Why Every Enterprise Needs a CDP?

Enterprise Services|
Aditya Bhamidipaty | Founder and CEO | FirstHive

80% of marketers stated in a report that they want to use integrated marketing and advertising technology from a single vendor. But, the same report also reveals that the marketing technology landscape constitutes of over 7,000 vendors in different categories, and the average enterprise uses an average of 91 solutions. This dichotomy between what marketers want and what is needed to carry out effective marketing campaigns has called for a ‘state of integration’ to the marketing realm.

The growing marketing tech landscape is justified by the consumer response and the vast amount of content generated per minute in 2019. This increases the complexity for businesses to ingest the data and sift for content and brand mentions relevant to their purpose. In an attempt to stay intelligent and vigilant towards competition, brands have to also cater to that noise and sieve it by relevance.

Content Amount per minute
E-mails sent 188,000,000
Mobile messages sent 41,600,000
Text messages sent 18,100,000
Videos watched by YouTube users 4,500,000
GIFs served by GIPHY 4,800,000
Search queries via Google 3,800,000
Snaps created by Snapchat users 2,100,000
Swipes on Tinder 1,400,000
Facebooks logins 1,000,000
Views on Twitch 1,000,000
Dollars spent online 996,956
Apps downloaded 390,030
Hours of Netflix watched 694,444

Source: Statista 2019

The siloed nature of the disconnected Martech landscape is what creates an immediate need for marketers to depend on a Customer Data Platform (CDP). CDPs have emerged as a viable answer to the ‘state of integration’ that marketers are seeking from this year onwards.

Apart from offering integration of disparate marketing sources of information, a single view of a customer across all engagement channels, and enabling omnichannel customer journey orchestration, CDPs are designed to create a rooted impact on the ROI of all marketing initiatives.

Impact of a CDP on different Enterprises

Though marketers choose to use a Customer Data Platform for better marketing intelligence, CDPs have facilitated success for other functions of the business as well. Here are some hand-picked experiences of how FirstHive has impacted Enterprises in different industries over the last few years.

Customer Acquisition

The mortgage business has never been easy. Optimized customer acquisition in this sector equates to the tight integration of internal banking systems which also ensures compliance and buy-in from various bank stakeholders. The success of system integration, in this case, is determined by recruitment and engagement of individual channels that play the role of a connector.

In one of the problems that we handled for a leading bank, FirstHive enabled the mortgagers to engage with their ‘connectors’ as a key lead acquisition channel and create a single funnel for the mortgagers across various interfaces and tools. This also required data to be fed into the CRM for assigning sales and integrating with core banking enabled real-time visibility on disbursement status.

This led to additional loan disbursements of $1.2 Bn, increased lead registrations going beyond 20,000, and eventually optimized customer acquisition channels.

Recurring Revenue Streams

Value-Added Services (VAS) is a lucrative opportunity for recurring revenues. The success of VAS is determined by an existing pool of loyal customers. A large insurance third-party administrator partnered with FirstHive to hyper-target, cross-sell and up-sell campaigns to employees of an existing pool of enterprise customers. The platform facilitated seamless multi-channel integration which included a website, mobile app, and social channels.

While the acquisition of customer data such as preferences, reporting, and cohort segmentation were a few immediate results of the efforts. The CDP contributed to increased conversion rates that grew by 40 %. FirstHive is now implemented in other parts of its business.

A global investment fund that gained increased visibility about customer data with FirstHive has also experienced a quick turnaround of those results. The brand had better visibility to Independent Fund Advisers (IFAs) enabling them to convert the same effectively. In addition to this, they are also able to drive training programs, in conjunction with their academy set up and assess the efficacy of the same across partners, and correlate the same to the sales performance.

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