LiveRamp Safe Haven is unique in that it delivers powerful benefits today amidst economic uncertainty, but it holds equal efficacy during economic stability and periods of growth too.
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Warren Jenson, president of LiveRamp, discusses the launch of LiveRamp Safe Haven, a new product that extracts value from first-party data and eliminates dependence on third-party cookiesOpens a new window . He also shares how brands can manage growing consumer expectations around personalization and evolving privacy regulationsOpens a new window at the same time.
In this exclusive MarTalk Buzz interview, Jenson talks about how living in unsettled times can lay the foundation for strategic and operational recovery for publishers and adtech companiesOpens a new window . He also shares how brands and publishers can unlock the maximum value from this product.
Key takeaways from this Q&A on moving away from third-party cookies:
- Top tips on managing growing consumer expectations
- Best practices on navigating the digital world post CCPA and GDPROpens a new window
- Insights into enabling next-generation data partnerships
Here are the highlights of our conversation with Warren Jenson on moving away from third-party cookies:
LiveRamp announcedOpens a new window the launch of LiveRamp Safe Haven, a new product to extract value from first-party data and diversify media buying options. How can brands and publishers unlock the maximum value from this product?
We are living in unprecedented times and a truly tumultuous environment where every marketing dollar is getting scrutinized. And a lot of the uncertainty is amplified by the fact that we really do not know when we will see a recovery. It is also a key ingredient in future-proofing a brands approach to addressability.
This solution empowers brands and their partners to collaborate with data to recognize new revenue streams, more effectively manage their media budgets, and tie spend to actual outcomes. Each of these factors individually is critical; but when you group them together, it is an even bigger deal. For example, a retailer and CPG partner sharing data to measure campaign spend against instore and online purchases, better optimize trade dollars and partner in new and innovative ways.
It is also important to note that now is the time to be thinking about laying the strategic and operational foundations for a recovery. Are you in a place to move quickly and strategically when the right time arrives? This is also a great time to implement the Authenticated Traffic Solution into your workflows and eliminate reliance on third-party cookies for good.
Learn More: 3 Ways to Improve Your Attribution Efforts in 2020Opens a new window
What are your top 3 tips for brands who are grappling with major industry shifts around cookies, evolving privacy regulations and growing consumer expectations around personalization?
Yes, we are living in unsettled times, but it is important to think both short- and long-term. In a downturn it is easy to focus inward when it is more important than ever to look outward. Now is the time to tighten your strategy and put in place the capabilities that will help you win in the years ahead. I would argue that the companies who do this are the ones who end up taking share during a recession and subsequent upswing. There are three guiding principles I would recommend.
First: Never forget your customers. A brands primary focus should be on customers. Further, look for ways to cultivate trust with consumers by giving them transparency, choice, and control over how their data is used. Doing so will enable authentic, personalized experiences for individuals, which inspires brand loyalty and patronage. The depth and value of first-party data will be strengthened simultaneously.
Second: Make your dollars count. If you have not already done so, consider shifting dollars toward outcome-based marketing and advertising. The TV industry is moving in this direction given mounting pressure from TV advertisers who demand measurement and real, demonstrable ROI.
Building on that example, retailers have been historically limited in their ability to deliver shopper insights to CPG partners. But now, they can construct a contemporary relationship with CPGs that resembles the strength of walled gardens. This translates to an incredible competitive advantage in the marketplace and can provide a significant boon relative to results.
Third: Be strategic and use this time to future proof your approach to data-driven experiences, second-party data sharing and collaboration and addressability. There is no better time to lock down your approach to data collaboration and working in a cookie less world. Make no mistake, we are seeing the several companies do exactly that.
And one final but related thought, if brands have not future-proofed their addressability strategy, they should do so in parallel as we inch closer and closer to the phase-out of third-party cookies.
How will Safe Haven provide the competitive edge needed to successfully navigate the digital world post CCPA and GDPR?
It was built on the premise that technology can and should be used to expand a brands relevance with its customers. And the only way to do that successfully is by respecting consumers rights and ownership related to data privacy and protection. Consumers deserve control, transparency, and choice over their data; it is our job to design products and solutions accordingly. When you can strike that delicate balance between ethically sourced data and enhanced consumer experiences everyone wins.
Taking it one step further, if a company’s first-party permissioned CRM data is the most powerful form of data, then it stands to reason that the second most powerful form of data is someone else’s first-party permissioned data. And when you combine the two in a privacy-first environment that satisfies global privacy regulations, you unlock meaningful value, actionable insights, and even new revenue streams all which equates to a competitive advantage.
You have said that The LiveRamp Safe Haven is all about enabling next-generation data partnerships. How this would work in practice for brands?
There is a massive advertising opportunity many retailers have not yet tapped into. According to research by Digiday, 90% of marketers advertise with Amazon, but only a handful spend ad dollars with retail powerhouses like Target, Walmart, eBay, and Kroger.
This creates a significant opportunity for brands and retailers to corner a growing market and convert retailer searches into new revenue streams. For example, the vast majority (87%) of shoppers begin product searches on digital channels. Of those, 28% start out on marketplaces like Amazon and eBay, a 22% increase from last year, according to new research from Salesforce and Publicis. So therein lies a huge market opportunity for retail brands but also CPG, travel, publishers, and even applications outside of adtech.
While these data sharing relationships have existed historically, they were largely one-off, highly custom, and more labor-intensive. That, combined with our neutral position in the ecosystem, means we are ideally suited to deliver results.
Thank you for sharing your insights on how brands can move away from third-party cookies amidst economic uncertainty. We hope to talk to you soon!
About Warren JensonOpens a new window :
Warren Jenson is President and Chief Financial Officer of LiveRamp. Jenson has had an important role in some of the most notable, transformative businesses successes of the digital age, including Amazon, LiveRamp, Electronic Arts, NBC and Delta Airlines. Twice named one of the Best CFOs in America by Institutional Investor, and a former honoree of the Bay Area Venture CFO of the Year award, Jenson is known for his strategic vision, transactional savvy, and operational leadership.
About LiveRampOpens a new window :
LiveRamp provides the identity platform leveraged by brands and their partners to deliver innovative products and exceptional experiences. Powered by its core capabilities in data accessibility, identity, connectivity, and data stewardship, LiveRamp makes it safe and easy to connect the worlds data, people, and applications.
About MarTalk Buzz:
MarTalk Buzz is an interview series where marketing leaders and marketing technology companies that are making a difference, connect with us and share their stories. Join us as we talk to them about their product journeys, insights on the categories they serve, what works for them, and some bonus pro-tips.
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