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 “Data Monetization in the Age of Digital Marketing”, “Data-Driven Retail Marketing Strategies”, and “Privacy and Regulation for Online Marketing.”
Data Monetization in the Age of Digital Marketing
Paul Chachko, CEO of V12 Group, Susan Grossman, SVP Media Solutions at MasterCard Advisors, Matthew Keylock, Global Head of Data at dunnhumby, and Will Lansing, CEO of FICO joined moderator Michael Safai, Chief of Staff at LiveRamp as they discussed data monetization now and in the future.
- “Big data is a double-edged sword for marketers,” said Susan. Big data has big impact, but it takes a very involved process to distill the ocean of data to get that big insight. “Data is the new black gold,” added Matt.
- Regarding what works for clients in the distillation process, “You want to look at data for decision making and optimizing for outcomes,” said Will. The challenge is that we need to focus on the decisions, optimizing the outcomes, and finding the right data to give you the maximum value.
- On alternative ways to monetize data, Paul offers his explanation: “We use it to make ourselves smarter, then give it to others to make themselves smarter.” The data is an asset of the business; analyzing and unfolding insights from the data is extremely valuable.
Privacy and Regulation for Online Marketing
Ken Dreifach, Counsel at ZwillGen, moderated a conversation between Marc Groman, CEO of NAI, Randall Rothenberg, CEO of IAB, and Linda Woolley, CEO of DMA. They spoke about the necessity of privacy and regulations for online marketing.
- Self-regulation is very important. “Self-regulation is absolutely very important for adtech because the technology moves so fast,” said Marc. There need to be guidelines for ethical business practices so there don’t need to be extra laws passed from people who are completely separate from the industry. As Randall pointed out, “The government fundamentally prefers self-regulation…however if they see that self-regulation is not happening, then they move in to regulate.”
- Regarding privacy laws and regulations, it is essential to your business. You should be thinking about privacy by design, responsible data management, and working with responsible partners. “There are people in Washington who really do want to put you out of business,” Linda warned. There are very active, well-funded interest groups and individuals who are lobbying against the issue of consumer data collection, 1st or 3rd party.
- The internet is the only industry with a completely open supply chain. One bad apple can spoil the whole industry, so self-regulation and sound decisions are especially important.
Data-Driven Retail Marketing Strategies
Bruce Biegel, Senior Managing Director at Winterberry Group, moderated as Benny Arbel, CEO of myThings, Ryan Bonifacino, VP, Digital Strategy at Alex & Ani, and Jared Montblanc, Director of Planning and Insight at Nokia, discussed their success with data-driven strategies in retail.
- Arbel discussed the different types of data myThings looks at. Starting with CRM data from advertisers each given with unique segmentation, myThings adds their own DMP population data on customer propensity to convert, and the overlays it with results data from the advertiser.
- Alex & Ani stood out due to their strong data collection. Because of their eco-friendly brand, customers were happy to sign up to receive e-receipts. This allowed Alex & Ani to focus on purchase patterns and grow loyalty without the noise of other data sources, and became the fastest growing retailer in the world. Bonifacino added that “having a centralized data effort internally” also allowed better diplomacy across departments within Alex & Ani.
- Montblanc mentioned the issues of competition and teamwork around Nokia and mobile. Microsoft, Nokia, and the service providers all want to own the interaction with the end user, creating some tension there. But Nokia’s digital strategies overall highlight the importance of inter-organizational teamwork. Nokia’s mobile agency, digital agency…, and search agency meet each week to “discuss, report, summarize, and optimize” as an Integrated Agency Team.
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