*Screenshots for Prospect Scoring, Lead Recommender, Cohort Analyzer, push to CRM
Why Do We Need a CDP, We Already Have a CRM?
The Customer relationship is the foundation of any company’s success. As the digital marketplace offers customers more options than ever before, customer loyalty has become vital to a company’s success and growth. A Customer Data Platform (CDP) will assist you in nurturing the business/client relationship through personalized engagement and understanding of customer preferences. Unlike a Customer Relationship Management System (CRM), which mostly stores transactional customer data, a CDP will provide you with real time data you can collect and structure into individualized, unified customer profiles from data collected across various online and offline channels.
I already have a data warehouse, how is a CDP different? (or why do I need it)?
Data warehouses (DW) are designed primarily to support technical teams, like business intelligence and analytics departments, to create a central data repository with the ability to access for custom deep-dive analyses, or for general reporting. DW’s typically are only accessed by technical users, as they require some level of coding ability to surface information, or to push it to a data visualization tool (like Tableau or PowerBI) to build reports.
The technical barrier to data warehouses makes it difficult for other departments to leverage its data on their own when attempting to do timely multi-channel marketing, sales campaign orchestration, or to measure revenue attribution, which is what the focus of a CDP is. Data warehouses can be a great central data source to feed into a CDP to complement the single customer view that is leveraged for marketing or sales purposes, if the data is clean and structured correctly. At StellarAlgo, we offer a modern, performant, and highly flexible Data Warehouse that monitors-in-place to identify and correct errors, duplicate and cleanse data, to ensure the data moving from your DW to the single customer view in your CDP is accurate and reliable.
CDPs--with their intuitive no-code access UI-- work hard to democratize data and insights across the organization to enable the analytics team to empower marketing, service, and sales teams to make data-driven decisions without the need to learn how to code. You can read more about the differences between a CDP and a DW here.
How are you different from a CRM system?
CRMs are used predominantly by sales and service teams to capture the personal interactions with a customer and are a vital piece to the sports business tech stack. Although your CRM contains all the information input from your reps, and may connect to your email or your ticketing system, it was never meant to house all your real-time customer data. Organizations are now engaging with customers through multiple touchpoints (website, apps, digital ads, email, text, etc.) and even by mandating all interactions need to be logged, pieces of the customer journey to purchase will be missed. Customer Data Platforms were designed specifically to start with the source information systems to bring all the data together, in a single customer view, to give the full view of the customer’s relationship with the team. Insights generated in the CDP (lead/retention scores, segmentation tags, data tags, etc). is often pushed back into the CDP to enrich the records used by the sales team, and to drive adoption of this information in their system of record. Further, CDPs are used by more than just sales and service teams. Marketing and analytics teams drive tremendous value in using it to better understand fans and activate on those insights, which makes CDPs the one tool that aligns the three departments. You can read more able the differences between a CDP and a CRM here.
We have lots of systems in our tech stack already, where does a CDP fit in?
We see this a lot. Organizations find themselves with many systems above and beyond the standard Customer Relationship Management, Email Service Provider, and Ticketing System. From demographic data appends, to survey and contest submissions, to digital campaign sources like Google Analytics and Social Ad Platforms – there are a lot of ways that teams engage with their fans. The challenge with all these systems is that there isn’t a way to combine all your great fan data together, without layering reports or trying to pull SQL queries. That’s where we come in. A CDP integrates customer data from your different systems into one place and makes it easy to understand how fans are interacting with you across these various systems. What that gives you is a true single view of who your customers are and a connected platform to activate and measure success.
Learning a new system and getting people to adopt a new tool is hard. How do you help?
Technology platforms need to first and foremost be intuitive to the people using it. Our platform was designed by people with intimate knowledge of the sports industry and experts in machine learning technology, making it a powerful, predictive system but also incredibly easy-to-use for the purposes of activating and measuring fans. At StellarAlgo, we know that if your data analytics are not adopted by the revenue teams, all the efforts of the BI team were in vain. Gaining adoption for a data-driven strategy requires more than just a great tool, which is why our partners are assigned a customer success expert based on their objectives and level of sophistication. This is where we’re different. Our Customer Success (CS) team focuses on making implementation seamless and training a breeze. The support doesn’t stop after implementation and initial training is complete either. Your CS expert is with you every step of the way, throughout the entire life of the relationship to share best practices, explore new use cases, and ensure your data remains clean and useable.
We're already sold out - do I really need a CDP?
That’s great! We have partners who are in a similar, fortunate situation. While teams who are sold out are obviously not using a Customer Data Platform to sell more tickets, there are still a number of reasons for them to create and activate a holistic view of their fans. These teams typically work with us for three major reasons: 1) they want to better understand their fans in order to maximize value and better personalize how they connect with them, 2) they want to optimize the fan experience each segment experiences as they go through their customer journey with the team 3) they want to be proactive and prepared for the day when they will ultimately need to more actively sell tickets. We work with organizations who aren’t satisfied with the status quo and are constantly striving to improve their processes and their relationship with their fans.
