After a successful test period, blockchain ad start-up Lucidity has announced its partnership with Toyota and agency Saatchi & Saatchi for future Toyota ad campaigns. While using a Lucidity powered solution, Toyota saw a 21% rise in ad performance. This result came even after traditional solutions for fraud and transparency were implemented.
This should be good news for the heavily advertised automobile industry. Recent estimates put automobile ad spend at $15 billion in the US alone over 2018.
Nancy Inouye, National Marketing Communications Manager at Toyota, said: “We’ve had our eyes on blockchain innovation for a long time, but didn’t have a workable blockchain solution to implement until now. We’re excited to be running live, in-market campaigns with Lucidity.”
How did Lucidity help?
Lucidity provided an auditable set of data from the notoriously complex and wasteful media buying supply chain. This allows advertisers to have a look at what is actually going on when they buy ad space.
Consequently, Toyota and Saatchi & Saatchi could identify and act on any suspicious activity like bot traffic and domain spoofing. Lucidity could also pinpoint ads and websites which were garnering little attention, meaning Toyota could divert funds to more productive areas.
Tom Scott, Media Director at Saatchi & Saatchi is satisfied with the solution: “The ability to have access to a transparent, clean set of data from across the programmatic supply chain is game-changing. We’re empowered to take action, and this is the first time we’ve been able to use blockchain technology to eliminate waste and optimize our ad buy in this way.”
“Our blockchain solution gives partners like Toyota deeper, log-level optics into their ad spend at every point in the supply chain to combat these challenges,” said Nikao Yang, Chief Operating Officer of Lucidity.
Lucidity is also part of IAB’s Blockchain Working Group. The Group is a consortium which aims to address challenges in the ad buying industry and provide a standard of best practices for using blockchain technology.