RampUp 2019: Four Main Takeaways for Marketers
The blend of marketing and technology otherwise known as Martech has continued to grow and become more complex. There were approximately 7,000 Martech companies in 2018 – a 27% increase over the previous year. Solution providers and vendors in this space are trying to influence the discovery and purchasing decisions throughout the customer journey. In order to be successful, accurate identification of a customer and their interests at sub-second speeds is critical.
Last week in San Francisco, RampUp 2019 brought together the premier leaders in Martech. Over the course of two days, 950 companies and 500 marketing and data providers discussed the debated trends in the industry. Our four main takeaways from the conference are:
- Accurate Identification of Customers Across Touchpoints is Critical: In order to serve authentic advertisements, it is critical that marketers correctly identify their intended customer or close lookalikes. While simple to say, connecting customer actions across both online and offline is incredibly difficult. Identification becomes the first step in providing the best experience possible to consumers. The stakes in misidentifying a current or potential customer are high. As Chris Curtin, Chief Brand & Innovation Marketing Officer for Visa, said during the conference, “the wrong message at the wrong time is brand regressive.”
- First Data Assets for Retailers are Underutilized: Retailers are collecting massive amounts of data, but many including Walmart are still struggling to maximize their return on their first party data. While current data analytics and software help to optimize and quickly provide insights, there is more value to be found. Before giving up on internal datasets, retailers should thoroughly audit their internal data and ensure that all variables have been evaluated for additional use cases.
- Data Collaboration and Partnerships are Still in their Infancy, but will Grow in Importance: In order to compete with Amazon and Walmart some retailers will need to supplement their first-party data with second-party data. The data partnerships will likely be formed with retailers outside their immediate sphere of competition. While these data collaborations and partnerships are limited currently we should expect to see increases in the future. As Dan Salzman, Global Head of Media, Analytics, and Insights at HP reiterated, “2nd party data is growing in importance and we are actively pursuing this.”
- Data Regulation is Looming in the United States: The General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) are changing how companies think about data privacy and compliance. It’s likely that regulations similar to GDPR and CCPA will become the norm in the future. The companies who are not prepared will be faced with backlash that is both financial and reputational.