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How CDP works with other key components of your Martech stack

When considering the integration of a Customer Data Platform into your current Martech stack, a fundamental aspect is understanding how it collaborates with it’s existing components. The CDP functions as a central system of intelligence, serving as the nexus where raw customer data converges. It seamlessly ingests data from various sources, organizes it coherently, and then channels back valuable customer insights into pertinent systems for effective activations.This orchestration ensures that the CDP not only enhances the capabilities of individual tools but also acts as a unifying force, harmonizing the entire Martech ecosystem for optimal performance and impactful customer engagementHere is how a CDP will function with few other key elements of your Martech stack that may already be in use:MMH: CDP’s robust data integration and ingestion capabilities elevate an MMH, empowering brands to establish a holistic “Single Customer View” across the customer lifecycle. This integration enhances analytics, enabling more meaningful customer engagement, improved segmentation, and the delivery of relevant recommendations. By leveraging a CDP, the MMH’s performance is optimized as enriched data is fed back into the system, resulting in more effective campaign activations. DMP: CDP enhances DMP capabilities by providing a unified and enriched customer profile. Unlike a standalone DMP, a CDP integrates diverse data sources, allowing for a more comprehensive understanding of customer behavior and preferences. This enriched data empowers the DMP to create highly targeted and personalized audience segments. The synergy between CDP and DMP results in improved audience insights, more effective ad targeting, and ultimately, enhanced advertising performance. CRM: While a CRM function exits more towards the bottom of the funnel, A CDP contributes to enhancing the deliverability to the overall Martech stack. CRMs aid the creation of customer identities but they don’t create them on their own. CDP not only creates customer identity by ingesting and tracking every known and anonymous customer interaction but also enables real-time updates and a holistic view of customer profile. Data Warehouse: CDP enhances the capabilities of a data warehouse by providing a dynamic and real-time approach to customer data management. Unlike traditional data warehouses that focus on storing historical data, CDP integrates diverse and continuously updated customer information. This integration ensures that the data warehouse is fueled with the latest insights from various channels, allowing businesses to make informed decisions based on the most recent customer behaviors and preferences. CDP’s contribution to a data warehouse results in a more agile and responsive system, better suited for today’s fast-paced and data-driven marketing landscape. Data Lake: CDPs and data lakes, while both capable of hosting customer data, differ significantly. IT-managed data lakes ingest enterprise-wide data without altering its structure, providing a persistent store. Conversely, marketer-managed CDPs unify first and third-party data, facilitating real-time data flow for enhanced targeting and customer experiences. CDPs foster alignment between revenue teams and IT within an enterprise’s data ecosystem. Revenue teams leverage CDPs to drive business growth, while IT benefits from the harmonious collaboration of CDPs and data lakes, collectively serving the business’s needs. Loyalty Program: CDP significantly elevates the functionality of loyalty programs by providing a comprehensive understanding of customer behavior and preferences. Leveraging this information, personalized loyalty programs can be designed to cater to the specific needs and preferences of each customer segment. With the ability to engage customers through various channels, such as email, SMS, and mobile apps, CDP ensures that loyalty programs are not only targeted but also seamlessly integrated into the customer journey. Real-time tracking of customer interactions allows for continuous optimization of loyalty programs, resulting in increased customer retention and brand advocacy.Learn More: https://firsthive.com/loyalty-marketing/In conclusion, the integration of a Customer Data Platform (CDP) with other key components of your Martech stack is a transformative journey toward unparalleled customer engagement and business growth. The CDP, functioning as the central intelligence hub, seamlessly connects raw customer data from various sources and channels back invaluable insights into the Martech ecosystem for effective activations.Explore our detailed guides and comparisons to unlock the full potential of CDPs in transforming each component of your Martech stack. Elevate your business strategies and customer engagement with the strategic implementation of CDP technology.Access the complete guides and resources mentioned above to stay ahead in the game:Guide on Multi-channel Marketing Hub with a CDPImportance of CDP for MarketersIs it CDP or Data Lake, or both?Connect with us for a future-ready strategy, empowered by the unparalleled capabilities of FirstHive CDP.Download the below Infographic

