Navigate Marketing Transformation with data, process, and a CDP
How to run customer-centric marketing operations and achieve digital transformation
To navigate the ever-changing waters of marketing, it's important to arm yourself with data, process, and personalization. These three tools, like dynamic landing pages, email automation, and customer data platforms (CDP), will help you make informed decisions and keep your marketing strategy on track. By using data to understand your customer and their needs, you can create a process that efficiently meets those needs while personalizing your interactions for a truly customized experience. With these three components in place, you'll be ready to tackle any transformation in the marketing landscape. So what are you waiting for? Start using data, process, and let's transform marketing and make it data-driven.
Marketing transformation happens when the organization becomes customer-centric and relies on insights from data rather than full-fledged assumptions to run campaigns develop brand messaging and advertising.
Marketing transformation is hard. It's even harder when you try to do it on your own. It would be best to have data, process, and personalization to make it through the storm. If you see it turning the corporate culture, you are doing it right. Please stick with us; it's going to be a wild ride!
The role of the customer data platform in marketing transformation
Given my nature as a marketing technologist, a customer data platform (CDP) is important because it gives businesses a single view of their customers, which is essential for creating personalized customer experiences. CDPs also make it easier to activate customer data, which is important for optimizing customer engagement. I don't talk about personalization without it because I have trouble seeing how one is data-driven or is activating digital processes that reduce customer friction instead of main business revenue.
There are many ways to realize the benefits depending on your business value. The technical side includes unifying data from different sources and breaking down other silos for customers' needs to be met more efficiently with a single source of information available at hand, which can provide insights about their past behavior patterns as well as enable them to take action based off this knowledge, so they'll come back again or subscribe without any trouble whatsoever! Having such technology increases revenue per Customer (which means you make money), but also ROC - resulting in customer value, customer lifetime value (CLTV), and other metrics that your company may find valuable.
Self-service software has come a long way since the cloud and application marketplaces can be acquired without speaking to a salesperson. Some companies don't manage CDP applications internally but instead use a vendor or partner to help manage them. It's not uncommon for a development team to deploy their CDP with marketing, operations, and analytics teams overseeing implementation. Suppose you are eCommerce platforms like Shopify and Amazon. In that case, you can compete because a CDP is no longer just an option for larger brands who need more help integrating it into the company's workflow to produce accurate data from your system.
Such is the power of CDP when it comes to customer experience, CX. The main cost of ownership for personalization is marketing, utilizing this tool to create segments, campaigns, and ads with better personalization. It makes sense, too, since marketers require a deeper understanding than others when running ads with personalized content. However, when a team understands how CDP works and has the data needed to fuel their marketing transformation efforts, it becomes less an expense and more of an investment that pays off over time. How's that for incentive to start today.
Customer segmentation in new customer acquisition
The use of segmentation has been integral in the marketing world for years. What used to be weeks of research and reliance on those hefty excel skills allowed us to build one targeted campaign for an audience that would do well or not, now take just hours to accomplish with new software, and you have the analytics to make adjustments to multiple campaigns running at once to several segmented audiences. Companies use CDPs to better target and serve their customers with a more tailored message, which leads them back into relevance as we enter an ever-changing market landscape full force! The key is getting your prospects' attention by capturing analytics about what works on social media or other channels. Hence, you know when to make changes based on this new information rather than guessing without any data points available.
The power behind real-time tracking lets marketers capture customer-centered metrics such as engagement, conversion rates, and lifetime value. The CDP can also help identify when a customer is likely to churn or unsubscribe so that you can take action and keep them around for a longer period. It would be ideal if we could somehow influence their purchasing decisions in our favor, but, alas, some people are just not swayed by our attempts at marketing.
There are various ways CDP can support customer loyalty as well. Getting automation nailed down for retention can give you a happy boost to the bottom line.
Transform marketing to increase Customer Loyalty & Retention
As we all know, it's cheaper and easier to keep a customer than it is to acquire a new one. CDPs help businesses identify which customers are more likely to leave and then target them with personalized offers and messages that are likely to keep them around.
In a study by Bain & Company, surveys found that a 5% increase in customer retention can lead to a 25-95% increase in profitability. CDPs allow you to track customer behavior to determine which customers are most likely to leave so that you can take action and keep them around for a longer period.
The CDP is a customer retention tool that can help businesses of all sizes gain insight into how their customers have interacted with them, so you can continue to communicate in the same channels. For larger enterprises, this means tying different customer loyalty programs together. Hence, they're able to track rewards from any location and explore opportunities for repurchase or subscription promotions through deep analysis on what influences these decisions in addition to exploring the data themselves without relying heavily upon third party providers who may not have access (or care enough) about providing you true knowledge base as it pertains specifically toward your business' needs!
By leveraging customer data platform software that can support your marketing transformation initiative, you'll be able to acquire new customers more effectively and retain and loyalty those you have—interested in getting started but would like to sign up for a free consultation today to speak to our team. We'd love to help you get on the path to success with your marketing transformation!