January 11, 2019
Cooking With CDP
If you wanted to make a chocolate cake (and who doesn’t, really), the first thing you would probably do would be to find a killer recipe and gather all of the ingredients in one place. Right?
Well, good marketing requires a recipe with a lot of ingredients, too. There’s the obvious stuff (brand promise, brand voice, key message, call to action), and then you need a plan to coordinate the messaging across all the media used (buzzword: omnichannel integration). But, to really ring the register, good marketers need the technology to make data-driven decisions.
Today’s customers know what good marketing looks like. Amazon suggests books I might like, and Netflix tells me about new movies. These companies know me. OK, they don’t know me, but their data does, and their marketing makes me feel special (Wow. That’s kind of sad, isn’t it?).
Data is as good as gold; all the answers are right there. With proper analysis, you can optimize your messaging and media spend to deliver the right message to the right target at the right time. The best part is that as you continue to learn, you can contintue to hone your message, call to action, and spend. With every campaign the data becomes richer, more informative, and more valuable. With proper analysis and execution, the results from your marketing efforts should continually improve, driving down customer acquisition costs and accelerating your sales cycle.
While all of that sounds good, the problem for most businesses is that their raw data is all over the place, languishing in silos (think web analytics, email data, results from marketing campaigns, CRM, sales reports/accounting software, customer service, etc.). That’s why one of the first steps we take with a new client is to create a unified Customer Data Platform (CPD). Sometimes we use an existing tool to act as the CDP, other times we bring in new technology. Either way, it’s not a daunting task.
And the beauty is, once it’s in place, the CDP provides a single view of each prospect and customer. You always know where they are in their buyer’s or customer journey and are able to personalize your communication to meet them where they are – and more effectively move them where you want them to go.
The CDP also creates a better experience for your prospect or customer. Because they’re getting an appropriate message through all channels, they have a clearer view of your brand, and the value you deliver.
If you don’t have a CDP, don’t feel bad; most companies don’t. But, if you’re spending money on marketing, don’t wait. The cost to set up is probably less than you think and the return on investment is better than you can imagine.
If you have any questions, just drop us a line. Please don’t mention this to our math teachers, but algebra and statistics are finally paying off; we love this stuff.