4 tactics to achieve Growth during Economic Downturn with ‘Recession-proof marketing’

Marketing is seen as a cost center. The first reaction to an economic downturn and recession is to retreat on marketing budgets. This creates a vicious cycle of losing customers due to such cutbacks. This would further hit the incoming revenue. You will see customers spending less on their products/services and causing those businesses to cut back even more. It requires you to create a recession-proof marketing. Instead, hearing the advice from the founder of Walmart, you may change your mind. He said, “I thought about it (recession) and decided not to participate.” Following the principle that “a good offense is the best defense,”. Use your Customer Data Platform to sustain and thrive during Recession 1. Find the lumpsum buyers Tactic: Re-visit your data that helps you know your customer. The commerce world is dependent on financing options for customers such as installment loans and EMIs. Recession also is synonymous with layoffs. This brings down the consumer’s ability to buy more using the small break-ups. A Customer Data Platform with Analytics can spot those segments of customers who are lumpsum buyers. You should target these segments. Take away: For newer campaigns, create look-like segments of those lumpsum buyers. Replicate product selling campaigns to those segments. Using ‘segmentation’ as a principle and a feature in CDP (Customer Data Platform), you can also break down these visited segments into further micro segments to target a specific product. The segmentation can be done based on purchase behavior and demographics. 2. Retention optimization and marketing Tactic: Retain existing customers with loyalty and community marketing. Spends are the same for everyone. Not just with you, but your customers would also cut down on spending. Which means your existing customers are likely to ignore your products and reduce your brand in their priority list. And your marketing efforts must be diverted to retention marketing. Forbes indicates that it costs five times more to acquire a new client than retain an existing one. Take away: A central system with APIs to integrate your loyalty management extension and your community app can be immensely powerful. The customers’ purchase history and buying behavior sits in a CDP which is integrated to the e-commerce app/ banking portal/ any PoS interface that is online or offline. This data reveals how clusters of customers behave to different offers and their preferences. Using this data, design campaigns targeting micro segments with customized offers. Help customers save money with timely and relevant promotions. Build loyalty programs for micro communities who engage on your community platform. A strong community not only translates into internal conversions at a low cost, but also encourages word-of-mouth that tells more people about your product at no cost. This invites free marketing! 3. Pay-for-performance marketing model Tactic: Tie back everything to Conversions that are transparent by each customer Performance marketing universe is not just ads. It includes bloggers, influencers, paid media specialists and other affiliate partners who contribute to your lead and sales pipeline. The campaigns that are under the umbrella of performance marketing should be tied to pure conversions and less awareness. This means your incentive plans should also be designed to payout commissions based on a tangible and monetary conversion metric. This keeps your marketing efforts very result oriented. It provides an incentive for action and a hedge for the business against marketing losses. Take away: Watch how your leads are being managed. FirstHive’s Connector Module, which is an extension of its Customer Data Platform empowers marketing managers with transparency about the lead flow and progress. It helps you see in a single view how the leads are being converted into customers and who is contributing to the performance. This also helps you design incentive programs and commission plans based on the progress. 4. Tie your Brand to a Passion Project Tactic: Social branding Typing up to bigger issues and social mission to your brand would enhance your visibility. At times of recession, people look for hope and opportunity. Twisting your positioning to support social initiatives would turnaround the need of your product among consumers. Especially, if you are a retail brand – just like what Adidas did with its campaign #runfortheoceans explore fundraising and social initiatives. Run For The Oceans | Impossible Is Nothing | adidas Take away: Just like channel partners, build a partner program with non-profit organizations and social institutions. Instead of products, work towards promoting the cause or mission. Driving a scalable partner program requires deep analytics tied back to campaigns. Create coupon codes and offers that can be led by your partners using customer journey orchestration and campaign automation. Integrate these tools with a CDP to gain single customer view to understand who the customers are who are actively and positively responding to your social campaign. Align your sales campaigns using this information around social campaigns. Summing it up, for marketers Familiarize yourself with data and use a martech stack that is data friendly. Power-up on segmentation capabilities. Focus on return on cost spent by marketing dollars. Lastly, do not shy away from long-term strategies that help you rise right after the economic downturn ends. The key is to choose marketing activities and invest in campaigns that keep your CFO happy. CFOs want to preserve profits while keeping their acquisition costs down and EBITDA stable. Hence, focus on outcome-based marketing decisions. Recession proof marketing.pdf from FirstHiveTM Explore further to understand how to leverage data marketing and build on your existing customer data.

