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Marketers know that data management is the key to data-driven marketing. Traditional methods for trying to bring customer data together into a “360 customer view”, failed to solve the complete problem. But there is a new player in town, and its called Customer Data Platform (CDP). Now it is knocking on your door. Should you let it in?
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Access the Email marketing strategy guideBringing together customer data in a CDP
An un-siloed and full view of the customer is not a new concept. Yet the 360 customer view has always turned out to be the just out of reach for the marketer. Custom MarTech integration projects are known to be an especially tough cookie.
A Customer Data Platform looks to fulfill that age-old promise of centralizing all the customer data, and it is looking good. In a typical CDP setup there are three layers or functional stages: Data, Decisioning and Delivery. At the minimum CDP works on the Data layer, bringing together and making available the data from multiple sources. Other CDPs also offer extended Decisioning and Delivery functions.
I have written about CDPs, especially the difference between a CDP, CRM and DMPs.
And that is still a thing. More than half of organizations rate their own marketing and customer experience approach to be disconnected. Only 10% finds their MarTech stack is tightly integrated, with Europe doing a bit worse than North America.
But wait… creating a customer profile or even a 360 customer view doesn’t bring any value by itself.
So what are the benefits of using a Customer Data Platform? and would you need one? Let’s look at a case study that explains the value of connected data.HelloFresh lost customer reactivation case
An example of a Customer Data Platform use case comes from Hellofresh. The HelloFresh food Box subscription service uses many channels. Facebook retargeting via custom audiences, Sendgrid for emails, Appboy for mobile push, Twilio for SMS, their own site(s) and integrated personalized offline letters using Optilyz. They wanted to connect these while keeping the current set-up.
Through the use of CDP they were able to coordinate the different channels, but also do cross-channel campaign testing. They tested several channels against each other and also different combinations (like the winning combination with email + direct mail). Just setting this up would have been an enormous effort without a CDP.
Then bring back the tracked conversions of the different channels and campaigns.
A CDP helps to do so, without the manual effort and while tracking the results for every user.
Overall, the integrated setup allows companies that have a CDP to easily find the right datasets for possible campaigns, then plan the right campaigns for an A/B/C/…-testing and measure the results.
Here is the case presented by CDP CrossEngage. Reactivate or rather win-back former customers and increase the effectiveness of a personalized direct mail.
Sending an email teaser first doubles ROI and Conversion Rate of the direct mail. It makes sense that the results are better than a single Direct mail, but also much better than an email discount and direct mail after. Which makes the case for A/B testing different scenarios.
Still quite a simple campaign if you look at it like this, but automation requires that the all the data and the multiple execution channels here are communicating with each other.
Another finding was that young people react better to the direct mail moment than older. As a result, HelloFresh could optimize their campaign and send direct mails more often to younger people (and spend more budget on this audience).
In my eyes, the less complex you can keep your marketing campaigns, the better. And especially the first iteration of your campaign.Benefits of unified customer data
Research by the CDP Institute showed that Personalization, Insights and cross-channel measurement rank as the most popular benefits for Unified Customer Data.
You could see why these would be beneficial to marketers. The numbers might be a bit slanted though, as the respondents could answer multiple uses. For instance, if you have a loyalty program (or thinking about one) obviously your would already need to connect all the program data and personalize.Importance of Time to first Value and Data Activation
If you are trying to create a CDP business case, the Time to First Value is an important consideration. CDP implementation can be faster than custom, single point integrations. This is because of the built-in integrations and data management features. But the value is the use of the data, also called “Data Activation”.
Start with one or two use cases that have a direct impact on profits and can be implemented quickly. This will help to increase internal support for the data-driven marketing as a whole. Then everything after that is gravy.
Later, the use-case can be built out, or more uses added. A first use case is often a lighthouse project. By having the infrastructure in place, the first project also has a signal effect for numerous follow-up projects.
Think about the maturity on dimensions a CDP offers:
Level of personalization: from placeholders for names to individual website and email content as well as individual customer journeys
Level of automation and refined Decisioning
Level of segmentation: from big groups to almost 1:1 communication
Data maturity: add more data points, from profile, product, and behavioral data to intent and value based.
Add more touchpoints and channels for Cross-channel campaigns.
