The inaugural RampUp Virtual Summit: Intro to People-Based Measurement was packed full of insightful sessions with a lot for marketers to learn, both at a tactical and strategic level. Here are a few of the major themes that permeated these sessions.
- People-based marketing isn’t just targeting
If you’re like most people, when you hear “people-based marketing,” your mind probably jumps first to targeting. And that’s not wrong. Most marketers are using people-based marketing to inform their audience creation and campaign targeting.
But if we learned anything from Brian Andersen of LUMA in today’s opening keynote at the RampUp Virtual Summit, Why People-Based Measurement is the Next Big Thing, it was that a people-based measurement approach t is crucial for more accurate results and more valuable insights. If your targeting is people based, your measurement should be, too.
After walking us through a history of digital measurement and analytics, Andersen emphasized how people-based marketing has emerged as an antidote to single-channel and cookie-based targeting and measurement practices. “When you know the person, instead of using a proxy, you are measuring real results,” said Andersen, “which is obviously the most valuable metric for marketers.”
At the core of this is data and identity, and he sees people-based measurement taking marketing to a future of optimization driven by AI.
- Understanding the full customer journey allows you to optimize for business outcomes, more than just ROI
“How can we expect to grow our businesses when each team or partner has a different measure of success?”
This is the question Joe Meier, Head of Audience & Automation at Google, focuses on in his RampUp Virtual Summit session, Evolving Your Marketing Metrics: Moving to CLTV and Business Outcomes. Marketers need to be taking measurement and analytics and applying them to how they can grow their business as a whole. Beyond just ROI, that takes into account growing sales, increasing customer lifetime value, and improving overall profitability.
The current model divides marketing efforts between channels, data silos, and media metrics, but marketers would be better served by one focused on customer lifetime value outcomes. To do this, they need to better understand their customer segments, connect their cross-channel metrics to outcomes, and test new experiences.
“The truth is that not every customer is worth the same, but the metrics we rely on don’t reflect that,” said Meier. “If we want to focus on long-term growth, marketing to the average customer just won’t cut it.”
All of this leads up to understanding our customers and their journeys, and this starts with—you guessed it–people-based measurement. When you know how your customers, channels, and campaigns vary, and are able to make more data-driven decisions to grow your business, you join the ranks of leading marketers who are optimizing for more than just ROI.
Obviously ROI is an important metric (and one that isn’t going to go away anytime soon), but marketers who stop at channel performance and ROI metrics will miss important opportunities to truly grow their business by focusing on business outcomes.
- Measurement is a journey, not a destination
Finally, I hope you’re not looking for the Holy Grail or Fountain of Perfect Marketing, because like Lancelot or Indiana Jones, those are just fables.
Measurement is not an end point, it’s a process of analyzing, testing, and refining. It’s about balancing complexity and depth of insight, because the harder-to-do things usually will give you the most value.
“As an organization, we ask people to think of this in terms of a maturity curve,” said Mike McMaster, strategic partner manager at Datorama in The Measurement Journey: Connecting Data to Optimize Performance and Loyalty.
Marketing performance is the first step: you need to figure out where you’re going to spend your money in order to get the best return. Once you’re starting to drive those relationships with customers, you need to figure out how to turn those marketing results into a business impact.
Now that you have a customer base, you need to focus on cultivating their relationship with your brand and building customer loyalty. “And all of that needs to be part of an advanced analytics strategy, because each stage of your lifecycle comes back to being able to understand those interactions with your consumer,” said McMaster.
“Making advanced analytics a cornerstone of the fundamental strategy of your organization is how you tie all of that back together.”
Advanced analytics strategies aren’t built overnight, so it’s important to commit to starting, even if you start with channel performance metrics or single channel, closed-loop measurement. Regardless of your role in marketing or analytics, measurement never ends. It’s a continuous process and the more you invest in it, the more you get out of it.
And in the end, maybe the real magic is the excitement around the surprising, actionable, and valuable insights you find along the way.
For the rest of the RampUp Virtual Summit 2017: Intro to People-Based Measurement sessions, click here.