How are companies growing faster than the curve in today’s changing landscape?
The pandemic changed how customers engage with brands. At the same time, consumer privacy movements are changing how brands can engage with customer data. For marketing leaders navigating this terrain, achieving growth that exceeds expectations is a monumental challenge.
In this virtual roundtable, Gerard Daher, CEO of Speedeon, and Ankit Khemka, Senior Director of Growth at HelloFresh, unpack innovative approaches to taking on these challenges. As an industry expert on data-driven strategies for dialing the marketing mix to optimize customer acquisition, Gerard helps us get the lay of the land, understand the trends, and learn how leading companies are navigating. And as the person responsible for fueling HelloFresh’s triple-digit growth engine, Ankit shares the on-the-ground perspective, the toughest challenges marketing leaders face, and strategies we can use to take them on.
Customer insights are more vital than ever, but getting them is becoming harder than ever. Privacy movements that are smashing digital marketing’s connection to the customer: the cookie. Apple has already rolled out iOS 14.5. Google is set to crumble the cookie in the next year.
All of our jobs have gotten more difficult. Consumer behavior has profoundly changed. The cookie crumbling is giving us a lot less transparency from an ID resolution perspective. “Set-it-and-forget-it” strategies don’t work anymore. The models they’re built upon are now broken.
– Gerard Daher
Strategies to mitigate exposure:
- Audit internal MarTech and company-wide systems for opportunities to capture more first party data. Are there new first party data sets can you bring forward to mitigate the exposure from losing third party data sources?
- Measurement is more important than ever before. Are you fully leveraging the metrics you’re capturing by completely fleshing out their impact? For example on Direct Mail, you’re not just looking at directly attributable conversions but you’re also anticipating and measuring the spike in branded search it will trigger, as well as anticipating and measuring the other halo effects on downstream channels.
- Take a second look at marketing channels and insights that don’t rely on third party data. Play to the consumer behavior dynamics that the pandemic is driving.
- People are home. Direct mail is making a huge comeback. Companies that are changing media mix and pivoting into Direct Mail are seeing a lot of success.
- More than 20 million people moved during the pandemic, many of them away from big cities. Leverage major life event data sets like movers, newly married, new baby, and more to help you reach new customers
- Second party data providers are becoming hubs for retargeting. Explore sharing data assets in a headless manner to give you new levels of identity resolution, targeting, and analytics on your own data sets.
The ways that Google and Apple are leveraging their market dominance is fueling a second party data resurgence. Second party data is very powerful. Brands that pull from at least two of the five second party data providers out there are seeing the best results. Make sure you work with a partner who can aggregate any of the second party data sources you decide on.
– Gerard Daher
What’s your level of exposure to the cookie crumbling? Questions to ask your team:
- Check the performance of retargeting on a social channel like Facebook. Look at the attribution windows 7-days post-click and 30 days post-click. Are we seeing an impact already?
- Check the size of our retargeting audiences? Is there a delta? Are we already experiencing retargeting headwinds?
Your first party data is more important than ever, as is a culture of data-driven decision making. Instrument all your first party data sources and look for net new customer incrementality on every dollar spent. Recognize that there’s no one CPA measurement by channel. Look for many ways of measuring channels to get a complete picture.
– Ankit Khemka
CMO Club members can watch the virtual roundtable replay here.
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