Who doesn’t like rewards? This is a word we heard constantly at the first RampUp New York. For the most part, rewards didn’t refer to the traditional loyalty points you think of with airlines, hotels, and the like. Most speakers spoke of newer rewards that publishers and platforms are enabling advertisers to distribute to viewers to thank them for their engagement with content or for sharing their data.
Customer centricity is not just the name of the game for brands. In the Age of the Customer, all members of the marketing ecosystem must ensure that their constituents and stakeholders are happy and feel rewarded for their business. It’s not only the Age of the Customer we live in—it’s also the Age of Collaboration. It is in this spirit that we approached our sessions, which were filled with interesting presentations and panels, and plenty of thought-provoking questions.
Insight #1: 70-20-10
This is how Giusy Buonfantino, CMO of Kimberly-Clark, sees her marketing spend: 70% is invested in what you know is working, 20% is experimenting on existing channels you work with, and 10% is for testing and learning on emerging media. “We have to test and learn without ROI in mind,” she shared.
This may send shivers down the spines of anyone tightening up their measurement strategy and making it their 2020 goal to have all tactics tied to ROI. It’s music to the ears of many marketers who got into the business for the challenge of being creative first movers. They need that 10% leeway to understand a new channel or tactic better before it moves into the 20% segment and finally, hopefully, to the 70% bucket.
This model—or frankly any way you split the marketing pie—requires strong collaboration among brands, agencies, platforms, and more to ensure that everyone has the information they need to make better decisions that put people first.
Insight #2: What if privacy regulations actually create better data?
If the many privacy policies in effect around the world and passing before legislatures do what they are intended to do, companies will have better, cleaner data to work with. It sounds like a dream. But what hinges on this?
In order for data regulation to achieve its intended effect for consumers, we as marketers need to be explicit with what we are doing with their data and find ways to make them not only understand this, but also to care. This requires collaboration with the privacy and legal team for one, and other teams marketers may not have closely worked with before.
The more you work horizontally, the better equipped you’ll be to improve the brand-consumer relationship and make the value exchange readily apparent and attractive.
Insight #3: For publishers, it’ll probably get worse before it gets better.
The good news is that publishers are looking beyond the cookie. They are authenticating traffic and exploring different ways to offer consumers access to content. The hard part is the lack of consensus on what the path forward looks like. “Publishers can adjust to whatever rules the industry comes up with,” says Tom Kershaw, CTO from the Rubicon Project, “we just need clear rules.”
Renee Cassard, Chief Audience Officer from Hearts & Science, says that “without a consortium, it’s hard to stand up to the walled gardens today.” If you break down why the walled gardens are so successful, even when they only represent 40% of time spent online, there’s a silver lining. What they do well can be replicated across the open web.
So what are they doing right? First, they have a robust graph and a tremendous amount of logged-in users, all of their supply is embedded into their graph, and they can match marketing data against their inventory to create audiences. This is a solvable problem for publishers leading to a more successful value exchange with both consumers and advertisers in the not too distant future.
Bonus insight: While MoMA is closed, visit PS1.
The Museum of Modern Art (MoMA) is closed until October 21, 2019, when “a new MoMA” opens. If you need your contemporary art fix before then, visit MoMA PS1, which features rotating temporary exhibitions of emerging artists. As an added bonus, New York City residents can currently visit PS1 for free, and suggested admission fees for out-of-towners is just $10 for adults, as compared to MOMA’s $25 fixed entry fee for adults.