5 CDP Questions to Consider In 2019
Rishabh Shetty
Ask me how I help growth/marketing leaders execute GTM strategy to fill the sales funnel with marketing leads that covert into new sales opportunities!! ?? || Growth Acceleration Expert
We have come a long way since David Raab (Founder of CDP Institute) coined the term Customer Data Platform (CDP) back in 2013. Many organizations are now realizing the importance of a CDP and taking the appropriate measures towards adopting it. If you are contemplating whether to go in for a CDP, here are five questions for you to consider in 2019.
1. How to Evaluate Your CDP Readiness?
As customer touchpoints continue to grow, the marketing ecosystem continues to become more and more complex. Marketing has evolved into a data-driven activity where if you are not able to make sense of the massive volume of data, you are already on the losing end.
A CDP in such cases can help you by providing a composite picture of your individual customers and make better decisions.
But before you decide to opt for a CDP, Omer Artun (CEO and Founder of AgilOne) encourages marketing leaders to answer the following questions:
- Do you have a well-established method to capture customer data (including customer profile data, transaction data, and interaction data) from both an operational and legal perspective?
- Do you have the right staff, who can understand how to leverage a CDP for segmentation, analytics, advertising, and customer experience use cases?
- Do you have the clarity, execution, and metrics in place?
2. How to Build a Business Case to Invest in a CDP?
Before you buckle up and start looking for CDP vendors, it is necessary to convince management to invest in a CDP. To successfully do so, you need to build a business case that conveys the importance and benefits of a CDP for your organization so that C-level executives are willing to invest over $100k.
Chitra Iyer (Editor-in-chief, Ziff Davis B2B) poses six essential questions to help you build a compelling business case:
- What will success look like?
- What are the current hindrances that are stopping us from getting there?
- How will a CDP help us get there?
- What is the expected Return on Investments (ROI) of the CDP?
- What are the risks of not addressing existing obstacles?
- What are the operational requirements and by when can we get started?