Need for high-velocity Marketing? Customer Data Platform is the answer!
We have all heard the age-old saying Customer is king! Shouldn’t every point of interaction with the customer then be an opportunity to engage in real-time? How can we inculcate such speed in our marketing decisions?
What are Customer Data Platforms?
· Customer data platforms are packaged software solutions that employ a unified view of individual customers based on data from customer interactions across multiple data sources.
· How does it work: Map, analyze, activate
How does CDP help with high-velocity marketing?
To answer this question, let’s look at what slows down marketing decisions:
Lack of budget — inability to prove the ROMI and attribution
Inability to choose a course of action/make decisions due to lack of strong prescriptive analytical insights
Insights are gathered retrospectively rather than proactively
What is the specific targeted/individualized message to be sent?
Operational inefficiencies –
Inefficient systems that are not well integrated and troubles in implementing campaigns on the field
Lack of connectivity between teams across geographies
How does CDP address these challenges?
It optimizes your spend decisions and helps you to better allocate your budget so that you can get the best out of your marketing campaigns
It simplifies decision making by leveraging a strong analytical engine that:
Combines data from multiple sources and channels
Analyzes the unified data using machine learning and AI
Triggers customer journeys with real-time personalized messages and contextual offers
And results in real-time prescriptive marketing decisions for different scenarios that can be implemented without the need for debate
It integrates customer data across systems and reduces redundancies and duplication, thus leading to higher operational efficiency
Why is CDP the best option for you?
Get more with less! Ensure effective marketing in an optimized budget:
o Use attribution models to understand which campaigns were most effective — to invest in campaigns that work, you need to first measure which campaigns are working! Use attribution models to map the revenue generated or new customers acquired to specific campaigns and channels
o Leverage a global operating model by implementing data democratization — Reduce the bottlenecks in the process by ensuring everyone has access to data, without compromising on security. Optimize your split of offshore and onshore resources and leverage low-cost geographies to increase campaign ROI
Give your customer what he needs! Personalized messages are the way to go:
o Target the right people by implementing Ad & Audience suppression — Audience suppression will help in showing the only relevant ad to the customer. If a customer is chased with ads that are not of interest to him or her, they will get annoyed and would be less likely to interact with the website or mobile app again.
o Do more than campaign management! Have you thought of managing your offers? — Offer management helps you target the right customers with the offers most suitable for them. It helps you increase your customer loyalty and lifetime value.
Connect the dots!
o Escape the chaos in your operations by leveraging workflow automation — Effectively prioritize, manage, and collaborate on all work across teams. Free up time to focus on being your creative best rather than getting bogged down by the endless processes!
o Integrate different systems to get the big picture! — Your CRM system and Sales database contain data about the same customer! Aren’t you curious to put together all the pieces of the puzzle to make better decisions?
Not just this! You can do a lot more! With CDP, the possibilities are endless.
Trigger communication
Accelerated lead generation
Predictive scoring
Geographic Targeting
Integrating CRM and Sales Insights
