“From cookies, data breadcrumbs to definite customer information, that’s the path to deliver personazed experiences and CDPs enable them!”
Almost 80% of marketers rely on cookie data to target their audience (eMarketer 2020), but with deprecation of third-party cookies on the horizon, marketers MUST find newer ways to connect with their audience in a personalized manner, and the solution is moving from 3P to 1P.
The masterclass series spread across two events saw multiple sessions including keynote ‘Reborn identity: seamless personalization in every customer interaction’, Fireside chat reshaping your customer experience with first party data and an expert session on CDP: CDP explained-mastering the CDP, where business leaders and experts shared their learning and understanding of the subject and also gave a Platform Demo of Oracle Unity- Oracle’s CDP platform, for a practical understanding of the capabilities of the platform.
In her key note, Lisa Collins, Director CX Strategy Oracle, stressed upon the need of building and rewarding loyalties through newer engagement models and strategies including NFTs and Metaverse. She spoke that how brands are moving from 3rd party heavy strategy to 2nd and 1st party strategy, are also connecting with identity partners for the right ecosystem integrations for activation. She focused on how marketers grapple with the issue of multiple identities as identities are poised to become more prolific and personalization could be tied to first party cookie for Google analytics, email address and so on, and with multiple channels. Ms. Collins stressed upon the need to create seamless customer experiences and cross the hurdles of tracking the various interactions across touch points and get consent so that a connection can be made between the known and the unknown,
Lastly, she also touched upon the top obstacle for getting value from the CDPs, and how a focus on features during selection process, mastering the user signals in real time and the ability to weave multiple interactions into a holistic experience can lead to the enhanced loyalty and bring the highest benefits and satisfaction from a CDP.
Abhishek Gupta, CMO- Edelweiss Tokyo Life Insurance, in conversation with Madhukar Uniyal- Head Solution Engineering CX Applications – Oracle India, shared his experience about the changed customer and distributor behavior, pre and post-pandemic. Customers have realized about their vulnerability leading to some bit of pull in insurance purchase. There is higher shift in terms of from seeking functional attributes to looking for softer aspects in companies like “doing good”. Distributors also have shown huge shift in their ways of approaching to their customers. He further discussed the critical need to get enriched customer data for providing them with solutions as per their changed requirements, owing to their stages of life; and reckoned the CDPs as a solution not only for insurance industry but for any industry that would want to build on deep customer insights based on data points across multiple touchpoints. In the context of service industries, the role of personalization and the CDPs is even more critical as with price parity, it’s the uniform & superior customer experience that’s the major differentiator for the brands
In another fireside chat with Madhukar, Mr. Amit Chaudhry, VP and CDO- Cheil India, discussed in detail the differences and benefits of a CDP vs DMP. “While DMPs help gain details about users’ behavior and transactions on brand’s digital assets, so it’s like we try to capture the breadcrumbs using DMP, while CDPs do the Deanonymizing of digital footprints, which is the major differentiation between the two and with CDPs turning smarter and having PII as well as non-PII data, DMP would be like a larger set of CDP”.
He mentioned that pandemic has forced brands to realize the need to have a smart platform that can capture all digital interactions and there is a shift the way Indian customers are doing their purchases
On the matter of Attribution, Mr. Chaudhary shared his experiences how they experimented and failed to continue working on various frameworks and after letting go of inherent biases, reached to a combined framework that works for them. Madhukar summed it up as “The key is to start small, fail fast, learn quick and continue to do that till you achieve the optimum attribution.” Mr. Chaudhary further spoke about ‘ease of technology deployment, ease of navigation in usage, mapping of destination and attribution’ as the major strengths that will lead to CDPs replacing DMP and various automation engines in coming future, as one platform can subsume the need of various platforms. On the various data protection laws, Mr. Chaudhary opined that consent to access data from users play an important part and if there is enough transparency on the usage of data, then there is no concern for the marketers.
Ashish Muttreja, Director-Solution Engineering- CX, Oracle India, in his CDP Masterclass took audience through fundamental question like why do we need CDP to the functioning of a CDP and platform demo. He emphasized that despite having huge data, the brands have highly disconnected intelligence leading to poor and disconnected experience to users, and how CX leaders can own the customer journey across each phase utilizing the power of data leveraged using Oracle CDP Platform-Oracle Unity and get achieve the business benefits. Oracle unity gives a unified customer profile that keeps on getting enriched with each interaction with brand and enables segmentation as per customer needs and brand objectives. Powered by AI, it helps real time decision making for successful campaign activation and optimization, and Oracle CDP customers have seen huge increase in orders and revenues. Mr. Muttreja further delved upon various applications of CDPs and Use cases map to business drivers and discussed the Oracle CDP differentiators like cross CXl approach across various organizational functions, front to back office integration, real time behavioral streaming and activation and approachable & extensible program. The session ended with an insightful platform demo for audience to see Oracle Unity in action.
Oracle Unity is a leading Enterprise CDP platform that can be easily integrated and extended as per business requirements.