Categories: Customer Data Platform,
In the past, businesses struggled with collecting valuable data about prospects. Now that companies have access to CRMs and DMPs, there’s an abundance of data floating around.
The problem now is that the data is disconnected. You have customer insights on various software, and none of them are integrated. This makes it challenging to maximize the use of the data to boost customer satisfaction and sales.
The solution is B2B customer data platform (CDPs). You’ve likely heard of them by now, especially with more and more B2B marketers adopting advanced martech stacks.
So you may be wondering:
“Which customer data platform is right for my business?”
We’re going to help you answer that.
What Is a B2B Customer Data Platform (and Why’s It Important)?
You’re not new to data platforms; you likely have a CRM for managing your contacts, automated tools for your email campaigns, and a DMP to help gather more data on prospects and clients.
For a long time, B2B companies thought this was all they needed to create effective marketing and sales campaigns. While they sat with these siloed platforms, their B2C counterparts adopted an evolved technology that streamlined their efforts.
Customer data platforms are still new on the scene but are already helping adopters to substantially grow their revenue and boost conversions.
A CDP isn’t a replacement for CRMs, automated systems, and other martech you may be using. Instead, it works in tandem to unify all of your data in a central place.
This means there are no more siloes and your marketing and sales teams can stay aligned.
Here are several use case examples:
- Enhance data reach across departments: Legacy operational systems normally lack queryable databases. This makes it hard for your customer service and marketers to get access to the data they need to achieve goals.
- Update your systems with third-party data: Keep your data fresh by using third-party data to enrich current entries and add new ones.
- Access holistic analytics: Stop analyzing data in isolation; get a complete look at current client relationships and how they evolve over time. Track their journey, calculate customer value, and identify churn risk.
- Create a “golden record” for accounts and leads: Gather all the best data about each prospect and customer to ensure consistent communication on the most optimal channels. Never worry about sales and marketing misalignment again.
- Guide customer treatments with trustworthy data: Share raw data that’s empowered with AI analytics that show predictive model scores, recommendations for products/content, and membership segments.
This just touches the surface of what your business can achieve with a CDP. Yet, according to Econsultancy’s Digital Intelligence Briefing in 2018, only 10 percent of organizations have tightly integrated martech stacks.
If you’re a part of the 90 percent that don’t, then it’s time to answer the question:
Is your business ready for a CDP?
How to Know if Your Business Needs a CDP
Does this sound like your company?:
- You use multiple databases to gather and store customer/lead information, but they don’t communicate with one another efficiently (or at all).
- Your teams are misaligned due to siloed platforms that disconnect and/or hinder marketing and sales efforts.
- A lot of your account/lead data is incorrect or outdated (due to changes in role, company, email, etc.)
- Lead/customer identity resolution is non-existent. This creates a hassle with duplicate records and vague profiles.
- Journey tracking is long and difficult because there’s no way to aggregate individual-level data on a company, buying team, or account level. Intent signals and predictive models are also non-existent, making it harder for your teams to take the right action at the right time.
In other words, you need a simple yet efficient solution to gather all of your customer data into one platform. But it also needs to be accessible across all the systems you use.
The next step now is figuring out:
Which customer data platform is right for my business?
How to Know Which Customer Data Platform Is Right for Your Business
As you’re searching for a customer data platform, you want to go for the basic features, but you also want to find a platform that offers a mix of data management and artificial intelligence.
Here’s an overview of what a platform like this offers:
- Real-time data enrichment to boost sales and marketing efficiency
- Dozens of data fields per customer record for more in-depth profiles
- Optimized lead routing that matches leads to accounts
- A unified customer profile
- Data collection from first, second, and third-party data sources
- AI that understands your target customer’s profile using ICP analytics
- Predictive scoring for prioritization of accounts
- Look-alike modeling to help you find the best prospects
- Intent signals and scores to engage with leads at the right time to boost conversions
- Account management, tracking, and personalization to boost customer retention and LTV
Businesses need more than just a customer data platform; they need a solution that enables them to maintain clean data, especially since data can become outdated fairly quickly.
This calls for a solution that does more than store data.
Finding a CDP for Your Business
The longer you wait to adopt a customer data platform, the more potential revenue you’ll lose. It’s time to upgrade your martech stack with a CDP that offers a holistic view of your prospects. This way, your marketing, sales, and customer service teams can streamline their efforts and improve their results.
This is what Leadspace does for its customers. Our CDP uses AI to enrich your data, so it’s always accurate and ready for use.
Not sure how you can implement it into your business? Then check out our free webinar on how you can revolutionize the way you use data with Leadspace CDP!