Begin with quick-wins so the CDP can pay for itself. The quick-wins come in different forms. Sometimes it is called a pilot, a Minimum Viable Product (MVP) or the use of the CDP in a single campaign. While the roadmap will be different – the stages look the same. Starting small with an implementation time of one to three months to reach first results.Finding your use cases and the Benefits of a CDP
The benefits of a Customer Data Platform boil down your own use case(s). These will provide the value of the CDP. Yet there are some other benefits that go beyond the single use cases and more into the long-term vision of company data management.1. Cross-channel attribution
While the current measurement and attribution maturity of your company might not demand it (yet). The Case of HelloFresh shows that running campaigns over multiple channels asks for a flexible reporting and attribution. The CDP will ready the organization for a more comprehensive view of the outcomes of Marketing activities and attribution across channels.2. Agility and future-ready infrastructure
A CDP is built to be a central hub to connect data sources and delivery platforms, where sources can be connected as they are introduced and use it anywhere to drive better customer experiences.3. Democratization of Data
Traditional IT-managed databases have a built-in bottleneck (namely the IT resources). A CDP democratizes the access to customer data and lets the data be used directly by the departments that generate the associated value. Marketing, customer service, business intelligence, they all depend on the access to the data and customer touchpoints.
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Many leaders still recognise the value of AI and machine learning for creating a more personalised customer experience
In the modern world, every customer belongs to a unique marketing segment. Advances in digital transformation and data modernisation enable retailers to target consumers down to the “segments of one” level and, as a result, achieve greater success. Traditionally, retailers have adopted mass demographic-based segmentation. But retailers embracing the future are using data analytics for micro-segmentation to deliver personalised offers and targeted communications. According toIntegrate Your Data
Effective micro-segmentation requires accurate and complete data. One problem in achieving this goal is that retailers often have several brands, each holding siloed and disparate data. Micro-segmentation depends on a deep understanding of your customers. But you cannot get that with gaps in your data. Any flaws will inhibit your goal of delivering micro-segmented, personalised experiences to your customers. The key to overcoming this problem is to consolidate all internal and external sources into one customer platform. Then you need to make the data easily accessible to your marketers in a simple-to-digest format.Benefits of Deploying AI
There are clear challenges for retailers in configuring their data for personalisation. However, for most companies the solution is within reach and simply requires modernising their data storage. How can AI help you micro-segment your target audiences? By giving you the ability to achieve these goals:
Share data between all areas of your business, so everyone has access to greater insights.
Deploy visual data transformation to make it easy for everyone to understand data without code-wrangling
Deliver highly personalised customer experiences based on deep data
Recommend products based on data such as consumer purchasing history, engagement on social media, and current trends
Provide product recommendations that use contextual communication; for example, “It’s a cold day outside: try our limited-edition mint flavour hot chocolate.”
Personalisation is the future of retail. But to get it right retailers need fast and easy access to accurate data. Data transformation and AI are leading the way. Thanks to data modernisation and the ability to access insights from large amounts of data quickly, marketers can provide highly personalised messages to consumers that potentially deliver a significant increase in sales. Data-driven personalisation helps organisations optimise resources, like time and money, and instead divert them towards expanding intelligent applications and services. Cloud computing is an asset to decision-makers because it empowers organisations to harness data granularity, leaving out the ifs and buts to drive businesses down the path toward the front- and back-end efficiency.Author:
In the modern world, every customer belongs to a unique marketing segment. Advances in digital transformation and data modernisation enable retailers to target consumers down to the “segments of one” level and, as a result, achieve greater success. Traditionally, retailers have adopted mass demographic-based segmentation. But retailers embracing the future are using data analytics for micro-segmentation to deliver personalised offers and targeted communications. According to McKinsey , companies that excel at customer intimacy generate 40 per cent more revenue, with real-time personalisation delivering a return on investment (ROI) of five to eight times marketing spend and increasing sales by 10%. Those are big numbers for any retailer, but achieving them is easier said than done, especially with inaccurate data locked in multiple silos. As artificial intelligence-based analytics continues to evolve, businesses can leverage significant amounts of data to create customer microsegments easily, which can harness specific details to segment at an even deeper level