CommerceNext 2022 Recap: Maximizing your Marketplace Dollars with Data and Insights
Rise Interactive is honored to have been a sponsor for CommerceNext 2022, which took place at the New York Hilton Midtown from June 21-22. This year’s theme, “Seizing the Next Wave of Growth”, boasted keynote speakers and breakout sessions that covered everything from scaling marketing for growth to unique eCommerce experiences. As a part of this event, Rise's VP of Media Strategy, Justin Garvin presented on the "Optimizing Core Marketing Strategies" track during these sessions.
He kicked things off with this word cloud of Marketplaces buzzwords — yes, there are a lot of them! There's one thing they all have in common though: They're all used to talk about the same concepts— all ways to help marketers understand the true value of their digital spend.
Justin’s presentation, “Maximizing your Marketplace Dollars with Data and Insights”, provided timely insights into how to understand your Marketplace digital spend value through granular data analysis. While these concepts can be customized depending on what media channel and platform you’re on, Justin focused on the biggest commerce engine, Amazon.
The digital landscape is becoming increasingly more complex. Besides zero-party data and walled gardens taking foot in the digital marketing world, the sheer size and mass of marketplace ecosystems are rapidly growing.
Take, for example, Amazon: Even within their own platform, ad formatting continues to expand and evolve. Between sponsored posts, organic search and Amazon DSP, there is no end to the touchpoints we’re expected to wrangle as marketers.
3 Ways to Better Understand Your Marketplace Investments
1. Identify diminishing returns.
Taking the complexities of marketing ecosystems into account, it’s important to ask: What’s serving the bottom line the best, and what isn’t? Making sure every data point is working hard for your client’s goals is key. By examining and identifying tactics that aren’t working — like keywords that reach diminishing returns — you can also target what does work, and watch KPIs skyrocket in the process.
2. Understand dependence on paid.
ROAS is determined by more than just what budget you set. It’s also determined by how you wield that budget. You can use TACoS (Total Advertising Cost of Sale) to determine how your ad spend measures up to your revenue generation. This kind of data allows you to drive investments more effectively and efficiently.
3. Analyze top of funnel value.
A huge benefit to the amount of growth we’re seeing digitally: We can tap into more crucial and granular data along the way to truly deliver the best results. Amazon’s Marketing Cloud, for instance, allows you to tap into a massive amount of data that can answer laser-focused questions. Using data tools like these allows you to stay one step ahead of the competition when it comes to calling the best shots.
Equipped with these lessons, attendees were also able to visit us in the Discovery Lounge between their sessions. We came more than ready to discuss our Connex® technology with all who stopped by our table (hint: you can use Connex to get a full night’s sleep by reading this blog), and one lucky winner went home with their own YETI cooler as a result of our raffle.
We’re thrilled to have been part of such a successful event — and we’re looking forward to the next one!