Customer Data Platform – Secret To Marketing Transformation: Unfortunately, this typical setup prevents you from making fully informed decisions using your information and knowing the revenue effect of marketing campaigns. It’s almost difficult to do something useful about it when consumer data is locked into your e-commerce network, your CRM, your customer service systems, and other networks. And without a detailed, big-picture view, it would be less than ideal to make decisions you make based on these various pieces of standalone data, thwarting the customer personalization efforts.
The consequence of all of this? Your reputation and your bottom line do so because your data and decisions suffer. These days, the old edict of “it takes months to find a client and seconds to lose one” rings particularly true. The State of Customer Service Experience 2019 study by the Northridge Group found that 72 percent of customers are likely to switch products after a single bad customer experience and 86 percent would share details with others about their bad experience.
The stakes couldn’t be bigger, obviously. You must be able to make decisions based on comprehensive consumer data if your company wants to continue to succeed and prosper.
Achieve a unified customer view
So, what solution is there? You need to invest in a centralized framework that unifies all the consumer data so that teams around the company can view, understand, and take action on it, from marketing to sales to customer support. Your organization will be able to draw educated conclusions with a full consumer profile, build data-based insights, segment your audiences appropriately and personalize your efforts in a way that genuinely resonates with consumers on an individual level.
How do you make it happen? Marketers go beyond legacy ways to unify and trigger details since none of them give the marketer what they need to drive a customer-centered organization. Customer Data Platforms (CDPs) allow you to collect data from any online or offline data source, unlike other options, such as CRMs, marketing service providers, or data management platforms. This gives advertisers access to a single view of the consumer in real-time self-service, so they can segment and refine their efforts more effectively. When it comes to providing advanced features and numerous advantages, CDPs go way beyond similar kinds of solutions.
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What to look for in a Customer Data Platform
Not all CDP solutions are built alike, just like other platforms. Insist on an open solution that connects to your other mar-tech systems when assessing your CDP choices and offers the following functionality:
- Data collection and aggregation: To collect data from all available sources into a single data store, the CDP uses real-time connections and open APIs. These could include your customer-facing systems, order management transaction data and point-of-sale systems, and your websites, email, or call center customer engagement data.
- Customer data unification and identity resolution: The CDP cleanses, deducts, and enriches it with all data aggregated to create a single, full client profile.
- Customer segmentation: Based on a variety of criteria, including pages visited, transactions, channels used, investment level, expected future value, and more, the CDP provides machine learning to help marketers segment clients to the individual level.
- Analytics and actionable insights: The CDP offers predictive, person-based, and personalization-driven suggestions to provide actionable insights and drive 1:1 consumer interaction.
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