Who uses a CDP? (users, departments, etc)
While every organization is different, there are three main departments that benefit from a CDP – Marketing, Sales & Service, and Analytics. Marketing teams (generally Coordinators, Managers and even some Directors) use the Cohort Builder and Analyzer functionalities heavily to create targeted segments for emails and ad campaigns, and then track and understand the true revenue results from their efforts. Marketers love the ability to create and tailor their audiences and pushing them directly into their email system or ad platforms. Sales & Service teams (generally Managers and Directors) use the predictive lead and retention scores to help focus their reps and ensure that they’re connecting with the right people at the right time. Service leaders appreciate the ability to keep up with renewal trends on a daily basis and jump on at-risk accounts as soon as engagement scores drop. Finally, Analytics teams (from Coordinators to VPs) love that the StellarAlgo CDP helps drive more data-driven decision making throughout their organizations and empowers departments to adopt more of a data focus. Analytics teams love that our tool helps them focus on more strategic, deep-dive projects and eliminates the time consuming task of having talented teams spend most of their time building and delivering lists. For those who have more technical teams, they also value our backend architecture that can feed into data warehouses or double as a more modern DW who want access to the full schema. Ultimately, we’re a cross-functional tool that helps align departments so everyone is working off a single source of truth.
Our team spends a ton of time on manual reports and list building - how can you help us get our time back?
This is a big area we support and drive time-savings. With automated data pulls and key reporting visuals, it’s simple to see how sales are pacing compared to previous years, how close to your sales goal you are for each event, every single day. On the list building front, our platform has pre-built, high value segments that can be used with a click of a button, or users can go in and built their own lists,incorporating attributes from multiple source systems (i.e. ticketing, demographic, email marketing interactions, CRM, e-commerce, etc.) or from StellarAlgo’s derived attributes (i.e. avidity and engagement scoring). Ultimately whether you use one of our pre-built segments or build your own, the execution time is measured in minutes – not hours or days. On average, our partners tell us that they’re saving between 5 and 15 hours per week on reporting tasks and similar hours on list building activities.
How often is data/insights updated?
The standard frequency from most systems is nightly, but we have the ability to pull in data in near-real time (less than a 2min lag) depending on the source. While nightly refreshes of both your data and insights are perfect for nearly every use case, we understand that some objectives might require different update frequencies. We work with you to understand these objectives and make recommendations that best suit your needs.
I already have reporting tools - how are you different?
Our CDP goes beyond simple reporting, as it enriches your data, and provides the toolset for non-technical teams to activate and measure customer segments. Reporting tools like Tableau, PowerBI, or even excel serve their purpose to give you a snapshot in time but aren’t meant to proactively help you understand how fan behaviors are likely to affect the future or make it easy to understand how to activate on insights. Our machine-learning technology that powers our customer data platform models your fans’ behaviors and interactions on a daily basis to give you insights on who the best lead candidates are, which accounts might be at risk of not renewing their packages, how your marketable universe is growing (and from which channels), among other highly valuable insights. The no code access to create customer segment lists from these reports in real-time (i.e. pulling fans based off a funnel or journey) provides the ability to take action off reports, not just describe customers that may exist within different cohorts.
How long does it take to implement?
Our goal is to get you into the platform as quickly as possible. Standard implementation timelines are 12-weeks from the start of the data request emails to the final hand off of your platform. Based on the number of systems we’re pulling from, it may be a few weeks longer. The way we implement is different though. Our team works iteratively, which means you get to start using the platform and the first data-driven capabilities within the first 8 weeks in most cases.
How will you know my data is accurate/what does the reconciliation process look like?
Unless you’re extremely confident in the data in your data warehouse, we recommend pulling historical and current data directly from source system because it provides the most accurate set of raw data. We will then reconcile the data we pull with your internal records, flagging any discrepancies and working with you to fix them. During the implementation phase, the reconciliation process ensures that we’re within 2% accuracy threshold on historical data while also completing a product mapping exercise that is then viewable in the platform.
How do you help our team get better?/what type of support do you offer?
We recognize that every team is at a different stage in their journey to become more data-driven. It’s why we listen closely during the sales process to understand your objectives and your current stage of sophistication in order to not only match you with the right tier of CDP functionality but also the right Customer Success (CS) expert. Your CS expert will guide you through your implementation and focus your team’s onboarding and training to match your objectives. We’re there every step of the way to ensure that you’re getting the most out of your data including using things like adoption reporting and in-product support infrastructure that drives home the focus on data actionability; resources and best practice sharing are also staples in all our relationships to help take your organization to the next level.