Creating Memorable Festive Experiences: A Strategy Beyond Discounts

As the fall season ushers in, there’s an undeniable excitement in the air as we step into the festive season. While your customers eagerly anticipate quality time with their loved ones, you, as a business owner, are gearing up for the holiday rush, including Black Friday, Cyber Monday, Christmas, Hanukkah, and New Year’s. It’s a time when everyone shops, but the real challenge is: how can you ensure they choose your store over the competition? The answer lies not in the discount battle that typically characterizes this season but in delivering exceptional experiences. 1. Understand Your Customers Better with Data Start by harnessing the power of a Customer Data Platform (CDP) and its Single Customer View capability. A CDP collects data from all your online and offline channels, consolidating it into a unique and persistent customer ID. This ID is enriched with valuable data, allowing you to run personalized campaigns. Offer product suggestions and discounts tailored not only to individual shoppers but also to their friends and family. After all, a significant portion of holiday shopping is for loved ones. This personalized approach shows your customers that you don’t pigeonhole them based on demographics or past purchases. You genuinely understand their preferences and what they’re likely to buy this holiday season. 2. Deliver Tailor-Made Experiences Using First-Party Data Your customers have entrusted you with their personal information, expecting a seamless and enjoyable shopping experience. This holiday season, move beyond generic emails and batch discounts. Leverage your CDP’s auto-segmentation capabilities to categorize customers based on various parameters—time, data fields, campaign responses, product categories, transaction history, and more. These segments lay the groundwork for offering customized experiences that turn shoppers into loyal patrons. 3. Recognize and Reward Loyal Holiday Shoppers Identify your loyal holiday shoppers by analyzing aggregated data. Nurture this group with hyper-personalized, omni-channel campaigns and a robust loyalty program. Your first-party data should guide you in identifying the next best group of shoppers within your existing customer base. Utilize AI-powered predictions to anticipate their needs and create triggers that ensure continued loyalty. As you work diligently to spread holiday cheer among your customer base, remember that this time of year presents a golden opportunity to re-engage with previous customers who may have lapsed. Nearly everyone is shopping during the holiday season, so seize this chance. Develop win-back campaigns and initiate early communication about new product launches and upcoming discounts, enticing lapsed customers back to your brand. 4. Utilize a Customer Data Platform for Consent-Backed First-Party Data Maximize the potential of consent-backed first-party data to personalize your customers’ holiday experiences. This not only enhances their immediate shopping experience but also sets the stage for a fruitful relationship in 2023 and beyond. By prioritizing remarkable experiences over price competition, your brand can shine brightly this festive season. Leverage data to deliver personalized experiences that resonate with your customers, creating lasting relationships that extend well beyond the holiday season.