to deliver unparalleled personalisation. Yet, despite all of today’s modernisation capabilities, many businesses are still struggling to extract value from their data. Rackspace Technology® AI/ML Annual Research Report 2023 found that only 45 per cent of Singapore IT leaders understand how Artificial Intelligence (AI) and machine learning boost marketing effectiveness. However, many leaders still recognise the value of AI and machine learning for creating a more personalised customer experience — with 77 percent of respondents agreeing that it has helped them with customer relationship management. An example of local organisations benefitting from AI personalisation includes Southeast Asia’s leading e-commerce marketplace Shopee . Leveraging data and AI, the platform identifies patterns and insights from browsing and purchase data while enabling brands to deliver distinct shopping experiences. The first two steps in boosting the power of your marketing programs are understanding how to extract value from your data and how to use AI to overcome the challenges presented by micro-segmentation.Effective micro-segmentation requires accurate and complete data. One problem in achieving this goal is that retailers often have several brands, each holding siloed and disparate data. Micro-segmentation depends on a deep understanding of your customers. But you cannot get that with gaps in your data. Any flaws will inhibit your goal of delivering micro-segmented, personalised experiences to your customers. The key to overcoming this problem is to consolidate all internal and external sources into one customer platform. Then you need to make the data easily accessible to your marketers in a simple-to-digest format.There are clear challenges for retailers in configuring their data for personalisation. However, for most companies the solution is within reach and simply requires modernising their data storage. How can AI help you micro-segment your target audiences? By giving you the ability to achieve these goals:Personalisation is the future of retail. But to get it right retailers need fast and easy access to accurate data. Data transformation and AI are leading the way. Thanks to data modernisation and the ability to access insights from large amounts of data quickly, marketers can provide highly personalised messages to consumers that potentially deliver a significant increase in sales. Data-driven personalisation helps organisations optimise resources, like time and money, and instead divert them towards expanding intelligent applications and services. Cloud computing is an asset to decision-makers because it empowers organisations to harness data granularity, leaving out the ifs and buts to drive businesses down the path toward the front- and back-end efficiency.Sandeep Bhargava, Managing Director, Asia Pacific and Japan- Rackspace Technology
AI content writers are fast becoming the go-to solution for businesses that need quality writing in a hurry. By leveraging cutting-edge computer programs, these tools can churn out blogs, articles, and social media posts based on simple instructions like keywords or topics, making them perfect for those looking to save time and money. But what other reasons might there be behind using an artificial intelligence writer?Generate Quality Content
I appreciate how AI helped me write more efficiently, so I am sharing its benefits. Not only do you save time by not having to research and write a piece of content manually, but you also get a well-written piece tailored to your needs. With an AI content writer, you don’t have to worry about finding someone with the right skills or experience. All you need is an idea and instructions for your AI content writer to start creating quality material for your business.Reduce The Time Needed to Write Content
As mentioned above, one of the key benefits of using AI for writing is that it can reduce the time needed to create quality content. Harnessing the power of AI can act as a boon to businesses, providing them with increased efficiency in their communications. An AI content writer can quickly tailor posts, so customers receive accurate information by eliminating the laborious task of manually crafting multiple pieces for each platform.
Top 7 Work Operating Systems of 2023Articulate Thoughts and Feelings Better
Using AI writers allows businesses to articulate thoughts and feelings better than they could if they wrote everything themselves. An AI-powered tool can understand complex topics and communicate them in simple terms, which makes it much easier for businesses to convey ideas in a way that resonates with readers or viewers. Since these tools are designed specifically for this purpose, they often produce higher-quality results than manual writers might be able to achieve within similar time constraints, making them perfect for those looking for quick but effective communication strategies.Boost Productivity
Provide The Opportunity to Communicate Effectively
Are you responding to your customers’ tweets on Twitter? If not, you could be losing out on revenue and loyalty, according to a new Twitter study.
Twitter’s study examined three industries – airlines, quick-service restaurants, and telecoms – and found that brands that were responsive to tweets from customers were more likely to see big benefits beyond just brand loyalty. It also results in:
Higher revenue potential: Responsive brands saw increases in revenue potential of 3 percent (airlines), 10 percent (telco), and 20 percent (pizza-delivery brands). In addition, responding to a negative tweet increases your potential revenue by 3x.
