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Is your marketing ops team ready to implement a new CDP? - MarTech Today

Is your marketing ops team ready to implement a new CDP? - MarTech Today | The Marteq Alert | Scoop.it
As customer data platforms evolve, there are indications that more marketing organizations are adopting them. They can see that the CDP field is maturing, with major launches like those from SAP and Salesforce last October. Overall, according to one study, the global market for CDPs could climb from $2.4 billion in 2020, up to $10.3 billion in 2025. A survey by the CDP Institute showed CDP deployment at 29% last year (these were members of the Institute, so the numbers are likely inflated), up from 19% in 2017.

With an increasing number of options, and added machine learning and AI capabilities, there’s good reason to expect more organizations will be implementing a CDP solution.

To remain competitive and efficient, a source of unified customer data is necessary. The CDP Institute survey shows that regardless of whether marketers are using older marketing automation or CRM systems, or new shiny CDPs, the move to unified customer data rose above 50% in 2020, after remaining steady at 15-20% for several years.

If a marketing ops team is already considering a move to unified customer data, they should consider CDPs as an option.
CYDigital/marteq.ios insight:

The CDP should be the centerpiece of the martech stack; without a CDP, the backbone is just not sturdy. So without a CDP and without a strong content foundation, you're not operating on all 8 cylinders.

 

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2021 Will Make or Break the CDP Category - CMSwire

2021 Will Make or Break the CDP Category - CMSwire | The Marteq Alert | Scoop.it
Prediction #1: CDPs Return to Their Roots as Data Management Solutions
We define true CDPs as those that focus on solving the data challenge. Meaning they are capable of ingesting, cleansing and unifying customer data in order to distribute it to other systems for those systems to act upon it. True CDPs are not equipped to solve challenges further down the marketing workflow such as message orchestration and last mile delivery of campaigns.

Prediction #2: Marketers Realize CDPs Are Only a Means to an End

Although brands expect CDPs to be central to their customer communications, interactions and experiences, they do so by looking to the CDP for data ingestion, unification and availability — not for driving those interactions and experiences.

Prediction #3: CDPs Find Their Ideal Partners Based on Brand Goals
All this is to say that brands need to find the combination of tools that will create the ideal martech ecosystem for them. One where they can reach their true goals and maximize their capabilities.

A more focused CDP category can lend itself for specific use cases of complex data ingestion, unification and stewardship. These refocused CDPs could coexist side-by-side, while providing organizations with a clearer picture on how to combine and leverage them as part of existing martech ecosystems.
CYDigital/marteq.ios insight:

CDP vertical integration was inevitable, bringing it into competition with marketing automation and CRM. That's not its core capability.

 

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Reasons why enterprise CDP adoption lags - ClickZ

Reasons why enterprise CDP adoption lags - ClickZ | The Marteq Alert | Scoop.it
  • CDPs’ principal selling point is the ability to achieve a ‘360 view’ of the customer; however, when tasked with consolidating and analyzing data from disparate repositories, it falls through. Consequently, access to a unified customer profile is unachievable.
  • A true CDP acts as the repository of customer profile data for the entire business. It connects the dots between interactions and touchpoints and enables brands to deliver relevant experiences no matter the channel.
  • While marketing leaders hold the reins of CDP ownership, more and more CDPs ignore critical sales and service solutions during implementation and data sharing. The silos created present challenges in achieving personalization and customer experience (CX) outside of marketing.
  • Enterprises are looking to double down on customer interaction and engagement to meet demands. Many are disregarding CDPs that prioritize marketing initiatives over injecting personalization and CX across the board.
  • As businesses attempt to expand digital strategies and gain a holistic view of their customers, they need a CDP that honors the boundaries customers set, protect their data, and addresses GDPR and CCPA.
CYDigital/marteq.ios insight:

In short, if it's not a organization-driven initiative with a single owner, it ain't gonna work.

 

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How a CDP helps with D2C - MarTech Today

How a CDP helps with D2C - MarTech Today | The Marteq Alert | Scoop.it

Customer profiles should go through deep data analysis to determine relevancy, and new D2C campaigns should strictly follow branding guidelines. Branding guidelines may need to be changed based on what is identified during the customer experience. Certain elements of the brand may need to be emphasized or changed to target demographics that are more receptive and responsive in the customer experience. 

Once the customer experience is reviewed, and the proper branding guidelines are put in place, establishing outreach to the proper audience can begin. “By extracting customer insight you want to identify the audiences that mean the most,” said Rothman. “Then you can create segmentation that has a clear and intense outcome.” 

