Integrating Data, Removing Silos & Uniting Teams
Every year that passes brings with it more data, channels, platforms, and devices for marketers to contend with. In 2018, America alone used 3.14 Petabytes of Internet data every minute. Industry leaders are in agreement that we are just now moving into an exponential phase of data growth worldwide. For those without the proficiency to handle this wave, it is a daunting prospect. However, for those who are prepared, it should be an unmissable opportunity for marketing and sales growth.
Is Your Data a Friend or Foe?
How do you view your customer data? Is it a friend or a foe? If it is the latter, it is time to make some changes. With the right tools, your data can, in effect, form a whole new team within your company. The reality is that many marketing teams have an entire back-end of data that is underused and underappreciated. A simple solution exists in integrating data, tearing down the internal solos and uniting teams.
A common challenge amongst marketers is the difficulty in properly understanding their customer journeys and therefore knowing the true performance of their channels. This is partly an attribution and measurement issue, however, it is equally due to siloed data within a business. When in an unorganized format, it takes analytics teams a huge amount of time and resource to manually assimilate the data into a format that is understandable for marketers. This process is also prone to human errors. In fact, research by Royal Mail showed that 6% of annual revenue is squandered because of incorrect customer data. On top of this, it is typically a costly and drawn out process. By the time that analytics have parcelled the data, it is often no longer relevant.
Closing The Data Gaps
Unifying data and closing down silos can supercharge your marketing efforts and drive greater ROI. Data is a treasure trove of insights that can tell you which channels are performing and which are undermining your conversions, all of which, if acted upon appropriately can radically improve your performance as a team.
The best tool to achieve this consolidation is a Customer Data Platform (CDP). A CDP assimilates all your customer data in one database while having the ability to continuously communicate with your other marketing systems and infrastructure. In addition, it makes it easy to visualize and digest the raw data and insights derived, all under one interface. It’s a sure-fire way to success especially as a 2017 survey highlighted that approximately half of marketers thought that removing data silos would be one of the most important things they could do to get more out of their data.
Removing Human Error
Fortunately, a CDP integrates all customer data so that you can act on it. It replaces manual analysis with automation, reducing human errors and saving vast amounts of time and resource. Despite these benefits, and the record growth in CDPs, surprisingly still only 50% of US marketers use one. The reports from our clients tell us unambiguously that it pays to be part of this group.
With a CDP in place, you can act on the insights from your data. With a deep understanding of your customer journeys and performance of your different channels, you can make changes right away to increase the effectiveness and performance of your marketing strategy.
A Fospha CDP – An Industry Standard
If you are interested in the ways in which a Customer Data Platform may impact your business and drive improvements in ROI, Fospha have a market-leading product which could be just the answer. Fospha have been integrating CDPs into businesses small and large, for almost 20 years and are experts in the field. Our CEO sits on the advisory board of the Customer Data Platform Institute, meaning we are at the forefront of developments in this space.
We have witnessed some incredible results from teams simply implementing a CDP. The Direct Line Group (DLG) were amazed at the impact on their unit:
“We are currently saving approximately 500 days of effort per year within my team. This will only grow this year though as we branch out to more areas e.g. market and competitor data – as we increase general use and expand our output within the department – Dan Bennetts, Digital Insight Manager at DLG.
We would love to show you today how a CDP could become the best hire you make all year! If you are interested and would like to know more, please contact us at email@example.com