In a data-driven era, many businesses still face hindrances in getting optimum value from their data due to myriad reasons—difficulty in understanding the data, too much data to consolidate, deduplication, overly complex systems for managing data, or even all of the above in some cases. Without insightful analysis of relevant data, customer identification and personalization are virtually impossible.
In the webinar “Why is CDP integral to enhancing marketing ROI”, Benedict Hayes, Executive Director and Partner at Ethinos Digital Marketing, leads a discussion with experts from Resulticks, Aditya Birla Fashion & Retail, and SBI Mutual Funds on the critical role a customer data platform (CDP) can play in driving marketing ROI and how to get maximum value from the solution.
Throughout the discussion, the experts share insights on
Personalization is key
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,” notes Shrikande.
Emphasizing the importance of knowing your customer and how analytics and machine learning can generate 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 to notable success, Mani Gopalaratnam, CEO of Resulticks, emphasizes the need to move beyond legacy systems to start the data transformation journey on the right path. 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 expands on how a reliable CDP can address pain points such as the inability to tag data to the right audience identity.
Choosing the right CDP
The experts further share insights on what considerations a marketer should have before implementing a CDP. They agree that it’s critical to identify the data capturing process they expect from a CDP, clarify 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 help him understand the customers at greater financial risk due to the COVID-19 pandemic.
"Picking a CDP that works for us is the kind of worry we have when looking at all the tools out there.”
Jain goes on to explore the ways in which new security expectations and regulations have affected how data can be leveraged to its full potential in the financial services industry. He also discusses the implementation of a CDP. in particular, he highlights the necessity of patience and a long-term vision as the whole process can take up to six months before real intelligence becomes readily available.
Watch the full discussion here.
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