LiftLab

LiftLab is excited to be part of eTail™! Visit us at our booth in Startup Alley and learn how our advanced media measurement solutions are transforming retail. 👉 Book a Meeting Now: https://lnkd.in/eZG5WJjg #MetricsThatMatter #BeyondIncrementally #LiftLab

For brands, BFCM is arguably the most important time of the year. And this question always comes up: “Should you go for big discounts or keep the ball low?” Here’s my take: First off, there's no one-size-fits-all answer. BFCM is a prisoner's dilemma for most brands: If your competitors are discounting and you're not, they might gain market share. But if you're positioning yourself as a premium brand, discounting could hurt your image. The risk with discounting: 1. You train customers to wait for sales. 2. You pull forward conversions that might have happened later. 3. Demand slumps right before your sale. It's like buying a TV the day before Black Friday. Who does that? But some industries can't avoid BFCM. If you're in electronics, it's pretty much industry-wide (unless you're Apple, of course). So here's an analogy I like to use:  -> Are you selling pasta or plumbing services? People stock up on pasta during sales. It doesn't go bad quickly. But if your basement's flooding, you're not waiting for a discount to call a plumber. So, what can you do? I've seen some clever strategies: 1. Pre-BFCM targeting using CRM data. 2. Offering deeper discounts to VIP members before BFCM. 3. Sitewide discounts for loyal customers instead of narrow product discounts. The key question you need to ask yourself is: -> Are you playing or not? If you are, focus on amplifying your message to in-market customers. Let them know, "If you're going to buy, buy from us." Then, when the deals hit, manage your budget for lower funnel activities. Especially if you've done the upper funnel work beforehand. #marketingscience #marketing #measurement #brand

🔙 Previously on Curve Your Enthusiasm: Episode 6 Recap 🔙 Hello everyone! In Episode 6, we had an engaging discussion on "Linear, Digital, and Streaming: Measuring TV in the Age of Channel Convergence" with: John Wallace, Co-founder and CEO of LiftLab Philip Inghelbrecht, CEO and Co-founder of Tatari Jon Lorenzini, VP of Marketing Science at LiftLab In this episode, we covered: ▶ The Current State of TV: Linear, Digital, and Streaming ▶ Measurement Strategies and Approaches in TV Advertising ▶ Insights into Tatari’s Innovative TV Advertising Solutions ▶ The Importance of Blending Brand and Performance Metrics Curious to know more? Watch the full episode to dive deeper into the world of TV advertising and measurement. 🎥 YouTube Link: https://rb.gy/ak0ewv 🎧 Spotify Link: https://rb.gy/azu4k3 📍 Stay Tuned: Our next episode features Matthew Skai, VP of Growth, Consumer Marketing, & eCommerce at L Catterton, discussing "The Pressure to Perform: Where Innovative Brands Need to Invest in their Marketing Spend Portfolio" on July 23, 2024, at 11 AM PT | 2 PM ET. 🔗 Register for the Next Episode Here: https://lnkd.in/dge2DK5s

This is the most common mistake I see in marketing: Marketers expect that just because they got a 2.5 ROAS on their first million, they will get the same return on their next million. I've seen a lot of spreadsheets that take that 2.5 and multiply it out. Sorry to burst your bubble. But that’s not how it works. If you know that when you spend your next dollar, you’re not going to get $2.5 back, the missing piece of information is: How much will I get back? Every marketer is comfortable saying, 'If I'm going to spend $1 and make less than $1, I should question that, or I can only do it temporarily.' Even though your incrementality test shows a ROAS of 2.5, that's an average, including the earliest, highest-performing dollars. So, what is the revised answer? That's what you need in your spreadsheet to decide how to reallocate. To answer that, you need to know the shape of the diminishing return curve for all of the channels, then you can game or goal seek it. Because it allows you to continue to reallocate your spend from channels that are saturated and not performing as well as high-performing channels. Or as I like it put it… taking from the poor and giving to the rich.  @Dr Koen adds an interesting POV from the finance perspective: “I often talk to the folks in the finance department who complain that: ‘Every year, the marketing department comes to us to get the budget for a shiny new thing. And when we asked what we could cut, they go absolutely crickets.’ You need to know that things that were perfectly effective and efficient last year might have passed the point of optimal efficiency, so they might not be that efficient anymore. As marketers, we know: - what’s the optimal number of touchpoints you need to get a customer depending on your category - how saturation, diminishing returns, and frequency play out But very often, I see people assuming there are no diminishing returns in reach, and I completely go against it. Here’s my rule of thumb you can use: If you are doing a good job, the first 100k customers you reach with your message are probably the ones with the highest propensity to convert. When you double up that reach, you should expect a lower ROI. Knowing this helps you answer some of the finance questions and get more credibility with the finance department.” This was part of our last edition of Curve Your Enthusiasm, our monthly live forum on Marketing Analytics and Measurement. If you’re interested in the full conversation, here is the episode: YouTube: https://lnkd.in/ebDm9sTc Spotify: https://lnkd.in/eaTms8Zh #marketingeffectiveness #incrementality #marketing

Exciting news! I'll be at eTail this year, and it's the perfect time to chat about innovative solutions to drive marketing effectiveness for your business. I'll be onsite and ready to catch up along with John Wallace Jon Lorenzini Joy Ready Greg Bornstein Michael Morelli Prathi Jain– schedule a meeting with me or the team today!                                           Schedule your appointment here: https://lnkd.in/ee3yqusS           ✋ Who else is going to be there?  Send me a DM or comment below! #mediameasurement #mediaeffectiveness #etaileast

Join us next Tuesday for what will be a great episode of Curve Your Enthusiasm with Matthew Skai!

🚀 Leading the Tech Revolution! 🌐 Meet Nitin Kumar, featured in "Tech Revolutionaries: Top 5 CTOs Making Waves in 2024". As the CTO of LiftLab, Nitin is at the forefront of technological innovation, driving change and setting new standards. Dive into his story and see how he's transforming the tech landscape. Visit: https://lnkd.in/daH4M8qi #TechRevolutionary #TopCTO #LIFTLAB #TechInnovation #Leadership #Inspiration #TechLeader #MagazineFeature #CTO2024

Product Manager Role alert! Our team at LiftLab is hiring in the US for a new Product Manager role. Check it out and let me know if you are interested. Happy to chat! https://lnkd.in/e8x2Ran8

"Steal from the Poor, Give to the Rich”: Using Diminishing Returns as Your ROI Superpower. Curious about how diminishing returns can be your secret weapon for maximizing marketing effectiveness? Our latest blog delves into this fundamental economics principle and how it applies to your marketing strategy. What You'll Discover: ✅ How to navigate diminishing returns for smarter marketing investments ✅ Real-world examples of channel investment, retargeting, and hot new outlets ✅ Strategies to identify when to shift spend from poor-performing outlets to more effective ones ✅ The importance of analyzing actual changes, not just averages, to avoid missing critical turning points 📝 Dive into the blog now and get actionable insights that will transform your approach to ROI! 👉 Read the full blog here: https://shorturl.at/IROpI #BeyondIncrementality #MetricsThatMatter #LiftLab

Join Us for an Exciting New Episode of Curve Your Enthusiasm, “The Pressure to Perform: Where Innovative Brands Need to Invest in their Marketing Spend Portfolio” featuring Matthew Skai, VP of Growth, Consumer Marketing, & eCommerce at L Catterton. Don't miss this opportunity to gain invaluable insights on optimizing your marketing spend for peak performance. 📅 Date: Tuesday, July 23rd 🗓 Register now: https://lnkd.in/gWi56wvP