RampUp was a day of insights into the minds of today’s top marketers including a lot advice on how to handle an increasingly complex data and tech ecosystem.
1. Don’t Chase Shiny Things
When choosing the tech that’s right for your stack, Deb Tomlin, CMO of CSAA Insurance Group, said that it was important to establish what you’re trying to achieve, and remember that goal, instead of getting caught up in chasing the next shiny bauble.
Not every platform or channel is right for every industry or business. For example, investing in the Internet of Things might make sense for a juice company where the refrigerator might become an important touchpoint, but not for automotive, said Steve Gerber, President & COO at Zeta Global.
Likewise, new AI capabilities might improve the way insurance companies can investigate claims adjustments through drones, as Kespry is doing, and may improve marketers’ ability to test hypothesis, but they’ll never take the place of humans in relationship-building industries, according to Kimarie Matthews, SVP Virtual Channels Social Care & Capabilities at Wells Fargo.
As new technologies develop, marketers need to make sure they’re applying them in ways that make sense, and they can’t lost sight of the business case.
2. The Return of First Party Data
Echoing sentiments from yesterday’s preconference, Bruce Falck, CEO at Turn, has noticed another trend marketers have taken towards simplification. While Facebook and Google are incredible networks with access to immense amounts of demographic, intent, and behavioral data, brands often know more about their customers than any of the giants, and more and more marketers are returning to an emphasis on first-party data.
He recommended that brands structure themselves around a core, first party data set, and build around it—but only with third party data and marketing technologies that work towards meeting business needs.
3. The Year(s) of Measurement
It’s been said before, and many leaders said it again, 2017 is the year of measurement. However, few were able to say with confidence that their organizations had what they needed to truly understand the full impact of their marketing.
That’s not to say they’re not focused on measurement. The advent of addressable TV is all about targeting and measurement, and closed-loop is key according to Betsy Rella, VP of Research at TiVo.
“Data driven marketing is fundamentally about testing and learning,” said Gerber, and measurement is a big part of that.
Still, as Rich Sobel, SVP of Programs & Services at Publicis Media, said, those brands that are there will quickly separate themselves from the pack.
Want to learn more about how to think like a marketing leader? Read our CMO Solution Guide: Making Data-Driven Marketing Work.