Shen advises marketers on measuring ROI
By Abimbola Mohammed
In the just concluded webinar held by Adage in collaboration with Salesforce, Loretta Shen, senior director, product marketing, Salesforce, shared insight on how data could lead to Return on Investment (ROI) and measurement in an uncertain economy.
In the webinar, she explained how the quantity and variety of data continue to increase, particularly the increasing demand for first-party data and how new rules and norms are developed to meet privacy, other challenges as the effective use of data is becoming even more important to marketing success.
Speaking on how the past two disruptions affected digital marketing, the expert noted that the typical economic conditions, COVID, Data privacy policies and inflation have made marketer reevaluate their budget, measurement strategy and how to accelerate digital transformation.
Shen said: “In general I think we are all familiar with the typical economic conditions, the COVID, back to growth, inflation etc. larger economic trends has been very disruptive and also the marketing ecosystem, big changes like privacy trends, regulations have make marketer reevaluate their budget, measurement strategy, how to accelerate digital transformation because everything is moving online and there is need to be where the customers are.”
She noted that at the high level, there has been a lot going on that impacts how to build strategy, how to make investments in technology to meet customers where they are and from her own point of view, data and measurements are very important.
“From my perceptive data and analysis with customer’s everyday data and measurement is becoming a lot more focus especially first party data, marketing data and customer data. How do you continue to know your customer when you don’t have reliance on their third party cookie and you are trying to make use of the digital engagements?”
According to research, 90% of markers said recent data privacy changes have fundamentally changed performance.
Speaking to the key obstacles that prevent most marketers from assessing their data with the speed necessary to drive conversation across categories and what changes marketers implement now to achieve the speed they need to achieve their goals.
She noted that: “The challenges marketers face are more technical because they are trying to connect to different platforms, gather data from platforms to put together their resources into actual insight. They need to talk to their customers on their pinpoint, and it starts with data immigration and management i.e. how do you integrate data from your line of business internally? Examples are from your sales team, product team, how do you incorporate those in your marketing strategy so you know what you are trying to achieve and not doing marketing for the sake of doing it, but you are trying to drive sales and product distribution.”
On how marketers measure return on investment without first party data and to drive both the marketing lead growth, ROI, customer experience and ensure data quality marketers, Shen said marketers need to embrace data preparation and mindset of best practices by how they map data together, data model, data connections and classifying of data.
She said: “Overall just make sure that everything you do is tagged and has a purpose and all can be achieved with the use of technology, measurement, have CDP to help you make that process of reaching your customers easier and once you have that solid foundation across your marketing performance data and customer data you can then tackle and incorporate any new data source such as your first party data as well activating data across using that data across marketing and advertising channels so you can really realize that vision of personal experiences across customers entire journey.”
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