The Ibotta Performance Network, a rewards-as-a-service platform that includes Walmart and Dollar General, aims to help drive sales in growing channels such as mass and dollar while delivering performance marketing efficiency at scale.
As the Ibotta Performance Network (IPN) marks its first anniversary, performance marketing platform Ibotta has rolled out a new program that guarantees threefold return on advertising spend (ROAS) for brands and manufacturers that take part.
According to the company, brands and manufacturers are reaching platforms with 120 million-plus shoppers through Ibotta’s network of retailers, publishers and owned digital properties. The rewards-as-a-service (RAAS) platform, which includes Walmart and Dollar General, aims to help drive sales in growing channels such as mass and dollar while delivering performance marketing efficiency at scale.
In the IPN’s first year, for example, a deodorant brand experienced an impressive 1,067% daily sale lift and a 70% purchase cycle decrease, with 57% of the shoppers who redeemed their offers new to the category or switching from a competitor. Additionally, a single-serve coffee brand saw a 437% sales lift and a 43% purchase cycle decrease, with 60% of the shoppers who redeemed their offers new to the category or swapping from a competitor.
On average, the IPN offers more than 2,800 cash-back rewards daily. So far this year, retailers that have joined the platform have delivered millions in cash back to their shoppers, Ibotta noted.
“Our vision for the Ibotta Performance Network is to deliver performance marketing at unprecedented scale, and we have done just that, thanks in large part to our network partners like Walmart and Dollar General,” said Bryan Leach, founder and CEO of Denver-based Ibotta. “With this new 3x ROAS Guarantee, we are tripling down on our commitment to our brand and manufacturer partners, and ensuring that we provide the reach and incremental return they need during these highly competitive times.”
Traditional advertising aims to boost brand awareness and sales, but can be difficult to measure. The IPN, however, runs on a pay-for-sale model, ensuring that marketers secure visibility and actual sales for every dollar spent. There are no wasted impressions or clicks, and brands don’t bear the risk of underperformance. Advertisers on the IPN average a nearly 50% lift in incremental units sold, with 42% of conversions being new to the brand, the company said.
“The landscape has changed dramatically in the past 12-24 months, and brands are demanding more from their advertising and technology partners,” observed Ibotta Chief Revenue Officer Chris Jensen. “Cash-back rewards provide an efficient and proven model for customer acquisition and retention, and the IPN can do that with a level of personalization and measurement that delivers unparalleled results.”
In addition to the return-on-investment promise, Ibotta offers anti-stacking improvements and a suite of insights to help brands understand campaign performance, marketing positioning and more.
Brands that wish to take advantage of the 3x return guarantee can begin to run live programs on July 1 through the third quarter.
Each week, approximately 230 million customers and members visit Walmart’s more than 10,500 stores and numerous e-commerce websites under 46 banners in 24 countries. The Bentonville, Ark.-based company employs approximately 2.3 million associates worldwide. Walmart U.S. is No. 1 on The PG 100, Progressive Grocer’s 2022 list of the top food and consumables retailers in North America. Goodlettsville, Tenn.-based Dollar General, with 19,147 Dollar General, DG Market, DGX and pOpshelf stores across the United States and Mi Súper Dollar General stores in Mexico, is No. 15 on PG’s list.