Higher customer satisfaction: On satisfaction surveys, customers scored responsive brands on Twitter a full point higher (3.66 vs. 2.66).
Positive word of mouth: The data showed that when businesses respond to customers via Twitter, those customers were 44 percent more likely to share that experience online and offline.
More customer recommendations: Customers were 30 percent more likely to recommend a business after receiving a response via Twitter.
Twitter noted that companies that are able to respond the fastest to consumers will see the greatest revenue impact.
Plus, customers will be more willing to buy from that brand in the future.
“When an airline responded to a customer’s Tweet in less than six minutes, the customer was willing to pay almost $20 more for that airline in the future,” according to Twitter. “Similarly, in the telco industry, customers are willing to pay $17 more per month for a phone plan if they receive a reply within four minutes, but are only willing to pay only $3.52 more if they have to wait over 20 minutes.”
Twitter recently added customer-service features to make it easier for businesses to be more responsive to customers, including:
A notation indicating whether your Twitter business account provides customer support.
The ability to inform users during which hours your company is most responsive on the platform.
A larger Direct Message button to encourage people to contact your business when they need help.
Technology has had a profound impact on all the mentioned professions. However, corporate marketing is the most successful in fully integrating technology. The modern era has seen a tremendous increase in marketing, and having an online presence is a must for any company to succeed.The benefits of using video editing software for marketing
Online marketing is complex. There are many moving parts to understand in order for your brand to be trusted. Many businesses have used video marketing to reach large audiences. It is one of the most popular components of modern marketing.
Video marketing can seem expensive, but there are many free video editing programs that will work best for small businesses.
Video editing software that is both professional and cost-effective can be a great choice for professionals.Online Marketing Benefits from Video Editing Software Time-Saving
Video marketing can seem daunting when you consider the amount of time and effort that goes into creating a video.
Also read: 10 Business-Critical Digital Marketing Trends For 2023Economical
A small business can’t afford to use video marketing the same way as a large company because of its high cost.
Large corporations can afford to pay skilled video editors whose fees can cover a substantial portion of their capital. Video editing software can not only save time but also help you save money.
There are many free programs available. You may also pay a small subscription fee to get a tool that is as powerful as a professional editor. Check out Social media benefits to the business.Productivity increases
High-quality video editing software is a cost-effective and time-saving tool that can improve your production.
It is a simple deduction that will save you time, effort, and money. You can then put these resources to better use.The video that will grab your attention
Video marketing, even though the content is important in SEO, is what really grabs the consumer’s attention? No matter how much content is interesting, almost no one will read a blog with a lot of it.
A compelling video on the other side might encourage visitors to read the text. This will increase your chances of getting a lead.
Also read: 11 best ways to Improve Personal Development and Self-Growth and its Benefit on our LifePlug-ins are unnecessary
Although plug-ins can be useful in many cases, they can make video editing much more difficult for small businesses. You won’t need plug-ins if your video editing software is good.
The software makes it easy to add attractive images and transitions, streamlining the whole process.Videos of excellent quality
The poorly written text will cause visitors to leave your site. However, a poorly produced video will decrease the chances of them returning. A video will naturally lose its quality after being shared via social media. However, a poorly-prepared film would certainly waste all your applications.
It is therefore a great idea to use a video editing program for small business marketing.Remote work is possible
You’ll probably be short of cash if you’re just starting out. The beauty of good video editing software is its ability to be used from anywhere.
You can quickly and easily gather all the ingredients you need to create a professional-looking video using the software.
Slideshows are a good starting point. After a few days, you can move on to creating rich-looking films.Customization
Although you can hire a professional video editor to clarify any request, the final output will likely lack the X factor. Video editing software allows you to personalize your content.
Also read: The Five Best Free Cattle Record Keeping Apps & Software For Farmers/Ranchers/Cattle OwnersConclusion
Online usage is becoming the norm in today’s digital world. Unanticipated changes have occurred in marketing as technology has slowly moved the industry to online platforms.
Online marketing is a common tool for businesses to expand their reach. Video marketing is one of the most used methods. While there are many new companies competing for attention, startups often lack the funds to finance their operations. Video editing software is a great tool to help you make the most of your funds.