The goal of audience outreach is to grow the bottom line, including leveraging third party data enrichment to improve lookalike modeling. Once target audiences are established, advanced personalization can be possible. This should result in social media spend, for example, that is outreach-driven by identified audience, instead of based on guesswork.

CYDigital/marteq.ios insight:

A use study that, if you have a CDP, mirrors what you do. BTW: extended Zero Party Data will replace third party data: cheaper and more accurate.

 

See how extended zero-party data is your greatest marketing resource...tap into it right now!: http://un.marteq.io/WP1/ #martech #marketing

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CDPs "very important" for getting value out of customer data, say 58% of marketers surveyed - MarTech Today

CDPs "very important" for getting value out of customer data, say 58% of marketers surveyed - MarTech Today | The Marteq Alert | Scoop.it
A recent study fielded by Advertiser Perceptions for Treasure Data provides myriad insights on how marketers are using Customer Data Platforms.
CYDigital/marteq.ios insight:

CDP: the centerpiece of the stack?

 

See how extended zero-party data is your greatest marketing resource...tap into it right now!: http://un.marteq.io/WP1/ #martech #marketing

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Why Twilio Bought Segment … and Why You Should Care - No Jitter

Why Twilio Bought Segment … and Why You Should Care - No Jitter | The Marteq Alert | Scoop.it
Segment was founded in 2011. Its first product, Analytics.js, was an open-source library unifying web data collection. What many people don’t appreciate is that marketing uses many applications, including Google analytics, marketing automation, A/B testing, and web personalization, to track how customers and prospects are interacting with brands online. Each uses its own method to collect data, and results are difficult to connect. The problem compounds when adding in mobile, e-commerce, or other sources of customer data. This is the problem Segment has been tackling by gathering customer activities in a single repository that multiple applications can use.
 
Over the years, Segment kept on adding data sources and interaction channels. Today, its website lists over 300 integrations. Eventually, it created unified customer profiles and segments to support a broader set of use cases, such as website personalization, A/B testing, or personalized product experiences.
 
If you remove the marketing mentions from the previous paragraphs and re-read them, you have the description of an enduring customer service issue: how to assemble a unified customer context. Think of a contact center using a virtual customer assistant, quality management, and speech analytics software. The contact center software itself plus these additional three applications each track calls. The information needs to be combined, enriched with other data elements such as conversation outcomes and history, so it can be leveraged for recommendations on how to improve the customer experience (CX).
 
Indeed, Twilio described the acquisition of Segment as the catalyst needed to transform itself from an API company into a customer engagement one.
CYDigital/marteq.ios insight:

No brainer. Now imagine adding zero party data to that CDP. Wow!

 

See how extended zero-party data is your greatest marketing resource...tap into it right now!: http://un.marteq.io/WP1/ #martech #marketing

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We’ve Got One Too: SAP Launches Its Customer Data Platform - AdExchanger

We’ve Got One Too: SAP Launches Its Customer Data Platform - AdExchanger | The Marteq Alert | Scoop.it
SAP said it will release its enterprise customer data platform globally next month. SAP first teased its plan to roll out a CDP in May of last year.

But SAP stressed its foray into the CDP category is about more than marketing. That expansiveness is one of its differentiators, said Bob Stutz, who joined SAP as president of customer experience late last year after a stint as CEO of Salesforce’s marketing cloud.

Most CDPs are “geared toward marketing,” said Stutz (who somewhat famously referred to CDPs as a “passing fad” while at Salesforce), whereas SAP’s offering can also handle other scenarios, he noted, including commerce, service, support and supply-chain management, which all fall under the umbrella of customer experience.
CYDigital/marteq.ios insight:

Honestly, I was under the impression that they already had one. What took them so long?

 

See how extended zero-party data is your greatest marketing resource...and you can tap into it right now!: http://un.marteq.io/WP1/ #martech #marketing

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CDP vs. marketing automation: What's the difference? - TechTarget

CDP vs. marketing automation: What's the difference? - TechTarget | The Marteq Alert | Scoop.it
While many businesses use marketing automation systems, they may consider also incorporating CDPs to use personalization, organization and insight that marketers can act on much further. Here are a few of the key differences between CDPs and marketing automation systems.

