White Paper Data Governance - Why is Data Governance so strategic in 2023 and how can a CDP support your program?
This is the CDP’s primary vocation: to help improve your customer and lead intelligence with information originating from your own channels (online and offline), databases (CRM, SAV, etc.) and campaigns. In other words, the CDP requires at least some commitment towards first-party data and, unquestionably, a global effort regarding organisational structure. While it may be formative in itself, a CDP project still requires strong investment in data matters from all the concerned parties, from marketing and IT to business and sales executives.
Do you believe that you are operating too blindly? That your goal of being customer centric is being limited by data that is too approximative – and, more importantly, anonymous? The time has surely come to deploy a people-based data strategy, which involves matching your data across devices and channels. Firstly, by working with your own information. And, if needed, making use of third-party sources to better consolidate cookies and profiles stored in your CRM. Whatever your sources, the CDP serves to build a people-based view of your collected data.
Despite the use of a marketing automation solution, are the results of your email campaigns stagnating or are your landing pages not converting as well as they should? You probably need to refine or revise your audience segments by utilising data that your marketing automation software or CRM cannot reach. While it may seem paradoxical, to refine segments you must see the ‘bigger picture’, and thus have a 360° view of your customer and lead data. A view that the CDP builds iteratively and cumulatively.
Are you aware that your POE (Paid-Owned-Earned) mix is far from being at its best, but are uncapable of identifying how to optimise your activations? Do you invest too much in SEA? Or not enough in display advertising? Which activations truly direct the journey through to the conversion or improve retention? Difficult questions to answer without taking advantage of the view that the CDP control tower offers
Perhaps you’ve felt it for a while: the silos between your team’s services (loyalty, acquisition) and expertise (media buying, SEA, social media management, brand content, lead generation, etc.) are so strong that it borders on dysfunctional. Everyone views data through the lens of their own tools, KPIs and objectives. Consequently, your activities are inconsistent and overall performance suffers. While a tool like the CDP cannot break down these silos all alone, it can provide vital support in helping everyone better evaluate their contribution and…bring perspectives closer together.
Learn more in the dedicated white paper: Customer Data Platform