Leading AI-Powered Marketing with Customer Data Platforms (CDPs): The Future of Personalization and Growth

AI has been a part of the Martech landscape for some time. However, with the rising popularity and public discussion surrounding AI technologies like ChatGPT, Microsoft Bing, Google’s Bard AI, and others, marketers and industry leaders are increasingly focused on understanding whether their Martech stack is genuinely AI-enabled and what that means in terms of delivery. A recent survey by McKinsey sheds light on the current usage of AI-enabled technology for growth efforts and how it’s expected to change in the next two years. According to the McKinsey report on AI-powered marketing and sales, “Our research found that 90 percent of commercial leaders expect to utilize generative AI solutions ‘often’ over the next two years.” After COVID-19, the current era is the second most critical period for marketers across industries to transform their Martech stacks to accommodate AI-enabled technology capable of driving growth through consent-driven, first-party data. CDP and Its Role in AI-Driven Martech Stacks Many businesses have heavily invested in Martech with promises of AI capabilities, predictive recommendations, and user-friendly interfaces. However, they often struggle to achieve the desired sales conversions. The problem doesn’t lie with the technologies themselves but rather with their ability to be led by a unified system of intelligence, one that can help achieve overall business objectives instead of individual tasks. That system of central intelligence is the Customer Data Platform (CDP). An example from our executive interviews involved a company that used one product for event registrations and another for automating email distribution and customer databases. Despite both products dealing with registration information, they couldn’t communicate and ended up duplicating functions. The lack of coordination resulted in wasted resources and time. – Don’t Buy the Wrong Marketing Tech, HBR What Is a CDP? A CDP is a software solution that centralizes data from all customer touchpoints, consolidating and activating this data to enable enterprises to deliver superior customer experiences (CX) and achieve a higher ROI on marketing efforts. CDPs are designed to seamlessly integrate with your technology stack through APIs, acting as a smart hub that enhances agility, flexibility, and scalability. They capture every customer interaction, online or offline, and create a comprehensive interaction history, enabling marketers to build a 360-degree view of customers and prospects. CDP as the Central System of Marketing Intelligence The cornerstone of real-time data-driven marketing is a brand’s ability to ingest data from all known channels, process it in real time, and provide insights and predictions almost instantly. While each component of your Martech stack may or may not deliver this capability in its siloed ecosystem, your company’s growth is impeded if these systems do not function as a unified unit to achieve your business objectives. A CDP, with its ability to capture offline and online customer interaction history, including unstructured data, can create a complete customer profile that marketing managers can leverage to track the customer journey. A CDP enables brands to map the complete customer lifecycle across channels and bring this multichannel data intelligence and real-time customer engagement to the industry. Key Features of AI-Powered Customer Data Platforms Support for structured and unstructured data from live data sources and offline data loading.Capability to listen to customer interactions through all digital channels, regardless of data type and interaction.Segmentation of online data using system-defined tags and offline data through user-defined tags for optimized and targeted campaign designing and launch on a multichannel SaaS-based platform.Real-time optimization, including the processing, analytics, and optimized preferences of customer engagement data in real-time.Real-time customer engagement using Big Data and data sciences integration.Insights, including basic segmentation, data visualization processes, complementing marketing strategy, and execution.A marketing automation/cross-channel campaign management platform that enables marketers to build audiences and publish once across many channels, simultaneously based on transactional, behavioral, and lifecycle conditions. According to a Tealium report from January 2022, 97% of executives said artificial intelligence capabilities are important to achieving their marketing priorities. – (Tealium 2022 State of the CDP, January 2022) FirstHive: Empowering Marketers with AI-Enabled Central Intelligence FirstHive brings multichannel data intelligence and real-time customer engagement to the industry. This Software as a Service (SaaS) deployment enables value proposition using cloud computing. Online and offline data integration: FirstHive’s marketing automation platform captures your offline and online customer interaction history, including unstructured data. Unlike many marketing automation systems, FirstHive can create a complete customer profile that marketing managers can leverage to track the customer journey.Relevant, targeted campaigns: FirstHive’s marketing platform enables deeper segmentation while publishing to multiple channels. Customer intelligence by FirstHive integrates into your closed-loop sales and marketing system, allowing B2B and B2C marketers to sift through vast amounts of complex customer data to identify relevant information and create real-time buying opportunities at various phases of the customer journey.Real-time social dashboards: Social media management by FirstHive is the key to monetizing real-time cross-channel marketing. FirstHive’s real-time cross-channel marketing takes conversations and customer interactions, using a marketing platform with listening capabilities, and incorporates them into customer profiles that can then be contextualized in campaigns to deliver the right offer in real-time. By incorporating a CDP like FirstHive into your Martech stack, you can harness the power of AI-driven marketing, deliver personalized experiences, and drive growth like never before. In this era of digital transformation, having the right tools and technologies at your disposal can make all the difference in achieving your marketing goals and fostering brand loyalty.

