On February 27th, LiveRamp hosted RampUp 2014, our annual summit. More than 1000 marketers and industry leaders came together to discuss connected data for intelligent marketing. Over the next week, we are posting videos from all of the sessions that took place throughout the day. Today, watch “From the CMO: The Future of Data in Marketing” and “How Top Brands Use Data Onboarding”.
From the CMO: The Future of Data in Marketing
Kirthi Kalyanam, J.C. Penney Research Professor and Director, Retail Management Institute of Santa Clara University and Pat Connolly of Williams-Sonoma chatted about Connolly’s experience as a retail CMO and the importance of data in marketing.
- Connolly talked about his experience in retail. Williams-Sonoma has always been a data-driven company, from catalogs to e-commerce. Data and respect for data play a huge role in their success.
- The most important thing marketing does is to influence. Connolly is a big believer in bringing analyses of data together to make things successful.
- One thing that’s changed for marketers is availability of ROI metrics. It gives marketers a much bigger seat at the table and a way to measure return on marketing spend.
- It is always better to get the right data as opposed to more data. Anytime you know in near real-time what somebody’s interests are, the better chance you have of converting them. “Data-driven marketing has certainly been fundamental to our success and is critical to what we want to achieve in the next couple of years,” Connolly stated.
How Top Brands Use Data Onboarding Today
Allison Metcalfe, Sr. Dir. of Customer Success at LiveRamp, moderated as Brandon Bethea, President of Adaptive Audience, Nikhil Raj Sr. Dir of Advertising and Demand Gen. at Walmart Labs, and Tony Zito, CEO of Rakuten MediaForge, discussed the planning, activation, and measurement stages of onboarding data for marketing.
- On planning, Brandon stressed the importance of first understanding the company's view of measuring sales by talking to the CEO and board. Nikhil mentioned the need for planning based on the nature of the data. If data is transaction data, the plans can involve "reactivating shoppers" or trying to do new things with "respect to other shoppers."
- The panelists agreed on the importance of all teams in the technology stack being aligned for activation. Brandon mentioned internal clarity, because "a huge piece to onboarding is getting the entire organization to be passionate about the customer." Tony mentioned that a fortunate trend in this direction is the current consolidation trend in the industry.
- Key performance indicators for Brandon included increased conversion rates for each audience, lower CPA on media, and effective insight. Nikhil mentioned the importance of assessing statistical significance and choosing what to measure accordingly, to "truly determine whether the media is working." Tony mentioned byproducts one might not expect, such as users successfully showing up in purchase without email engagement, because "ultimately, it's about driving revenue."
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