Sometimes it’s valuable to compare the “before and after” pictures to see just how far you’ve come. LiveRamp commissioned Forrester Consulting to create that picture for our customers.
Forrester conducted a Total Economic Impact (TEI) Study on using the LiveRamp platform, a custom case study format that combines traditional business case models to get a more robust look at the impact a technology or service can have on an organization that employs it. By estimating the real business impact that customers achieved by using LiveRamp, Forrester was able to create a clear picture of the benefits, costs, and flexibility of LiveRamp.
We invited Forrester Consultant, Sam Conway, and Christine Grammier, Managing Director at LiveRamp, to discuss the findings on a recent webinar. Both discussed the “before and after” pictures, and the key improvements LiveRamp clients were able to make over a three-year period:
Challenges before LiveRamp
Despite the fact that the organizations interviewed operate in three different industries, Forrester discovered they shared a lot of key challenges. Before leveraging LiveRamp, organizations lacked an omnichannel view of the customer and couldn’t measure marketing effectiveness or conduct attribution modeling to see how activities impacted true sales of their product. With numerous, disparate marketing platforms, the organizations were not able to match their customer records across channels and devices. Understanding whether digital advertising or email blasts led to store visits and purchases was an enigma.
Additionally, having collected first-party data through customer loyalty programs or email sign ups, they were unable to leverage their offline data effectively. Consistent reporting also took a lot of time and resources to clean the data, which hindered access to the insights they were seeking.
Benefits with LiveRamp
Since working with LiveRamp, organizations have enabled a people-based marketing strategy to identify customers across channels, optimizing their overall marketing efforts. They gained insight into the efficacy of their advertising, optimizing their marketing budget by channel to understand the real world impact on their business. What’s more, they could clearly see that their customers were making offline purchases based on dollars spent in online marketing.
These organizations linked their marketing technology stack, streamlining the systems needed to get clean reports on the data, all while avoiding the need to create multiple reports. In short, they benefited from:
- Increased marketing budget efficiency by shifting to channels that better reached their target audiences
- Incremental revenue from targeted advertising to people, not devices, enabled by identity resolution
- Increase in co-op advertising allowances and stronger relationships with partners
- Savings from greater control over the marketing technology stack, including the capture and distribution of data across marketing platforms
- Maintained customer privacy while increasing the total number of channels
For more information on how LiveRamp can help you create significant impact on your business and measure the success of your initiatives, view the webinar recording below. Read this overview to learn more about the key benefits of using the LiveRamp platform.