Customer Data Platforms To Be Highlighted at DMSC 2023
I believe one of the biggest trends in 2023 will be significant investments by automotive dealer groups to build a robust Customer Data Platform (CDP) which can ingest all the online shopping activities on the dealer's website, online marketing engagement/conversions, email opens/clicks, phone calls inbound/outbound, SMS messages, NCOA updates, and in-store updates for each consumer in their database.
Today, most dealers share their customer data files with numerous marketing, sales, and retention partners who communicate with consumers in separate platforms that do not update any master record with the outcomes of their efforts. Dealers also are well aware that their CRM and DMS have critical information about their customers, but the data lives separate from each other.
Dealers are finally realizing what other large industries have come to know: without a CDP a business cannot truly maximize the Lifetime Value (LTV) of their customer portfolio.
The lack of real-time, bi-directional data signaling means that dealers waste significant amounts of money with spray-n-pray marketing. They miss opportunities to deliver a more targeted message, using the right medium, sent at a time which appears to be the best to window to contact each consumer. They overwhelm their customers with marketing messages that are not contextually relevant.
DMSC Will Showcase CDP Development within Auto Industry
At the 2023 Digital Marketing Strategies Conference (DMSC) the leading companies developing automotive-specific CDPs will be showcasing their solutions. This year we will also be adding a special CDP Showcase on the opening day of the show to allow dealers to learn about CDPs and how to evaluate the capabilities of the current platforms on the market. The growing list of DMSC sponsors can be found here: https://digitalmarketingstrategies.org/sponsors/
The CDP Showcase will also feature stories from dealers who embarked on building their CDP and the benefits they have realized to date. This is a new area of software development that has yet to mature and provide all the real-time API data flows that dealers need. I also believe that companies not offering robust bi-directional APIs will lose market share as CDPs evolve and become more commonplace.
The graphic on the top of this page listed some functionality that will be the "table stakes" for updating customer records.
Once The CDP is Developed - How Do You Leverage The Data?
Having a complete, single source of truth in a CDP, will be a major breakthrough for auto dealers. The next challenge will be to see which tools or integration partners will enable dealers to analyze the data in their CDP to deploy properly timed and executed marketing outreach.
领英推荐
Digital marketing agencies that serve automotive dealers will also need to partner with CDP providers or their services might be discontinued.
Dealers who are interested in learning more about CDPs should take advantage of the special November promotion for DMSC. We have a 2:1 ticket offer that expires in November 30th. This offer will not be offered again. Dealers and OEMs, not vendors, can leverage this offer in this page: https://bit.ly/3OKUyz2
What Would the Ideal CDP Look Like?
What functionality would you add to this list of core CDP features I showed on the graphic? Add you thoughts in the comments section, please.
COMPANIES I PLAN TO INTERVIEW IN JANUARY
In January I will start to interview companies as part of my Automotive CDP Research Report, which will be released in February 2023. These companies have automotive specific solutions, according to their marketing departments:
These companies provide CDP platforms for all businesses, and I will be interviewing these companies to see how they would work in the automotive retail space:
These companies play a role in identity resolution:
These companies provide credit and market data services which can enhance automotive CDPs:
Owner/Operator at TRVFIT Detroit
1 年I would add competitive defection data to the list too. This is a major element of contextually relevant messaging, not to mention the efficiencies gained in redirecting efforts to in-market consumers.
Driven Digital Marketing Executive / Inspirational and Transformational Leader, Expert in Digital Technology Strategies. Myers-Briggs ESTJ
1 年Meghan H.
Brian- thank you for elevating the auto industry on the rapid push towards CDP/ CDEPs. As you mention, retailers outside of Auto have been leveraging them for close to a decade to best engage their customers and prospects and to most effectively communicate with them. Thank you for your continued stewardship for our industry.
Data-Driven Media | Ad Platforms | Ad Tech Startups
1 年CDPs can be valuable if you have enough 1P data & 1P cookies. Love to take part in any future webinars or IRL conferences for the auto space on these & other relatable topics as Knorex powers all of this with APIs & ad automation features across all digital channels. We are behind the scenes as the “marketing pipes” for over 10K dealers. We created this playbook that breaks down some best practices @ https://www.knorex.com/automotive
Co-Founder & CEO @ Orbee / CX Technology for Auto / Data & Tech Serial Entrepreneur / 4x Exits
2 年Thanks Brian Pasch for putting focus on this area. I can't even keep up with our product pipeline at Orbee. In addition to CDP, there will be the convergence of lots of other related systems and the ability to activate the data in new ways.