CDPs pull together user data from all over, including the web, online channels, customer profiles and contact centers. Marketing automation software collects customer information from CRM systems.
Marketing automation platforms can link some channels -- such as email -- to drive targeted marketing campaigns. However, a CDP can deliver personalized experiences in real time and use data from many sources to recognize the customer and adjust the experience accordingly.
CDPs aim to provide actionable insights to marketers to fuel campaigns, while marketing automation systems aim to drive campaigns without generating insight for marketers.
CYDigital/marteq.ios insight:

Which consumes which, because you really shouldn't need two separate systems. Eventually MASs must have CDP capabilities, even if not as feature-rich as standalone CDP solutions.

 

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When CDPs Fail: Insights from the CDP Institute Survey | CustomerThink

When CDPs Fail: Insights from the CDP Institute Survey | CustomerThink | The Marteq Alert | Scoop.it
Where things got really interesting was a closer look at the relationship of customer data architectures to CDP status. You might think that pretty much everyone with a deployed CDP would have a unified customer database – after all, that’s the basic definition of a CDP and the numbers from the two questions are very close. But it turns out that just 43% of the respondents who said they had a deployed CDP also said they had a unified database (15% with the database alone and 28% with a database and shared orchestration engine). What’s going on here? 

The obvious answer is that people don’t understand what a CDP really is. Certainly we’ve heard that complaint many times. But these are CDP Institute members – a group that we know are generally smarter and better looking and, more to the point, should understand CDP accurately even if no one else does. Sure enough, when we look at the capabilities that people with a deployed CDP say they expect from a CDP, the rankings are virtually identical whether or not they report they have a unified database. 
CYDigital/marteq.ios insight:

CDP exists because the functionality is not available in CRM/MAP, and should be. The report is here: https://lp.cdpinstitute.venntive.com/DL2207-CDPI-Member-Survey-2020

 

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4 Steps to Getting Started with Customer Data Platforms for B2B Marketers - CMSwire

"1. Understand the Types of CDPs
A CDP is different from other central databases for customer information because they’re owned and operated by the marketing and/or revenue departments, ultimately in place to serve marketing’s purposes. There are also different types of CDPs: standalone and embedded. A standalone system is a single platform that integrates data from multiple sources and functions only as a CDP. 

An embedded CDP, on the flip side, is part of a different platform. For example, you might get a business solution (like account-based marketing software), and the CDP is already embedded into it. The advantage of an embedded CDP is that it allows you to work in various intermediate modes. It’s great for delivering initial use cases and getting value quickly for B2B marketers. It also ensures your architecture is already set up for maximum data optimization and for more of the hub-and-spoke data model that is sure to define marketing tech stacks in the future. 

2. Review Vendors (and Know What You’re Looking For)
3. Ensure You’ll Meet Privacy Laws
4. Map Out Ownership and Workflows"

CYDigital/marteq.ios insight:

A nice, brief primer on CDP should you need an overview.

 

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Do You Need a CDP or a DXP? It Depends - CMSwire

Do You Need a CDP or a DXP? It Depends - CMSwire | The Marteq Alert | Scoop.it
CDP Definition
From the CDP Institute: “Packaged software that creates a persistent, unified customer database that is accessible to other systems." CDPs typically have four common characteristics: integrating audience data from multiple sources, managing customer identities, supporting real-time customer segmentation, and provisioning customer data to other systems.

DXP Definition
From Gartner — “An integrated set of core technologies that support the composition, management, delivery and optimization of contextualized digital experiences.” Some definitions include an architecture component for the construction of the digital infrastructure as well: “DXPs provide an architecture for companies to digitize business operations, deliver connected customer experiences and gather actionable customer insight.” Many DXPs list content management, personalization and journey optimization, omnichannel marketing, managing net promoter scores (NPS), facilitating customer self-service, and developing and managing a landscape of digital applications as expected functionality. 

While there are differences between these applications, there are also many overlapping capabilities, particularly when you consider the “beyond capabilities” offered by some of the major vendors in both categories. Some analysts say that CDPs are or will be absorbed into the DXP world to provide the data needed to deliver great digital experiences, but this is far too simplistic. Some also label the CDP as analytical in nature and the DXP as operational. Again, too simplistic. 
CYDigital/marteq.ios insight:

You can't operate a digital experience platform without data from a customer data platform.

