CMSWire recently featured commentary from Fetch CMO Birk Cooper in an article about the top challenges facing CMOs in 2023. At the forefront of this conversation is the impact of data privacy policies and their impact on digital marketing analytics.
From the piece:
According to Salesforce’s recent State of Marketing report, in spite of the postponement of deadlines to phase out third-party cookies, marketers are still transitioning to zero- and first-party data. In fact, 75% of marketers polled said that they rely at least in part on third-party data, however, 68% indicated that they have a fully defined strategy to shift toward first-party data.
Most concerning to marketers, the changes in data privacy policies and regulations over the past few years have had a huge impact on digital analytics. With economic uncertainty, marketing budgets are looked at with increased scrutiny, which is why a recession combined with a tightening of the methodology used to create analytics is a troubling combo for marketers who desire to give tangible proof to leadership of the value and effectiveness of their marketing campaigns. According to the State of Marketing report, marketers cite measuring marketing ROI/attribution as the No. 2 challenge they are facing.
Many brands are looking for more effective ways to measure the success of their marketing campaigns. Birk Cooper, CMO at Fetch, a rewards app, told CMSWire that to compete in an increasingly competitive market, brands must tap into platforms that invest in the ability to truly understand what the spend is doing for their business.
“Until recently, the best tool for measuring advertising effectiveness has been Return On Ad Spend (ROAS), or the newly coined Incremental Return on Ad Spend (iROAS), but these methodologies have always been fundamentally flawed,” said Cooper.
CMOs today must remain open to new opportunities for both growth and measurement, as the Salesforce State of Marketing report reiterated, indicating that 91% of CMOs say they must continually innovate to remain competitive. “Thankfully, new technologies are here that provide real-world attribution and precise measurement. There’s no excuse in today’s world to put significant spending into channels where the best reporting metric available is ROAS,” said Cooper.
Check out the full article on CMSWire.
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