Data management solutions allow companies to churn huge data faster thereby enabling quick business decisions
Businesses have turned to data management solutions like DMP and CDP to engage with consumers using the right message at the right time
With the rising need for personalised interactions across different customer touchpoints, businesses have turned to data management solutions like digital management platform (DMP) and customer data platform (CDP) to engage with consumers using the right message at the right time. “CDP is needed to completely map the first party data and analyze it. The system churns the huge data faster enabling businesses to make quick decisions, optimise consumer journeys and marketing costs,” Sushant Mishra, sr. director – digital marketing and partnerships, Grofers, said. He was speaking at the inaugural edition of BrandWagon Conclave, held virtually. The session was moderated by Kedar Kulkarni, business director, paid media, digital strategy and analytics, PureTech Digital.
According to Rahul Karthikeyan, director – marketing, upGrad, if a company has a clear vision, then CDP is going to play a very important and meaningful role from two elements, namely reach and costing. “While you might find frontloading a lot of money in the beginning, you will leverage out of it,” he added. For Rajneel Kumar, business head – Expansion Projects and head of products, ZEE5 India, the day a company goes live with a particular product, it should start collecting data. Citing examples of ecosystem partners such as Google, Amazon, Microsoft, he highlighted how companies can partner with them to start building relevant data. “At a leadership level, it is important to understand what is the objective to be achieved– whether it’s in terms of being better at marketing, reaching their own users or finding new customers. As long as the goals are clear, people from within the organisation can partner with other ecosystem partners to start building,” Kumar elaborated.
Furthermore, it is also important to understand how the data collection is going to work. Research suggests that 63% of respondents have invested in MarTech for the last three years but they don’t know how to use it, Bharat Khatri, country head, India, Xaxis, said. “The biggest gap in the market is on the right expertise. Brands are investing in MarTech tools, be it the DMP or CDP or other automation tools to engage and drive personalisation. But the bigger challenges are — one, collecting the right form of data, two, segmenting it into a better use case for a business and three, the expertise required for building an ROI model by utilizing these datasets,” he explained.