The Dynamic Duo of Data Management: Unleashing the Power of CDP and MDM Together

In today’s digital landscape, data is omnipresent. The challenge lies in leveraging this data for better customer experiences, higher revenue, and improved customer relationships. For marketers and business leaders aiming for growth, a Customer Data Platform (CDP) provides real-time data processing and hyper-focused segmentation. But does having an MDM system negate the need for a CDP? Quite the contrary – the two can be powerful allies, and here’s how. MDM – Your Fundamental Data Plumbing Layer MDM not only enhances data throughout an enterprise by ensuring consistent and accurate key identifiers for each data entity but also streamlines data processing and sharing across various business systems within a single ecosystem. By aiding data scientists and IT teams with data cleansing and mapping, MDM prepares data for advanced analytics techniques, paving the way for insightful business discoveries. CDP – a Growth engine with real-time customer insights Interweaving client-side data through tags and server-side data from other platforms, a CDP offers a built-in data layer which maps similarly purposed fields from source applications into a standardized format, regardless of their unique naming conventions. Furthermore, CDPs enable marketers to stitch together user identities and activities by applying logic and embedded intelligence, utilizing various data points such as email addresses, phone numbers, birth dates, and additional distinguishing IDs. Through data unification, platforms like FirstHive assign a unique ID to each user, establishing a robust and reliable data foundation. Supercharging Your MDM with CDP While MDM and CDP both establish master records, they cater to different objectives. A CDP, armed with its real-time analytics and data activation capabilities, equips marketing teams to deliver personalized customer experiences. Simply put, using an MDM in tandem with a CDP can skyrocket a marketer’s potential, promising impressive results in both short and long-term perspectives. By aligning with a CDP, an MDM can become a pivotal component in the CDP’s data ingestion pipeline. MDM, with its rich storage of historical data in structured formats, can be activated by a CDP to breathe life into historical customer data flowing through the MDM. For data activation in third-party systems, marketers require access to event-driven customer data. A CDP provides a common identifier for activation – a unique customer profile. Meanwhile, an MDM supports static attributes foundational to your first-party data strategy. Automated data collection from various touchpoints ensures that customer profiles maintain minute-to-minute accuracy, enriching the continuously evolving profile with first-party data like names, addresses, genders, and birth dates into a unique identifier. Navigating the Optimal Choice for Your Organization Instead of choosing between MDM and CDP, organizations must explore how these two can harmonize. If robust data management, coupled with vibrant customer data activation, aligns with your goals, integrating both an MDM and a CDP may very well be your key to unlocking unmatched customer insights and engagement.

