CDP as the solution
For B2B leaders, CDP use cases include account-based marketing (ABM), advertising efficiency, personalization and orchestration and data productization.
Data-driven ABM creates campaigns and understands the behavior and interests of the buyer collective within key target accounts to deliver highly personalized campaigns.
Advertising efficiency finds the right audience. Instead of canvassing a large population segment, organizations should look for specific audiences. A CDP can enable CMOs to apply campaigns to contextual demographics.
Personalization and orchestration connect with customers where they are. Orchestration is meeting customers where they hang out, through TV or social media. Personalization is offering relevant products and services. O&G organizations need to think beyond their gasoline or lubricant molecule to the overall experience of the customer. A customer may want a well-maintained car rather than a molecule. Organizations need to personalize packages for individual customers.
Data productization happens internally through customer service representatives, inside sales and digital self-service functions. When customers running heavy machinery or gas turbines repurpose or change business operations, a digitized sales process needs to be integrated to be B2B specific. Here a CDP becomes important because what each industry needs is different and can be personalized through a CDP.
Three things to focus on now:
1. Migrate to the Cloud – CIO
Elastic cloud native applications can save costs. Our research partnership with Petroleum Economist found that 79 percent of oil and gas organizations are using cloud-based services in their operations, and it was by far the most commonly adopted technology. The Publicis Sapient 6Rs of Cloud Migration helps CIOs analyze decision points of their business and helps collaborate with stakeholders. The framework assesses whether to retain, retire, re-host, re-factor, re-platform or re-purchase a company’s application portfolio. In this way, organizations can avoid high usage cost by choosing the right technology strategy.
2. Unify Customer Data – CMO
CMOs need to build an in-depth understanding of their customer and the intermediaries in the supply chain servicing those customers. This must be driven by the CMO’s office and requires an approach to sourcing and curating 2nd and 3rd party data in order to have a full 360-degree view of the customer. A CDP can break down data siloes, create visibility and give access to information.
3. Distinguish Between Data Engineering and Data
CIOs still confuse data engineering with data: they talk about data, but what they are really talking about is data engineering. Future data privacy laws will be most concerned with data that describes digital identities. Businesses will need to have a centralized area on the cloud where all customer data is matched against a single digital identity so that its source, location and access logs are known. A dedicated role for a chief data officer may sit under the CIO or CMO function, if needed.
O&G organizations need to know their users directly, be data independent and implement digital strategies. In big oil, this could be through launching digital and intelligent oilfield construction plans. ExxonMobil launched a partnership with Microsoft5 to use cloud technology and increase operations in its Permian Basin operations. Smart-Field technology by Royal Dutch Shell uses sensors built into field equipment, such as valves and pumps, to transmit data on temperature and pressure to control centers on land6.
To thrive beyond peak oil, O&G leaders should take a three-pronged approach. With shrinking markets, a CDP will help them to understand how to appeal to customers. Secondly, as businesses transition, they need to bring new services to market and reach customers in a personalized way. Thirdly, CMOs and CIOs must communicate their diversifications to customers.