 

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Why Customer Data Platform are Big Data and MarTech Gateways? - Analytics Insight

Why Customer Data Platform are Big Data and MarTech Gateways? - Analytics Insight | The Marteq Alert | Scoop.it
The data CDP in is analogous to a customer database, it encapsulates data merging, data aggregation utilizing standard connectors within the CDP. The solution brings the basic functions for diagnostics, backup and data monitoring for quality so that the best data pipelines are ensured within the CDP already during data integration.
An analytics CDP enriches the CDP’s internal customer database with customer segmentation information and customer profiles. Subsequently, an analytics CDP deploys this data to churn into information, partly with the help of artificial intelligence. This is done to perform selections and determine target groups for subsequent utilization.
Engagement CDP is the umbrella term for customer database, analysis/selection and campaign initiatives. Through standard connectors and identity matching, it creates the customer perspective necessary for targeted campaigns, produces segments to address customer positioning. These target groups then receive personalised offers in multi-channel campaigns. A campaign CDP focuses on adding value to the customer lifecycles.
CYDigital/marteq.ios insight:

Data has always been the weak aspect to MAPs. 

 

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Marketers still struggle to build a unified source of data - MarTech Today

Marketers still struggle to build a unified source of data - MarTech Today | The Marteq Alert | Scoop.it
The challenges outlined by Emily Hoffman, product marketing manager for Datorama, are often the result of disparate and siloed systems across not only the marketing organization, but businesses at large. Marketing efforts are spread across various channels — paid ads, social, email, etc. — without the technology or resources to effectively tie together the data from multichannel campaigns. Meanwhile, teams managing various data sets are just as divided with marketing, business intelligence, customer service groups and more all working within their individual silos.

“Marketers really need a transparent and holistic view to see what campaigns are most effective, how their content and offers are performing and how to understand all of their engagement,” said Hoffman, “And then, on the other side, transparency across teams is equally as important because it allows stakeholders to align and to ensure that every everyone is striving toward a shared goal.”

A Forrester report from last year backs up Hoffman’s claims, finding that marketing and business intelligence teams were often too siloed to maintain effective communication patterns, even though they relied on each other for day-to-day operations. (More recent research from Forrester found that less than 40% of customer experience executives even knew where all of their customer data was stored.)
CYDigital/marteq.ios insight:

From the adjacent post: the CDP is the core to your martech stack.

 

marteq.io delivers zero party data solutions that significantly reduce digital advertising costs. Learn more: https://www.marteq.io #martech #marketing #adtech

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6 Ways to Improve Your CDP Data Strategy - CMSwire

6 Ways to Improve Your CDP Data Strategy - CMSwire | The Marteq Alert | Scoop.it
The collection of marketing and technology software that a business uses is referred to as a martech stack. The CDP works in conjunction with the martech stack, but whether the CDP is at the core of the martech stack actually depends on many factors. Naras Eechambadi, founder and CEO of Quaero, expounded on this relationship, and stated that it “depends on the CDP’s particular focus, how a company chooses to leverage the CDP, and the company’s vertical, data maturation, size, etc. Some (not all) CDPs have the potential to be the core of a marketing stack, serving as the data orchestrator that brings in data from other martech systems that are collecting customer data while feeding all of the channel specific engagement systems, e.g. personalization, email or paid media.”

Typically, a CDP is designed to connect to the various data points that a business accumulates, but that connectivity also depends on whether a business is using off-the-shelf technology, or proprietary software.

Eechambadi explained this connectivity, as he stated that “CDPs usually have pre-built 2-way connectors to most common sources of customer information such as marketing clouds, tag managers, billing and ecommerce systems as well as paid media channels such as Google and Facebook. For proprietary software packages, most CDPs can add custom connectors where needed, although this may entail additional work and expense. They can, therefore, be customized to meet the specific requirements of each individual customer, although some CDPs are more flexible than others in this regard.”
CYDigital/marteq.ios insight:

CDPs should be the core of your martech stack.

 

marteq.io delivers zero party data solutions that significantly reduce digital advertising costs. Learn more: https://www.marteq.io #martech #marketing #adtech

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The State of the CDP. How Organizations Buy, Implement, and Use CDPs - Tealium

The State of the CDP. How Organizations Buy, Implement, and Use CDPs - Tealium | The Marteq Alert | Scoop.it
We asked over 300 U.S. marketing, analytics and data decision makers how they leverage CDPs today, the challenges they face with current vendors and their future plans for CDP technology. Download now to discover the key findings and how to:

Make sense of the CDP landscape
Use CDPs to break down internal silos
Prepare for the future of data orchestration
Set up your organization for data success
CYDigital/marteq.ios insight:

From Tealium, an established CDP provider. 

 

marteq.io delivers zero party data solutions that significantly reduce digital advertising costs. Learn more: https://www.marteq.io #martech #marketing #adtech

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