Unwrapping Success: Your Ultimate Guide to Festive Season Marketing Mastery

The festive season is upon us, and there is no more challenging time of the year for retail marketers. In 2022, holiday online retail sales in the U.S. reached nearly $240 billion, with Cyber Monday leading the way (Statista.com). We understand that you want to carve out your share from this very large pie. Welcome to your comprehensive marketing checklist for spreading holiday cheer while boosting sales. This guide will walk you through essential strategies and actions to make the most of this joyful time, ensuring that you not only participate in the holiday shopping frenzy but emerge as the “Joy to the World” for your customers. 1. Start Early: The key to a successful holiday marketing campaign is to start early. About 45-60 days before the festive season, typically starting in the last week of October, is the ideal time to kickstart your efforts. This allows you to plan strategically, analyze past performance, and align your team for a coordinated approach. By being proactive, you’ll be well-prepared to make the most of the holiday rush. 2. Curate a “True” Omni-channel Experience: In today’s digital age, shoppers seamlessly transition between online and offline channels. To meet their expectations, it’s crucial to create a “True” omni-channel experience, often referred to as “Phygital” marketing. This means ensuring a consistent and personalized shopping journey across all touchpoints, be it in your physical store or online. By merging the best of both worlds, you’ll engage customers more effectively. 3. Leverage Social Media: Social media platforms have become essential for holiday marketing. They are where your potential buyers gather, seek inspiration, and make purchasing decisions. To leverage this, focus on building emotional connections through storytelling, embrace online video content, collaborate with influencers, and create trends that build a sense of community. Social media can be a powerful ally in your holiday marketing strategy. To access detailed checklist for each point and a time synchronized checklist access the full guide – Be the “Joy to the World” this holiday season (A Retail Marketer’s Comprehensive Guide to Boosting Sales and Spreading Holiday Joy) 4. Strategize Beyond Discounts: While discounts are enticing, today’s shoppers are looking for more. Offer value-added services like free shipping, gift suggestions, gift packing, and hassle-free returns. Personalized marketing, video content, and early greetings can also set you apart. By thinking beyond discounts, you can cater to a wider audience and stand out from the competition. 5. Reward Your Loyal Customers: Your existing customer base is a valuable asset during the holiday season. Create or enhance your loyalty program to incentivize repeat purchases. Encourage new shoppers to join by offering bonus rewards. Develop special loyalty program discount codes and reach out to customers after the holidays to keep them engaged. Loyal customers can be your biggest advocates. 6. Track, Measure, and Analyze: A successful holiday campaign doesn’t end with implementation; it requires continuous monitoring and analysis. Implement robust tracking and analytics tools to measure performance in real-time. Make data-driven adjustments to your strategies throughout the season. By tracking, measuring, and analyzing, you can optimize your campaigns for better results. Notes for Consideration: In addition to the core checklist, consider planning win-back campaigns for previous customers, preparing curated offerings for last-minute shoppers, and implementing selling strategies and gamification during the festive season. Ready to embark on your holiday marketing journey? Let’s dive into each of these points to create a memorable and successful festive season for your brand Access the COMPLETE GUIDE – Be the “Joy to the World” this holiday season (A Retail Marketer’s Comprehensive Guide to Boosting Sales and Spreading Holiday Joy)

Revolutionizing Retail: The CDP Advantage

In the ever-evolving landscape of the retail sector, adaptation isn’t merely an option; it’s imperative. As consumer behaviors undergo constant transformations, and technology reshapes the shopping journey, retail marketers find themselves at the forefront of a dynamic dance between innovation and adaptation. Amid this intricate ballet, Customer Data Platforms (CDPs) have emerged as indispensable tools, providing retail marketers with a strategic advantage in understanding and connecting with their audience. Navigating the retail terrain involves addressing unique challenges within each sub-category. From meeting the omnichannel demands of modern consumers to catering to the specialized needs of luxury retail and maneuvering the dynamic landscape of e-commerce, a tailored approach is essential. Acknowledging this diversity, we’ve meticulously crafted a series of guides, each dedicated to specific retail sub-sectors. These guides delve deep into the nuances of CDP use cases, offering practical insights and real-world scenarios that empower retail marketers. Access the guides now: https://firsthive.com/cdp-use-cases-guide-for-retail-cpg/ Guide Overview: Whether you’re steering through the intricacies of omnichannel retail, striving for personalized experiences in luxury retail, optimizing the digital realm of e-commerce, or tackling challenges in CPG and D2C, our guides are tailored to be your roadmap. By downloading the guide relevant to your retail sub-sector, you unlock the full potential of CDPs, revolutionizing your approach to customer engagement. Stay at the forefront of the retail evolution – download now for a future-ready strategy and pave the way for a retail revolution.

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