4 Marketers on the Future of Marketing Data
2021 is poised to be a seismic shift for marketing measurement. Marketing and customers are both undergoing a rapid digital transformation; and balancing those needs requires balancing a dual set of imperatives. Marketers must personalize every marketing moment while respecting customers’ desire for transparency and trust. But, measuring marketing effectiveness now requires a new approach due to deprecation of the 3rd party cookie, IDFA, and increased calls for security.
We asked four marketers across various industries how they think key changes will affect their marketing measurement strategy.
Increased importance of first party marketing data
For too long, marketers have relied on third parties to tell them who their customers are. With the impending deprecation of the third party browser cookie and the implosion of IDFA (more on that later), this reliance has come to an end. Marketers now realize that they need a personal approach to customer marketing. They need a way to foster their own relationships and know their customer in order to humanize their marketing. Fortunately, the framework to achieve this goal is nothing new, but it’s receiving heightened attention: first party data.
We caught up with Allison Urffer of Geisinger to discuss the new importance of first party data and how Datorama helps them optimize their customer-based marketing:
With the planned phase out of third-party cookies, first-party data has become more important than ever. But, some of the same challenges, like siloed data, still exist.
Fortunately, Datorama allows Geisinger to easily join various sources to understand cross-channel marketing performance. This gives our strategists a better understanding of consumer behavior to develop a more targeted audience strategy that drives up our conversion rate.
Beyond improving our tactical performance, focusing on first-party data helps us put the consumer experience first. Using first-party data in Datorama gives us the tools necessary to develop relevant landing page personalization, more targeted segmenting and messaging, and the creation of engaging lead nurturing journeys. These data-informed tactics help connect Geisinger directly to the consumer in a way that allows the consumer to feel known, heard, and valued.
Evolution of the gold standard of measurement
The way we measure marketing effectiveness has changed. Old practices like multi-touch attribution are no longer viable due to the aforementioned deprecation of the third party cookie. (Except if you take a first party data first approach like Datorama’s new Multi-Touch Attribution App. Read more about it here). Between this transition and recent high profile ad fraud news articles, marketers need a new way to validate their impact. And that’s why marketers are looking for new gold standards in measurement.
We caught up with Kerry Graham of Hughes Federal Credit Union to discuss this evolution and how Datorama is the right product to help measure the impact of their testing and optimizing:
The prospect of not being able to use third-party cookies to retarget and optimize our ads has led us to investigate alternate ways of targeting and measuring our advertising impact. We continue to use our extensive first-party data when reaching existing members with new offers.
We are also going to rely more heavily on vendors who are aggregating data based not on pixels or cookies, but on alternate sources such as device IDs, IP addresses and specific geographic locations. We will then compare the data before and after each campaign and tie account openings (our first-party data) to our vendors’ data in order to create matches between new accounts and specific ads shown to devices or geographic locations.
Datorama will continue to be essential in displaying these results and helping us identify which campaigns are working and which ones aren’t.
Everything is transparent
The word transparent is everywhere nowadays. Calls for transparency echo across countries, industries, and companies. EMarketer anticipates there will be increased scrutiny on digital advertising as soon as 2021 in the wake of COVID, increased regulation, and government intervention. So, to position themselves in line with these changes, marketers must invest in a transparency platform that gives all stakeholders – both internal and external – full visibility into performance. This not only helps promote trust – a key tenant of all business – but also gives owners the ability to increase their impact and stave off competition.
We caught up with Christy LeRoy of Digital Hyve to discuss how they’re providing their internal teams and clients with radical transparency:
Transparency is imperative to not only grow our business, but to give our clients the best experience possible. And, with Datorama, we’ve been able to achieve both.
Datorama gives us an increase in reporting efficiency and an overall upward trend in strategic decision-making. Our team now spends an average of 25% less time each week writing reports, freeing at least six hours each week for higher priority tasks, including strategy. Additionally, other internal teams are able to access the data at all times, allowing them to view the results of digital marketing campaigns to inform strategic decisions.
This transparency, more importantly, has benefited our clients. Clients are able to access campaign results in real time, arming them with the information to make strategic decisions alongside Digital Hyve. This improves both our businesses and grows our partnerships.
With iOS14, opting-in is the new requirement. With Apple’s upcoming App Tracking Transparency feature, consumers have the ability to dictate which apps get access to their data for ad-targeting purposes. This new approach to trust and security puts consumers in control. It is expected, as consumers opt-out of data sharing, that marketers will see a decrease in both measurement and targeting strategy across the mobile ecosystem. This means measuring key metrics that show ad impact (like app installs or sales) or the value of ad impressions is both more difficult, but also more important.
We caught up with Asha Gourinath of Grab to discuss how this opt-in approach will shift their marketing measurement strategy:
Whether it’s delivering food, giving them rides, or even using our app, giving customers the best experience is central for Grab. The way customers interact with our app is an extension of their interaction with our brand. So, we are preparing for the upcoming changes for iOS14.
While it might make measuring success harder, it just emphasizes our need to lean into a tailored measurement strategy that resonates well for our customers and Grab. And that’s why we see Datorama as such an important part of our stack – it gives us transparency into our marketing impact that was previously unattainable.
We will continue to build out testing and learning marketing strategies and measure their efficiency with Datorama.
Want to prepare your marketing practices for the future with Datorama? Request a demo here.