How to achieve growth through CDP?
A customer data platform (CDP) is a solution that helps marketers and growth leaders get a full profile of their customers, at an individual level by ingesting data from multiple customer-facing channels such as website, email, app, live chat, advertising, offline, etc. Recently, this data, stored and enhanced with customers’ consent, has become one of the most critical requirements to deliver growth.
According to the CDP Institute, “A Customer Data Platform is packaged software that creates a persistent, unified customer database that is accessible to other systems”. A quick look into Gartner research and G2 product reviews data will showcase hundreds of CDP vendors and a fast-maturing category. A multi-billion dollar acquisition of one of the leading providers, Segment, has also drawn a lot of attention to the software category.
The key question is that the customer database is nothing new to marketers and IT professionals, so what’s special about CDPs?
Traditionally, customer data existed in an enterprise in marketing tools, CRM, and other business intelligence systems (owned by IT). With further advancements in marketing tech, the key issues were data ownership, quality, and actionability for marketing and growth purposes. Siloed teams, processes, and tools/tech remained as some of the primary challenges in customer data. Successful companies solved for these challenges although CDPs do not solve these by default.
What CDP solves for is the ability to store and make sense of large quantities of customers' ever-expanding use of digital systems/apps, etc., customers' brand interactions with your brand and products across numerous digital channels, and availability of this data set for marketing purposes.
Since advanced analytics and decision-making systems powered by artificial intelligence (AI) depend on high-quality labeled data, some of the fastest-growing companies have also been able to leverage more sophisticated analytics to win the market against competition from software like CDPs (either homegrown or sourced).
As a result, CDP users are able to create a single view of their customers, map their customer lifecycles, and leverage other powerful features of a CDP, which as a software category has matured ånd become quite stable -- good news for enterprises.
Although much of the CDP conversation seems to have been led by technology first and strategy or goals second.
In our experience, an enterprise has to ensure that there is a well-defined growth strategy, goals, and process that can be executed cross-functionally across the multiple teams involved. The different set of tools used by these teams and the data shared is meaningful to other teams and their tools.
We worked with a B2C tech company recently that used one of the market-leading CDPs. It was supported by a full customer data lake and data architecture to power multiple advertising and marketing channels with a lot of customer data and analytics. Although, the teams lacked a coherent growth strategy. Facebook marketing manager ran her own campaigns without collaborating on data and signals with the organic and CRM (email, app) marketing teams.
To summarize, powerful technologies like CDPs are nice to have unless they are leveraged as means to an end, that is, defining growth objectives and processes that will create specific requirements for a CDP to deliver.
We worked with Shikhin to create our growth and CRM capabilities to improve our growth strategy. He was instrumental for us to plan across the breadth of organic & performance marketing, CRM, and martech & adtech. We were able to simplify the complexity of growth tech with this partnership through growth tech roadmaps, identification of tech partners, and creation of the right teams and capabilities for future growth
We work hard to create a partnership based on success and apply our core values to each client engagement:
We have in-depth expertise covering the breadth and depth of the marketing, CRM, and growth ecosystems.
Our people have delivered success as C-level mar-tech and ad-tech executives, product strategists & managers, and growth marketers.
We have partnered and worked closely in the industry with both dominant players like Facebook, Google, Salesforce, etc., and with new AI startups that provide innovative machine learning-powered emails, and content/copies, etc.
We have been part of tech startups, top strategy consulting teams, and engineering and data science teams to build innovative software.
We apply our unique skill-set to understand the breadth of 7000+ mar-tech solutions and provide depth of customer journeys and experience management for business success.
Our clients drive these benefits from our approach:
Applying our expertise to truly understand a problem and provide a strategic solution
Fully transparent pricing based on the impact our consultants generate and low-cost alternatives just like we will do for our own business
Our Core Values
Customer success: We do not declare victory without customer success
Complete ownership: We are responsible for every success and failure. Period.
Simplify: We find ways to explain it to a 4th grader and to a granny
Fast & Scrappy: We believe speedy and low-cost innovations are secret to growth
Measurable: If we can’t measure, we won’t do it (or recommend doing it)