3 Take-aways from RampUp
There is a new world out there for B2B marketers. How we do things are constantly evolving. Marketers can either embrace the change, leveraging new and exciting ways to reach their markets, or not, and be forced to hold onto their legacy marketing strategies. At RampUp, LiveRamp’s event for the data community, this was the prevalent theme. While the world of B2C marketing has been living and breathing this approach for many years, it is only now that advancements within technology, scale and budgets allow for B2B marketers to get on board with leveraging these new strategies.
Yet this was only the tip of the iceberg at RampUp. Navigating evolving B2B audience behaviors, the changing data economy and marketing attribution also featured heavily.
The Impending Storm of Compliance
For those of us with a global footprint, the impact of the EU’s General Data Protection Regulation (GDPR), should come as no surprise. Over the last several years we’ve all been working diligently to ensure our data and infrastructure are compliant with regulations designed to give users more control of their data and transparency in how it is used. However, if you don’t operate within the EU, you can’t rest on your laurels just yet. In the US, the California Consumer Privacy Act (CCPA) comes into effect in 2020. Moreover, there are a significant number of states with similar laws in legislation, along with federal debate on the topic. It really is a question of when, not if.
With these changes coming, US companies have the opportunity to take advantage of all the learnings from GDPR, particularly global companies and data providers who implemented GDPR standards globally. To get ahead of this, brands need to invest in their first party data. Without first party data, you’ll be at a tremendous disadvantage in the market. You’ll also end up paying for it in the long run, considering acquiring data will just become more and more expensive.
The Intersection of AdTech and MarTech
The differences between AdTech and MarTech are beginning to intersect in interesting ways. If you look at scale, in B2B, we’re dealing with tens of thousands, hundreds of thousands, and in larger brands millions of records. Ad tech is dealing in millions, hundreds of millions, and billions. LiveRamp is seemingly investing heavily in B2B as B2B brands, publishers, and vendors all sit on troves of data. LiveRamp is helping companies both activate their audiences and monetize their data.
This naturally extends into the idea of anonymity. When you’re dealing in AdTech, you’re mostly dealing in anonymous cookies, where in MarTech, we are dealing with individual known records. This is where it gets interesting for companies like Marketo and MRP. Marketo, like Prelytix, will use LiveRamp to essentially deanonymize your first party data and help you activate those audiences online. This where true ABM platforms excel. True enterprise grade ABM can take your first party data, orchestrate traditional marketing activity, as well as activate those audiences online. It isn’t enough to do one or the other.
No one is doing attribution well
Marketing measurement has always been an art and science for me. It is easy to make assumptions and measure direct ROI on many marketing plays and events, however, there are also many ways marketing drives value and ROI that are difficult to attribute. Some self-serving vendors over-estimate and over-attribute pipeline and revenue to one or two marketing tactics, whereas some don’t attribute at all. Both instances make it difficult for marketers to make decisions. Many brands, especially enterprise, have indicated they struggle to map revenue to specific programs, let alone tactics, and often draw a line higher up the funnel to make the task more manageable.
Overall, there was general excitement on the future of this space, including a future where GDPR like legislation becomes part of our everyday operation. The scaling down in the scale of data needed to demonstrate ROI for many of these tactics will allow B2B marketers to better target the right people with the right messaging.