Q3 Update: Top 10 Key Learnings at LiftLab
As we wrap up a summer that saw us transition from abnormal to the new normal, we wanted to share our top 10 key learnings over the last several months.
#10 – Digital Media Spend Management is Global This should come as no surprise, but media spend is a challenge for marketers around the globe. LiftLab is now working with teams across 9 countries.
#9 – Oops, I Did It Again Part of our founding vision is to help marketers make good decisions in a world in which user level data is no longer available for measurement. Apple iOS14 and the removal of IDFA as a pervasive tracking source is just another brick in the wall.
#8 - Retail is Resilient If Covid-19 has reminded us of one thing, it’s that the smart, scrappy teams driving performance marketing in retail can’t be stopped. They will use media to find their customer -- online or offline, at work or at home -- and we’re pretty sure in outer space if needed.
#7 – eCommerce is Exploding....Again We thought we knew what eCommerce growth was. Then we met a customer who saw sales grow 7,000% (yes, you read that correctly) in the span of a few months.
#6 – Essential Execution Collectively, we take for granted that eCommerce systems can handle whatever demand we throw at them. Painfully, this isn’t always true.
#5 – You Can’t Sell What You Don’t Have Inventory makes the world go round. It is hard to convert customers without having product in stock. Look for a partnership from LiftLab with thought leaders in the inventory forecasting area soon.
#4 – Performance Pays Our ability to find and prove Lift will see us triple our customer base this year in the face of tight and uncertain marketing budgets. Delivering results in 30 days doesn’t hurt this trajectory.
#3 – Experience Matters Refining our product experience made a big difference in adoption, allowing our product team to drive exponential MAU growth (monthly average users). Digital Marketing Spend Management shouldn’t be outsourced, so we are excited to see smart marketers empowered with great data and tools.
#2 – One Size Doesn’t Fit All We have now expanded to cover over 60 marketing platforms. If it runs an ad, we can produce a Lift Curve.
#1 – Lift Curves Everywhere Our customers saw Lift Curves and asked for more. We are now piloting an approach to quickly bring Lift Curves to the whole media plan. Give us a call.
What are your top lessons from the last quarter? We’d love to hear!