With limited resources and lean team setups, data-driven insights are very valuable for Startups. It yields a significant positive impact on both the top and bottom line if done effectively. As per a survey by Forbes, companies with data-driven marketing strategies are six times more likely to be profitable year over year. But remember, being data-driven doesn’t mean adopting the latest AI tools into your tech stack and accumulating loads of data that sit in silos with no actionable insights.
That’s the precise reason that organizations of all scales are recognizing the value that a Customer Data Platform (CDP) delivers. Conventional wisdom will make us think that CDP is ideal for Enterprises with complex and multi-tool technology stack but nowadays, companies with as few as three destinations are also adopting CDP because of its core features of data processing, segmentation, and identity resolution.
However, it is very important for small businesses to have well-thought goals and clarity on what is that they want to achieve with the platform.
Segment- One of the leading Customer Data Platforms
Segment is a tool that helps organizations pull together all the user interactions from different channels, organize it (sort, remove duplicates, etc.), and deliver a 360-degree customer view.
Organizations are adopting Segment solutions to understand customer behaviour and design better marketing and branding campaigns to give a personalized experience to their customers. This Customer Data Platform offers relevant features and support use cases that are valuable to both marketing and product teams. It also offers high scalability to support a startup’s growth and future plans.
Let’s understand how Segment helps Startups Accelerate their Marketing and Product Strategy
Captures customers’ interactions from different Channels
Digitization has created many touchpoints for customers or prospects. Segment collects data from every channel where customers engage with your brand through a single API and put it into a central system. It can collect first-party data from websites, mobile apps, CRM systems, payment systems, email systems, advertising campaigns, customer support systems, etc.
Enables Experimentation for Innovation
It's important for Startup Product teams to be innovative and for that, they must have room to experiment with their ideas.
However, this gets challenging with the small team setups as they also have to meet the everyday business requirements. With 300+ integrations, CDP provides the right Data Infrastructure to collect and deliver the customer data needed to run tests and evaluate results without compromising on the mandates. Segment enables you to collect a master set of customer data and then activate that data in the tools used by various organizations.
Access to high-quality data helps product teams make data-driven decisions. The complete customer view that the tool offers, allow product teams to quickly run A/B tests, and drive product adoption. That said, Segment provides the best product analytics tools, A/B testing tools, and data warehousing tools.
It also supports server-side integration components so the code can be removed from your applications whenever required. Therefore, many engineering teams are turning to Segment as they can save millions of dollars by being able to quickly integrate and experiment.
Maximizes Investment Outcomes Through Accurate Customer Profile Unification & Segmentation
According to Forrester’s Total Economic Impact Report, Segment helps companies test marketing campaigns five times faster and deliver a 33% better conversion rate.
Segment unifies all interactions of your customer into trusted profiles. These profiles help the marketing teams in launching customized marketing campaigns across different channels (email, advertising, and push notifications, web books, etc.) and engineering teams to deliver personalized, real-time in-application experiences at scale.
Segment’s unique feature “Persona” allows you to build Computed Traits on top of your real-time or historical data. This makes more granular audiences and enriches your Profiles to make sure you have the right data points to personalize your campaigns. These targeted campaigns yield higher conversions and hence higher return on investments.
Increases Customer Lifetime Value
The cost of customer acquisition has increased by over 50%, over the last few years. As a result, businesses, especially the small ones, have become more focused on increasing customer lifetime value than acquiring new customers. Segment helps organizations understand their existing customers’ needs and enables them to enhance their experience, contributing to better customer retention.
Segment is a fast, scalable, and reliable CDP platform for all businesses. It derives maximum value from your existing infrastructure, maximizes returns on your marketing investments, and empowers your teams to enrich the overall customer experience like never before.
TransFunnel is a valued Segment Partner. Our experts assist you in making customer-centric, mission-critical business decisions using the best features of the tool, including the user-profiles. We help you in every step of the way to implement the core features of Segment for your business and attain maximum profits.