Are You Getting the Most Out of Your Customer Data?

Are You Getting the Most Out of Your Customer Data?

Struggling to turn customer data into profits? Let’s explore a 7-stage Customer Data Platform (CDP) maturity model to assess your data utilization and unlock its full revenue potential.

So you are swimming in customer data … now what?

According to Ben Knight, President of Blue Venn, a Customer Data Platform, there are seven measurable stages of customer excellence to identify if your company is utilizing customer data for everything it is worth.

“There is a clear link between CDP deployment and business success,” said Knight during his presentation, ‘The Link Between CDP Deployment and Business Success’ at Discover MarTech.

BlueVenn created its new 7-stage Customer Data Platform (CDP) Maturity Model to measure data efficiency.

The first stage involves creating a unified customer profile, while the second involves tracking actionable customer insights. This allows for customer-centric marketing programs that require real-time analytics, decision-making, contact, and delivery.

“To complete the rest of the process, you must have accurate and available data in stages one and two,” said Knight.

The third stage begins with more proactive customer outreach, highlighted by outbound channel optimization, which utilizes action triggers and personalization to customize the experience. Digital media optimization is the fourth stage, including paid media campaigns and customization for targeted audiences.

Real-time decisioning and personalization through owned media are the platforms for Stage 5, which includes testing and optimization for ecommerce and websites. Once channels and media have been optimized, you can accomplish the sixth stage, cross-channel orchestration with online and offline integration and personalized triggers.

The seventh and final stage involves implementing advanced analytics and artificial intelligence to create predictive models of future customer behavior.

“Most marketers are between stage three and five in the model, with aspirations to get to stage six or seven,” said Knight.

According to King, CDP owners are 2.5 times more likely to have significantly outperformed against their organization’s main marketing goal.

“The goal is to be able to move data around your organization incredibly fast,” Knight said during his presentation. “As a CDP can move data around an organization, it can prove its worth very quickly.”

Turning data into dollars

In addition to agility, CDP vendors also tout the revenue growth these platforms can support through personalization and real-time marketing efforts. In her Discover MarTech presentation (link), Elizabeth Marshall, director of solutions consulting for Tealium, said consumers’ increased daily digital interactions have positioned CDPs as major revenue growth engines.

Also Read: How Predictive AI is Transforming the Retail Industry

“People are figuring out how to do things digitally that they were uncomfortable with previously,” said Marshall. “Getting that underlying data foundation is key.”

That data can also include a full view of the consumers’ digital and offline interactions, valuable information about their experience between the first and last click, and the use of machine learning for real-time decisions and data analytics.

“The problem is to get valuable data from the hands of the few and get it out to the many,” said Knight. “especially in the hands of marketers, where it can turn into revenue.”