LiftLab

Curious about how top brands are modernizing their marketing measurement? Join us for CYE Episode 8: “Modernizing Measurement to Fit Today’s Marketing Data Needs” featuring James W. Warner, Field CTO of Advertising & Marketing at Snowflake, along with John Wallace, Co-Founder & CEO of LiftLab, and Jon Lorenzini, VP of Marketing Science at LiftLab. 🗓 August 27, 2024 // 11AM PT | 2PM ET What’s in it for you: ▶ The latest trends in privacy, AI, and Martech/Adtech ▶ Proven strategies to turn data into higher ROI ▶ How to optimize your media spend for maximum impact Don’t miss out—register now and gain insights that can elevate your marketing game! 👉 https://lnkd.in/dR7k36gf If you won’t be able to join live, still make sure you register to receive the recording in your inbox. #CurveYourEnthusiasm #MetricsThatMatter #BeyondIncrementality

We’re just a day away from Curve Your Enthusiasm Episode 8: “Modernizing Measurement to Fit Today’s Marketing Data Needs” featuring James W. Warner, Field CTO of Advertising & Marketing at Snowflake, alongside John Wallace, Co-Founder & CEO of LiftLab, and Jon Lorenzini, VP of Marketing Science at LiftLab. 🗓 Date:: Tomorrow, August 27, 2024 // 11 AM PT | 2 PM ET 💡 What You’ll Learn: ▶ The latest trends in privacy, AI, and Martech/Adtech convergence ▶ How to leverage data to drive higher ROI ▶ Strategies for optimizing your media spend You don’t want to miss this opportunity to gain actionable insights from industry experts! 👉 Register now: https://lnkd.in/dR7k36gf If you won’t be able to join live, still make sure you register to receive the recording in your inbox. #CurveYourEnthusiasm #MetricsThatMatter #BeyondIncrementality

I sit in a lot of meetings with marketers and CFOs, and there's one question I love to ask: "What's a metric that your CEO loves that you wish they would stop looking at?" This question shows if you  understand the difference between a metric and a *useful* metric. Sometimes, even metrics we think are useful aren't. Take Customer Acquisition Cost (CAC). I hate this metric. Here's why: Imagine two dog food companies. Both make $100 million in revenue and spend $20 million on marketing. They have the same CAC. But one is a success, the other is concerning. Why? Well, one proved they could scale from $20 million to $40 million with incremental marketing spend. The other got lucky with organic influencers, driving short-term revenue but lacking a scalable program. Same metrics, very different futures. That's why I don't like benchmarks or blended metrics. They're okay for snapshots, but they don't tell the whole story. You can't just say CAC is good or bad without understanding the underlying levers. It's not about chasing what others are doing. Your metrics depend on your stage and media plan. Why would you want your competitor's plan anyway? Here's what really matters: creative strategy. It's 10 times more important than your media mix. If your storytelling doesn't resonate, it doesn't matter where you put your ads. If you want to build a scalable marketing program, you need to: 1. Figure out the right creative and messaging 2. Get your website right 3. Then focus on measurement Only THEN does optimization become valuable. Too often, people optimize media mix before nailing creative or having a converting website. That doesn’t make any sense. At LiftLab, we assume you're putting your best play on the field - best copywriters, best creative assets. Then we help you benchmark yourself, not others. No two companies are alike. Different playbooks, different brand awareness. Your mix should be uniquely yours. Don't get hung up on vanity metrics. Focus on what drives real, scalable growth for your specific business. Agree? Disagree? #marketingscience #marketingmix #advertising

If someone asked me for my top 5 pillars to prepare for better investment reviews, here’s exactly what I’d tell them: 1)  Have an appetite for better dialogue First, you need better talks between finance, your agencies, and ad platform partners (Meta, Google, and TikTok). Scrutinize your media partners. If they're performing, they'll get that budget. If not It's in both parties' interest. When talking to finance, embrace better math. Talk about incremental ROI and marginal ROI 2) Track how paid media affects growth and profitability Your finance team will thank you if you can say, "Here's how much top line growth I can deliver. This is what it'll do to profitability as I spend deeper into an ad platform." 3) Embrace budget fluidity across media channels Take away from channels not performing like they used to. Move it to channels where you're leaving money on the table. Your organization needs to embrace this fluidity. 4)  Continuous improvement mindset What worked last month won't pay off this month. Be willing to re-test, run new experiments, get new data points from your mix model and know where to place new bets. What the model sees can be boosted with fresher experiments. 5) Let go of last click revenue Stop second-guessing profitability and growth based on last click. It's a vanity metric. Sometimes it correlates with total sales, but investment reviews judge how much of total sales come from paid media. Last click doesn't show that right. These five things help you prepare for better investment reviews. Anything you’d add to this list? Feel free to drop a comment below.

Tune into this one! A "not to miss" session from the great minds at Advertising Research Foundation (ARF) and our own Jon Lorenzini. September 12th at 12pm ET.

Is your marketing model tying your hands behind your back? When tackling questions of accountability and optimization in marketing, you need tools that evaluate scenarios that haven’t been executed yet. To do that, you need a way to compare your current marketing plan against variants. Fundamentally, you need a representation of the market reality that allows you to evaluate counterfactual scenarios. There's no reason to restrict ourselves to a single dataset or one regression. You can experiment on marketing channels, and god forbid, even look at what the ad platforms tell you is the attributed revenue. This might not represent your incremental revenue, but it's still valuable information. You can run regression models on data shed by your business. We have clients for whom we perform what we call Agile Mix Modeling, alongside another mix modeling provider. Results from both are strong in some regions and weaker in others. So you want to combine all the results. The ability to take multiple analyses and consolidate them into one model for predicting outcomes is the reasonable person’s approach. These models account for non-linearity and saturation, avoiding the pitfalls of double-counting you'd face if you only compared attributed revenue from platforms like Facebook and Google. Thus, the models traditionally used for MMM—their structure, not just the parameter estimation—are a really good way to hold all the information and make informed predictions. You don’t have to depend on a monolithic model that is estimated from one single data set. Rather it should be a machine, a crank, that you can turn, which sits in one place, allowing you to put an optimizer or a reporting engine on top of it. #marketingeffectiveness #marketingmixmodel #agilemixmodel #mmm #incrementality #marketing #attribution

Realizing I'm a couple weeks late to this post. 🙃 How time flies! I can't believe it's been 5 years here at LiftLab. It's been an incredible journey. I'm forever grateful to John Wallace, Bala Kandula, and Mike DeVries for bringing me in so early and trusting that I could handle job. Also special shoutout to my CS PIC, Kristie Piatt, who has been alongside me most of the way. We've come a long way from those days in Oakland. I couldn't be more excited for what these next 5 years will bring. 🚀

Thank you eTail™ for the opportunity to share LiftLab and connect with sharp, talented, and passionate industry leaders in Boston! Also very grateful for Prathi Jain Nehal Patel Angelo Quagliata Michael Morelli John Wallace Joy Ready Jon Lorenzini - couldn’t have asked for a better crew. #eTail #LiftLab #MetricsThatMatter

Great session at eTail™ by John Wallace on the challenges of modern marketing measurement!! If you missed it, swing by Booth S8 or get in touch with us at https://lnkd.in/efmcJB3J #MetricsThatMatter #BeyondIncrementality

LiftLab’s early crew at eTail™ East. Swing by for a demo or see y’all on track C this afternoon. #etail25