Boost ROI, Find New Customers with CDP Insights & Data Analytics
How should marketers engage customers and prospects now? This question—always important—has become even more critical to businesses everywhere, now that COVID-19 has disrupted consumer buying habits for almost every B2C company, and many B2B companies as well. This COVID-caused disruption and uncertainty has motivated the CEOs, CMOs, and CTOs in companies to step up their efforts to use customer data to acquire new customers, reduce churn, and give customers personalized, targeted, and above all, profitable customer experiences. Many of them are turning to marketing technology called Customer Data Platforms (CDPs) to help with all of these objectives. In response, SaaS CDP company Treasure Data has just released new features, capabilities, customer analytics, pre-built connectors, and new packages such as Treasure Insights.
The autumn release of new CDP capabilities is a welcome addition for many companies in businesses as diverse as financial services, CPG brands, retailers, auto companies, gaming and entertainment, media, apparel, and beverages. Already, many of them had planned to expand their digital capabilities to market to their customers on many levels. But the recent COVID-19-induced turmoil and changes in customer behavior, needs, and customer journeys has put a premium on customer data capabilities, as everyone fights to keep the customers they already have and acquire new customers looking for replacement products and stores. Plus, in the wake of store closures, many retailers and brands have escalated the use of ecommerce, mobile, and online customer data, especially for BOPUS (Buy Online, Pick Up at Store) and MOPUS (Mobile, Pick Up at Store).
“We’ve seen up to 25 percent increase in ecommerce,” says Boston Consulting Group’s Stefano Fanfarillo. “Some people are joking that we’ve seen 10 years of change combined into a few weeks.”
CDP Upgrades Help Brands, Retail, Financial Services & Auto Firms Monetize Customer Data
Many of the new Treasure Data CDP features make it easier to combine multiple sources of data into unified customer profiles. These “golden profiles” can then be used for finding new customers or detecting that a customer is about to churn and initiating new offers or promotions to ward off customer loss. For example, Treasure Insights—a new package in the autumn 2020 release—offers these new capabilities:
- Direct access to unified customer data within Treasure Data CDP
- Pre-built Treasure Boxes modules for advanced data modelling and immediate visualization within Treasure Insights
- Built-in security and SSO support, to support enhanced, large-scale operations
The ability to get the data and insights needed for predictive and lookalike modeling—to find new customers based on what unified customer data says about a company’s existing customer segments—is critical to many companies hoping to expand their customer base, especially in a time of risk and changing customer needs. And companies are exploiting new data-driven insights in industries as diverse as CPG, retail, and even financial services.
How to Find New Customers with Predictive Analytics and Customer Data Insights
For example, financial companies such as National Debt Relief want to understand customer needs and behaviors—especially to grow their customer base.
“We wanted to find new leads and new customers,” says Nicole Rothman, director of acquisition marketing at National Debt Relief.
“With Treasure Data CDP giving us the insights that we need to optimize our Facebook program, we’ve cut our cost per lead (CPL) by 10 percent while increasing sign-ups by 46 percent year-over-year,” says Rothman. “Plus, we can now offer personalized customer experiences, improve targeting and segmentation, and acquire new customers much more effectively.”
More Customer Data and Analytics-driven Insights for Retailers
The new Treasure Data CDP features also include help for retailers, who are trying to reconnect with many customers they haven’t seen in stores in a long time. For instance, a new app does customer profile lookup, to help store and call-center reps deliver personalized follow-up offers, communications, and recommendations.
Also new for general release is an in-store software development kit (SDK) that helps retailers leverage compatible mobile apps and beacon hardware to track and store shopper location in near real-time, so retailers can better understand which displays and merchandise are attracting shoppers, and even send relevant offers as shoppers pass by. Fully configurable, the SDK is compatible with IOS and the Android Mobile OS, and location data can be loaded, transformed, and unified automatically with other shopper data for use with Treasure Data CDP analytics.
Better Dashboards Help Fine-tune Campaigns and Inspire Insights
Of course, data visualization is a major driver of insights, particularly when marketing pros work with other departments to improve the returns from campaigns. To that end, new dashboards add power for companies that need to detect changes quickly.
Treasure Insights delivers highly customizable dashboards with dashboard accelerators that support many industries and use cases, including:
- Unified customer view enhancements with added visibility into behavioral attributes, content affinity, campaign engagements, purchase behaviors, and more
- Audience segment demographics and behavioral attributes
- Customer journey analysis and orchestration effectiveness across channels
- Insights on lifetime value, next-best-action, and churn probability
- Attribution dashboards based on commonly used attribution models
Finally, new CDP features help to give many different team members the power they need to execute corporate objectives. Executives get a bird’s-eye view of marketing activities, as well as ROI across regions and product lines. Strategists can quickly glean customer insights to build more effective plans. Lastly, campaign managers can see which audiences, channels, and messaging are driving the most revenue and ROI.
The upshot? Savvy C-suite executives, retailers, and marketers in many different industries now have more CDP tools and data analytics to leverage customer data for insights, impact, risk reduction, and increased ROI in their organizations.