The company currently employees 150+ employees, and serves 1000+ clients, clocking 90% customer daily log in, over 20M queries run per day with 30k dashboards being shared per dayIn a Quest to Drive the Future of Businesses
Periscope is on a mission to help data teams transform into superheroes. The company builds software that transforms businesses, by bringing the power of data to every decision. Periscope Data’s platform delivers speed, power and flexibility to the world of BI, by enabling data teams to ingest, store, analyze, visualize and report on data all from one connected platform. This turns data teams into superheroes by empowering them to answer the toughest questions and make breakthrough business decisions. Periscope Data serves more than 1,000 customers globally, including Adobe, Crunchbase, EY, Flexport, New Relic, Rover, and ZipRecruiter. The company’s customers spend more than 20 hours per week within the platform on average, with more than 90 percent of them logging in every day. Those customers create more than 7000 new charts every day, with more and more customers joining every day.The Dynamic Leaders Behind Periscope Data
Periscope Data was Co-founded by CEO Harry Glaser and CTO Tom O’Neill in 2012 to address an urgent need from data analysts for lightning-fast investigative analytics. The company is very passionate about the growth of data teams and empowering them with the tools they need to grow their businesses. Enterprises are increasingly bringing data teams together under one roof, and challenging them to provide instant insight to the entire company based on an exponentially increasing amount of data is arduous. Periscope Data built its Unified Data Platform to make data teams more collaborative, and ultimately more productive. Prior to Periscope Data, Glaser was a product manager at Google. In addition to his work at Periscope Data, Glaser is an active member of Project Include, a community for accelerating meaningful, enduring diversity and inclusion in the tech industry. With Glaser’s leadership, Periscope Data has built an incredibly experienced and diverse team that works closely with data teams to address their analytics needs. The company’s customer solutions team was recently recognized among the top customer service teams in the U.S. and Periscope Data has been named a “Best Place to Work” by several local media outlets.Innovations are Driven by Emerging Technologies
Periscope Data believes that unsupervised machine learning may be the biggest story of big data in 2023. While not everyone will be using machine learning to make decisions, platforms that focus on flexibility and rapid iteration will outpace those based on rigid structures and processes. Visual-based data discovery tools should enable flexibility to quickly explore new types of questions those that don’t will have serious problems in the future.Core Partnerships Taking a Forward Path
Through Periscope’s native connectors and ecosystem of ETL partners, customers can easily connect to all of their data and bring it together in a single platform to power insightful analysis and insights. Amazon Redshift is a core component of Periscope Data’s platform. With customers running millions of queries and creating thousands of charts on its platform each day, Periscope’s partnership with Amazon enables the company to streamline analytics workflows for data teams. Other network of partners includes Snowflake, Alooma BigQuery, Fivetran and many others.AI and Machine Learning Offer Growth Promises
As an analytics provider, Periscope Data is witnessing that BI measurement and reporting will be significantly refined with the growth of machine learning and AI. For humans, detecting anomalies in large volumes of data is time-consuming and difficult, especially when large amounts of data flow through a system, AI can point out anomaly detection much easier. There’s huge value in using AI for this detection, then adding humans for the final step. To help data teams have a better control over their data, Periscope Data offers a new Git integration to its customers. Once connected to the Git repository, all user-generated content created in Periscope Data is automatically synced to the related Git repository and saved as a series of files and folders that store reusable code and configurations for Dashboards, Charts, Views, Snippets, Filters and Alerts. This new functionality opens up a lot of new opportunity for the customers to streamline their data workflow while also incorporating new quality checks.Recognitions for the Incredible Progress
Periscope Data has been awarded as the winner of 15 Comparably awards for Small & Midsized Companies. Recently, the company’s BI platform has been awarded as the #1 Cloud BI platform by the SaaS Awards delivering unmatched speed, power and flexibility to the world of BI.Commitment to the Future
Periscope strives to stay committed to the future. It is excited to continue building tools and features that turn data teams into superheroes transforming their stakeholders use the single, unified platform. In the future, the company aspires to connect maximum data professionals giving them a full control over the analytics lifecycle including ingestion, storage, analysis, visualization and reporting and non-technical users the ability to drill down into the data to quickly answer questions.
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