By Ascend Marketing
JANUARY 6, 2022 | NEWS
In our previous discussion, our experts made a case for adopting Customer Data Platform (CDP) technology, describing some use cases and situations in which aggregating behavioral data dramatically improved key marketing outcomes. Indeed, at the start of 2022, most businesses either have implemented a CDP or plan to—as a result, the CDP market is expected to surpass $5.5 billion USD by 2028. Those currently planning to restructure their customer data around a CDP in 2022 are thus faced with two pressing questions:
These two questions are closely related—certain CDP solutions may integrate with your existing data platforms and structures better than others—so it helps to coordinate across teams to answer both questions in tandem. Fortunately, these concerns are solvable, and the results are transformative. In our next forum, CDPs in Action: Essentials for Implementing a Customer Data Platform, our experts will break down ways to implement a CDP, starting with the decision to switch and continuing throughout the setup and integration process. Moreover, they will demonstrate that incorporating CDP technology needs not be daunting or overwhelming, and that the savings and insights generated can far outweigh the initial costs.
Your CDP implementation approach will depend on what your current business and data environment looks like, as well as the specific goals and KPIs you value most. One common objective for marketing professionals is improving data quality—according to a 2021 Forrester survey, B2B marketers view improving lead and opportunity quality as one of their top priorities. Martechify experts will outline how to implement a CDP with this goal in mind, and how to address various needs and challenges along the way. In next Martechify virtual forum, expect a vibrant discussion on the following topics and more:
As outlined in our previous forum, effective CDP platforms consolidate and segment cross-channel customer behavior data for highly detailed content personalization. Customer data moves through a typical CDP in four broad steps:
To determine which CDP solution is most appropriate, it may be worth using the above framework to ask what your business is wanting to accomplish at each step. For example, does your business need to prioritize identity resolution between varied types of devices? Do you have highly disparate groups of customers that need advanced segmenting, or is your business striving for one-to-one personalization? As more and more CDP platforms boast a broad suite of features, your choice will depend on which of these features your business needs to prioritize.
As for actually implementing your chosen CDP, the amount of time and effort required will vary based on your configuration decisions and business requirements—businesses report setup times between a few weeks and upwards of a year. Some factors that may influence ease of CDP setup include:
Overall, there is no one best CDP solution; the usefulness of any CDP software depends on the particulars of your business, users, and use cases. Independent reviewers on sites such as G2.com and TrustRadius can give helpful insights into your decision. Nevertheless, for many businesses, the deciding factor when purchasing a CDP solution will be whether it prioritizes the features that matter most to their industry. When deciding between CDP vendors, make a checklist of the relevant business needs and goals that you are looking to fulfill—here is a good place to start. In any case, because CDPs have such a transformative impact in terms of how customer data is processed on all levels, cross-team communication and collaboration are a must.
Over the following months and years, experts expect these trends in the Customer Data Platform landscape that may affect your implementation:
Join us on February 10th from 8:30 – 10:00 a.m. CT to hear more from industry leaders on methods and best practices to integrate CDP technology into your business’s customer data network.
In our previous Martechify discussion, two of our martech experts shared their experiences with creating profiles from customer data and their thoughts on transitioning to Customer Data Platform (CDP) technology. Carrie Sinclair of Honeywell and Brian Prascak of Wawa outlined instances in which CDPs may be useful (or perhaps necessary) for content personalization and collecting behavioral data, and explain why CDP implementation may be easier than you think.
We created Martechify as a community for professionals to share knowledge and best practices on data-driven marketing. Now that you’re all caught up, we’d love for you to join the conversation.
Join us at the next virtual forum on Thursday, February 10th from 8:30 to 10:00 a.m. CT:
Digital.com, a leading independent review website for small business online tools, products, and services, has named Ascend Marketing to its list of the best advertising and marketing agencies in Dallas.