Data
Dec 18, 2020
Credera & Tealium Team Up to Share How to Get the Most Out of Your Customer Data Platform
On Wednesday, December 16, Credera MarTech experts, Phil Lockhart, Chief Digital Officer, and Greg Gough, Principal, shared their best practices and experiences around getting the most out of a customer data platform (CDP) during a webinar. Lockhart and Gough partnered with experts from Tealium, a customer data solutions and enterprise tag management provider.
The webinar covered topics from how to obtain and maintain stakeholder buy-in to the right key performance indicators (KPIs) to measure and many others in between. Lockhart set the stage by defining a CDP as the “central nervous system” of the MarTech infrastructure. CDPs promise to help acquire customers more easily and enhance the customer experience by delivering the right message at the right time to the right customers.
Drive Value with a Customer Data Platform
Lockhart shared three key steps that are necessary to create a foundation for a value-driving CDP:
1. Start with the Data
The data is the fuel to the system, but organizations need to go wide and deep when collecting data. Find as much data as possible to contextualize the messages customers are served.
2. Put the Data into Action
It’s all about creating rules around data when it comes in. Decisions need to be made in real-time, so rules need to be executed instantaneously.
3. Optimize the Data
Results should go back through an analysis phase. Evaluating success creates a virtuous cycle that improves rules and allows the system to test and learn.
Getting Stakeholder Buy-In for a Customer Data Platform
The panel discussed in-depth the value of getting stakeholder buy-in at the beginning and all throughout the project. “How you talk to stakeholders matters,” said Lockhart. “For executives, focus on business objectives and top-line revenue. When talking with marketing, get specific around the ‘what,’ the use cases that will help them do their jobs better. For the technology team, focus on the ‘how’ and the specifics around APIs and data.”
Measure the Right Customer Data Platform Key Performance Indicators
As the webinar wrapped up, the panel discussed how to measure the right KPIs. Gough outlined five general buckets that need to be considered when measuring KPIs:
Engagement: Open rates, Click-through-rates, etc.
Conversion: Purchases, Next Purchase rate
Retention: Customer lifetime value, Net promoter score
Operational Efficiency: Time to market for new customer experiences
Data Privacy: Compliance with regulations and timeliness in removing opt-outs
Customer Data Platform Optimization
The panelists covered many other compelling questions throughout the conversation. At the end, all agreed that implementing and finding value with a CDP is usually a people challenge. If leaders are able to get the right stakeholders excited about the project, usually the team will find success. Listen to the entire webinar here. To learn more about optimizing a CDP or general MarTech project, reach out at findoutmore@credera.com.
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