The advertising industry loves acronyms, so adding one more to the lexicon is not a tragedy, especially if doing so improves on an existing one—specifically customer data platforms (CDPs).
Traditional CDPs look at how customers have engaged with a brand across channels, and it’s quite valuable from that standpoint. But CDPs would be infinitely more effective if they could help marketers accurately predict the next step in the customer journey.
New technological solutions are offering foresight powers that advance CDPs’ capabilities further, looking to what an individual may be most likely to do beyond past interactions. Vericast calls this new and improved martech the CDMP, or customer data marketing platform.
“What makes this offering unique, and why the ‘M’ in CDMP is so powerful, is because it’s truly designed for marketers to be forward-looking, so you can put the right messaging in front of a customer to encourage them along that purchase journey,” said Carolyn Altomare, Vericast senior VP of digital sales.
NXTDRIVE, Vericast’s CDMP, uses machine learning and proprietary data to unify, clean and enrich a client’s first-party data. It informs marketing strategy with demographic, in-market interest, psychographic, and lifestyle attribute data thanks to Vericast’s proprietary Consumer Graph. It’s filled with half-a-century worth of consumer information comprising billions of different data points at a household level, all of which are privacy-compliant and future-proofed against state or federal legislation.
What’s more, staff augmentation is an essential element. While many CDMP functions are hands on, NXTDRIVE is a combination of both platform and managed services, with a team that’s always available for guidance.
Going beyond existing customers
Considering the continued stagnancy of marketing budgets, coupled with an ever-growing demand for output, let’s take a closer look at each of NXTDRIVE’s functions to see if this latest martech is a solution worth considering.
Vericast’s data science team works behind the scenes developing models that use first-party data to illuminate consumer behaviors, all of which allows NXTDRIVE to provide end users with clear insight into when, where and how to enact effective campaigns. Its insights can also inform tactics like merchandising and shelf placement for retailers. The focus is not just on reaching existing customers, but also on finding future best customers who may have never interacted with the brand.
Most recently, we used these tactics for an American Furniture Warehouse (AFW) acquisition strategy that saw a 55% boost in sales, a $352,000 revenue increase and nearly a 7-to-1 return on ad spend. By enriching the retailer’s first-party purchase data with NXTDRIVE’s proprietary audience modeling and targeting technology, we were able to identify an opportunity for geographic expansion that pinpointed and engaged look-a-like audiences within a 40-mile radius of its physical stores that was larger than AFW had previously targeted.
Safeguarding first-party customer data
Navigating the constantly fluctuating landscape of customer privacy regulations can be nerve-racking, and that’s where Vericast’s experience working in both the financial services and health-care spaces becomes indispensable. We used our knowledge to create NXTDRIVE’s built-in safeguards that allow marketing teams to use our CDMP to assure that first-party customer data is being collected and used in a privacy-safe way.
“This is not a new muscle for us; we’ve handled personally identifiable data in the most conservative categories for decades, and we’ve done so with utmost security,” Altomare said. “And we don’t just look at current legislation. We’re continuously updating our standards so that we’re future proof and compliant moving forward.”
Our CDMP pulls together all relevant information into actionable and meaningful insights that act as a guide for how a brand can best interact with specific individuals, be it a shopping cart reminder or postcard in the mail. Instead of casting a wide net and narrowing down, the process starts with individual customer understanding and builds out cohorts and segmentation from there.
Using first-party data, NXTDRIVE can help marketing teams develop a variety of ROI-producing strategies beyond just acquisition. Vericast’s cell phone category, for instance, has been finding success by using NXTDRIVE to help predict and target current customers who may be interested in purchasing accessories and other compatible items.
Consolidating marketing stack
A recent Vericast study conducted in partnership with Prosper Insights & Analytics found that 73% of respondents agree that most first-party data solutions do not deliver effective media across print and digital channels. One of our customers quite literally had five computer screens surrounding his workstation, each one performing a differing function. He was thrilled that NXTDRIVE gave him the ability to consolidate everything from marketing automation to website data into a single system.
“We’re genuinely making a difference in people’s lives because their jobs are becoming easier and more supported,” Altomare said. “They feel like they have a partner looking out for them and acting in their best interests.”
About Vericast
Vericast is a marketing technology company that provides a data-rich approach to influence consumers and drive meaningful commerce. We power smarter activations for more than 15,000 clients in consumer packaged goods, financial, grocery, restaurant, retail and more. Our decades of experience, advanced technologies and broad solutions portfolio help companies reach audiences with precision and scale.
