In the dynamic realm of martech, the evolution of Customer Data Platforms (CDPs) has shifted the focus from traditional marketing and sales strategies towards driving connected user experiences. Organizations today are delving into the integration and implementation of CDPs, seeking to unlock their potential in reshaping customer relationships, marketing endeavors, and overall brand engagement. This involves not only technological advancements but also a strategic shift in how enterprises approach customer-centricity and the personalized landscape of brand-consumer interactions.
Jason Scott, SVP, Director of Marketing Technology & Operations, First Horizon Bank, uses his company’s example to provide the following tips on how enterprise marketers can drive connected user experiences with a customer data platform at CDP Virtual Summit 2023:
1. Start with Consensus Building
Start by bringing together internal stakeholders from across the organization to educate them on CDPs and gain alignment on a shared vision. While important for buy-in, this initial consensus-building phase took around 4 months for First Horizon Bank. They realized they needed to shift focus to implementation in order to start realizing value from their investment.
2. Launch Initial Use Cases
To kickstart their CDP, the First Horizon team selected a handful of smaller, “winnable” use cases they could implement quickly. One example was replumbing an existing onboarding journey through the new CDP. This allowed them to test functionality and validate the platform within 4 months. The key was choosing use cases that were scoped for fast wins rather than large, complex projects.
3. Driving Differentiation through Personalization
A core part of their CDP strategy is using data to enhance the customer experience and drive differentiation. Personalizing experiences based on customer profiles, behaviors, and preferences allows them to meet individual needs. The CDP powers real-time personalized messaging and content across channels. This helps strengthen customer relationships and loyalty over time.
4. Leveraging AI/ML for Generative Experiences
As its use of the CDP expands, First Horizon Bank is exploring how to better leverage AI and machine learning capabilities. Modeling customer attributes and behaviors allows them to identify next best actions. Combining this predictive insight with preference data enables highly customized experiences tailored to individual customers. Over time, they aim to use generative AI to take personalization to the next level.
5. Ensure Ongoing Measurement
Communicate the CDP’s business impact transparently through metrics like campaign performance, customer retention, and operational efficiencies. By showcasing these metrics, you can foster a data-driven culture that inspires innovation and informed decision-making. Leverage these insights to drive continual growth and refine strategies for sustained success.
In summary, successfully evolving a CDP strategy takes an iterative, use case-driven approach with a focus on quick wins, personalization, and maximizing the platform’s capabilities over time. The above tips provide a framework for others embarking on their CDP journey and driving connected user experiences.
By Bijoy K.B | Associate Director – Marketing at Lemnisk