This week, our Data Magnified roadshow series headed to the windy city. Marketers gathered at theWit hotel in Chicago to learn about big data, enjoy great food and sip cocktails. Leading the discussions were speakers from Millward Brown Digital, Google, Dollar Tree, Avis and more. Discussions emphasized the shifts happening in consumer behavior and zeroed in on how brands are using big data and reacting to people’s expectations.
If you missed the event, be sure watch the featured sizzle reel, and read our key takeaways below!
Be prepared to meet customer expectations
Magnetic CEO, James Green, kicked off the day by discussing the importance of the customer experience. Having a stress-free experience is one of shoppers’ top priorities. Data from Kantar shows that that 31% of US primary house members are Amazon Prime subscribers — that’s a huge group of people, proving business models that marry convenience and products are seeing major success! Make sure you stay up to date with people’s expectations to drive engagement and loyalty.
Test and learn from it
Curtis Corl, Vice President of Dollar Tree Stores, shared lessons learned while bringing the company into the digital and ecommerce world. He’s a big believer in testing ideas across those channels. Everyone was concerned that their site’s AOV would be $1-$5 when launching, but they learned it’s actually in the $50-$79 range! Take cues from your customers and don’t be afraid to test new ideas.
Don’t get caught up in big data
Neal Zamore, SVP of Global Digital Consumer Experience at Avis Budget, and Magnetic client, walked through the need to look beyond data and understand people – who they are, what they want and how creating tailored messaging to different audiences helps capture demand.
Understand Your Consumers’ Path
Lincoln Merrihew, SVP Client Services at Millward Brown Digital presented the many touch points of a consumers’ average day, stretching across TV, Facebook, mobile devices, online publications, pinterest, twitter, YouTube and so forth. Key findings from Millward Brown showed that 31% of marketers surveyed claim that they are not confident in their understanding of their consumers’ journeys, and 46% say they are not confident in their organization’s usage of big data. Marketers need to be able to answer the question, ‘What behavior am I trying to change and where?’
Up Your Attribution Game
Events that are measured in silos are most likely going to be wrong. Stats showed that 57% of marketers still use last click and 24% don’t even use an attribution model at all. Paul Pellman, Head of Adometry by Google, shared ways in which marketers can get a more accurate look at their marketing spend across channels and devices. This means adopting a data-driven attribution model and obtaining a full-funnel view of performance, from introducer channels (brand display impressions + direct navigation) to promoter channels (think paid social, search, ecommerce display, etc.) to closer channels (affiliate click, organic search, email click).
For Better or Worse, MarTech and AdTech are Colliding
Four panelists from PlaceIQ, Bronto, Tealium and DoubleVerify joined CEO of Magnetic James Green on stage to debate the two worlds of marketing tech, recognized for CRM, 1:1 customer communication and Adtech, known for media, impression based metrics and anonymous targeted advertising. Marrying data, Facebook’s environment and the role of agencies were picked apart and discussed. Watch the full panel:
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Magnetic is a digital marketing and artificial intelligence company. We use machine learning and AI to deliver smarter, faster, and more effective advertising. Our powerful AI platform continuously analyzes the attributes of 320 million live user profiles alongside real-time inventory supply and bid opportunities to deliver highly performant and profitable campaigns for our clients.