Original article can be found here (source): Artificial Intelligence on Medium
Does my marketing team need a Customer Data Platform (CDP)?
How do we identify the need for CDP within your marketing organization?
Marketers can have a challenge from siloed data to right segment generation to orchestration etc… The modern marketer needs a modern marketing team with modern tools.
To match their needs with the CDP, it’s important for them to write down their problem statements. I have taken 3 categories to classify these questions:
- Customer experience
- Paid Media optimization
- Operational Efficiency
- Can I know which of my leads has the highest probability of converting?
- How to engage my audience with the right message, the right product at the right channel that is targeted to their need at that moment?
- How can we identify at-risk customers and increase customer loyalty?
- How much I should spend on each customer until they are profitable?
- What marketing activity is the most effective for customer retention?
- How to create audience segments from my 1st party, 2nd party & 3rd party data for creating prospect list?
- How to do look-alike modeling for my high ROI customers?
- How can we enable multi-Touch Attribution modeling vs First/Last Click?
In the next post, will write questions for other two categories:
Paid Media Optimization
Do check out other posts on CDP