a new CMO from Meta, according to blog posts.

Lyft Media division has partnered with Oracle to enhance ad targeting and Nielsen for measurement and audience verification. This collaboration coincides with Lyft's introduction of in-app video ads nationwide and new options for brands to refine their messaging, utilizing retail purchase data.

In addition, Brian Irving has been named as Lyft's new marketing chief, leveraging his extensive background in the tech industry from companies such as Meta, Airbnb, and Google. With a focus on increasing revenue through advertising, Lyft is intensifying its competition with main rival Uber.

Article Insight:

Lyft is actively expanding its advertising efforts by partnering with companies like Oracle and Nielsen. These partnerships could help speed up their progress. In addition, Lyft is finding new ways to connect with ride-hailing customers, like introducing a premium in-app video format. The company already has deals with Rokt for ad serving, Kantar for insights and measurement, and Reveal Mobile for tracking the impact of out-of-home campaigns.

Lyft Media is utilizing the Nielsen pact to offer three solutions: Nielsen One Ads, Brand Impact, and Buyer Lift. The main aim is to give Lyft advertisers a comprehensive view of their performance, including sales outcomes, ad frequency, and de-duplicated reach tracking.

In addition, enhancing ad targeting is a key focus for the growing media unit. Lyft Media will use Oracle Advertising’s Data Enrichment tool to improve campaigns by analyzing data such as retail purchase behavior and demographic characteristics. Advertisers can already target their ads based on first-party data like ride area, ride history, and payment methods through Lyft Media.

Lyft introduced in-app advertising in August and has now added video to the channel to offer brands a more engaging way to capture a rider's attention during the trip. Videos will range from 15 seconds to 4 minutes and will play throughout the entire ride, starting from the moment a pickup request is made until drop-off. Brands advertising through video on Lyft will have the full attention of the rider without any competition from other brands.

Active Lyft users, totaling 22.4 million, are often engrossed in their phones while on a ride. The company states that users typically check the app nine times per ride, on average, and that their video ads have viewability rates that surpass industry standards by up to 14%. Launch partners for in-app video ads include Warner Bros., BetMGM, Universal Pictures, and United Airlines. Apart from in-app video ads, Lyft also offers advertising opportunities on in-car tablets, on-car digital screens, and at their bikeshare stations.

Lyft is focusing on contextual advertising, a strategy gaining popularity due to the decline of cookies. For example, if a consumer is heading near a movie theater, they may see ads for a new film release or the theater itself. Media networks are unsure if consumers will accept more ads in the long run.

After facing challenges like layoffs and a leadership change, Lyft is expanding its advertising efforts. This move aims to compete with Uber, which is also increasing its ad presence to boost profits. Uber has set a goal to make $1 billion in ad revenue this year.

Lyft CMO Brian Irving

New Lyft CMO Brian Irving

Courtesy of Lyft

Lyft has made changes in its top ranks by hiring Irving as its new CMO. Irving officially took on the role on March 20, coming from Meta's Reality Labs division where he was the chief marketer for virtual reality products and metaverse projects.

In a statement about his new position, Irving mentioned that while Lyft already has a strong brand foundation, there is still room for growth. He highlighted Lyft's reputation for warmth, likability, and endearing personality - qualities that set it apart from other brands. Irving expressed confidence in the team's ability to further enhance the brand connection with both riders and drivers in the future.

Editor's P/S:

Lyft's strategic partnerships and the appointment of Brian Irving as CMO signal the company's unwavering commitment to expanding its advertising business. By leveraging Oracle's data enrichment capabilities and Nielsen's measurement solutions, Lyft Media aims to enhance ad targeting and provide advertisers with a comprehensive view of their performance. Irving's extensive experience in the tech industry, particularly at Meta, brings valuable insights into the evolving advertising landscape, where contextual advertising is gaining prominence.

Lyft's introduction of in-app video ads and its focus on capturing riders' attention present significant opportunities for brands to engage with their target audience. The high viewability rates of Lyft's video ads, combined with the captive audience during rides, create an ideal environment for advertisers to convey their messaging effectively. As Lyft continues to compete with Uber, its efforts to diversify its revenue streams through advertising will be crucial for its long-term growth and profitability. presence.