Too many businesses still find getting full vale from their data for any number of reasons—difficulty in understanding the data, too much data to consolidate, deduplication, overly complex systems for managing data, or all of the above. Without good data and a good understanding of it, customer identification and personalization are virtually impossible.
In the webinar, Why is CDP integral to enhancing marketing ROI, Benedict Hayes of Ethinos Digital Marketing, leads a discussion with experts from Resulticks, Aditya Birla Fashion & Retail, and SBI Mutual Funds on the critical role your customer data platform (CDP) can play in driving marketing ROI and how to get maximum value from it.
Throughout the discussion, the experts share insights on the basics of what a CDP is, its relationship with and impact on ROI, who should have one, the key things to consider when choosing and implementing a CDP, how to integrate a DMP with a CDP, and much more.
Praveen Shrikande, Chief Digital Officer at Aditya Birla Fashion & Retail, describes the key metrics retail industry marketers use to measure success in customer acquisition. “Being able to personalize and engage with our customers in a personalized manner would help us drive better commercials and a better like-to-like,” he says. Emphasizing the importance of knowing your customer and how analytics and machine learning can make personalization recommendations, he explores the role of the CDP in driving revenue in his industry. For Shrikande, the next big move is leveraging internal and structured data.
Having helped numerous brands launch their CDP journey, Mani Gopalaratnam, CEO of Resulticks, offers advice on getting started, explaining that some legacy systems are outdated. Before investing in a CDP, Mani notes, marketing and technology leaders should map out their audiences and ensure a sufficient degree of customer data decentralization outside their core systems. He goes on to discuss how a CDP can solve such problems as tagging data to the right identity.
The experts further share insights on what considerations a marketer should have before implementing a CDP. These include identifying the data capturing process they expect from a CDP, clarifying their strategic objective for acquiring such a system at all, and more.
Srinivas Jain, Executive Director and CMO of SBI Mutual Funds, explains how having a CDP would have helped him understand his customers at risk today because of the COVID-19 pandemic. "The selection of CDP is critical, how do we do it, that’s the kind of worry we have when we look at the number of tools out there”. He goes on to talk about security and regulation and the impact they have on how the data can be used to its full potential in the financial services industry. Jain also talks candidly about the process of implementing a CDP, mentioning it can take up to six months to get some real intelligence out of one.
Watch the full discussion here.
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