It isn’t enough to simply have access to customer data – without data competence, you aren’t using it effectively. The prerequisites for profitable customer data activation are a well-structured database and clearly defined Key Performance Indicators (KPIs). These enable consistent, cross-channel CRM and marketing. Till Junkermann, Managing Director of our client Avocadostore, Lennard Stoever, CEO of our technology partner minubo, and Dr. Markus Wübben, co-founder and Managing Director at CrossEngage explain in this webinar how Avocadostore uses KPI-based audience management to increase sales.
The Advantages of Uniform KPI Definition
A well-structured database integrates data from every available online and offline source and makes relevant data easily accessible. It also has a comprehensive data model with a clearly defined KPI system. Not working with a uniform KPI terminology brings a number of risks and setbacks. For example, if different departments each have their own KPI definitions, time is lost in discussions about which definition is the correct one – or else the risk of comparing apples with oranges is run. In the worst case, this leads to wrong decisions that are detrimental to business. It is, therefore, all the more important to define KPIs clearly.
KPI-Based Audience Management With a CDP
There are two different kinds of KPIs that can be used for audience management: Engagement-based KPIs (e.g., opening or click-through rates) and value-based KPIs (e.g., CLV or RFM). Engagement-based KPIs enable audience management such as, for example, optimization of advertising message frequency.
The prerequisites for KPI-based audience management are a clearly defined key performance indicator system as well as a database that integrates data from all sources and makes relevant data instantly accessible. A good solution for this is a combination of a data warehouse (DWH) with a customer data platform (CDP) . CDPs can combine customer data from a DWH with data from other sources to create 360-degree customer profiles. The data can be activated immediately and is available for all solutions in use, enabling truly customer-centric marketing.
In the webinar you will learn:
- The importance of data competence, and how to use data profitably.
- What a well-structured database looks like.
- The setbacks that inconsistent KPI definition brings, why it makes sense to use a clearly defined key figure system, and how Avocadostore has implemented one for itself.
- Why cross-channel CRM and marketing are so important and how Avocadostore leverages a KPI-based audience.
- More about the interaction and the concrete added value of DWHs and CDPs.
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