15 Dec A Life Ring for Marketers Drowning in Customer Data
It is an amazing time to be a Marketer. An ever growing set of channels through which to communicate with your customers, millions of data points revealing behaviors and predicting intent, and the opportunity for a two way conversation. You have more data, in more places, than ever before. Do you feel empowered? Or perhaps what you are feeling is a sense of drowning, as the sea of data grows and you are just treading water. The good news is you are not alone.
In a survey among 500 Client Side Marketers (eConsultancy), the top 5 data challenges include: Gaining a single view of the customer, Personalization, and Turning data into actionable insights and segments. As with most challenges, the good news is a solution exists and technology is making it much more attainable.
The solution is a single Customer Data Platform (CDP) built for the CMO, not for the CFO. These new CDP’s are more flexible, can ingest and analyze unstructured data, and support the three fundamentals of a leading customer experience – Relevance, Consistency and Engagement.
Relevance – To develop relevant content you need to have real time data about your customer’s interests, intent, and motivations. This can only be developed via a holistic 360 degree data view. The competition for screen time is becoming intense, and the brands that provide timely and beneficial information will win the battle. Offering a discount on a product the customer just purchased not only demonstrates a lack of knowledge, but also undermines trust.
Consistency – Customers are engaging with a single brand through multiple platforms every day. The message needs to be consistent and build on itself. When sending email and multiple mobile communications, it is critical to speak with one message and goal in mind.
Engagement – Any strong relationship is founded on a two-way conversation. Marketing needs to be more than talking at a customer, but hearing them and playing back what they are sharing. Nothing will impress a customer more than knowing they have been heard, whether it reflects a complaint, a review posting, or any other form of engagement with your brand.
Marketing CDP’s used to be a 3 year, $10MM project, and required internal full time data management resources. Yeti Data wanted a different solution built by Marketers for Marketers. You can now pull your data back from multiple suppliers and develop a single holistic customer view. Yeti Data’s new CDP for the CMO was designed to be up and running in 12 weeks, can bring in data from CRM, social media, mobile and web, and has the built in app’s needed to empower your marketing organization. It all starts by taking back control of your data and developing a single customer view.
Written by: Richard Gerstein