A customer Data Platform (CDP) is a technology that provides an enterprise-wide view of the customer. It’s a conceptually simple idea: a single place to store, access and integrate data. However, the value of this solution varies depending on how it’s implemented and utilized by each company. In this post, they will discuss five ways customer data platforms can benefit your business.
- Real-time customer data
Real-time customer data is a valuable asset for any business, and CDP is the best tool for collecting it. A company that collects and uses this data effectively can use it to improve the customer experience, optimize marketing campaigns, and more.
- Full customer profile
A customer profile is a comprehensive view of the customer. It can be used for marketing, sales and customer support, and can also be used to personalize interactions with customers. “It has an easy-to-operate interface and AI-driven workflows,” as Adobe Real-Time CDP experts say.
A good example is Amazon’s personalized ads based on your previous purchases or browsing preferences—you may see an ad for a product you’ve viewed recently but didn’t purchase; or if you’re looking at computer components, an advertisement could appear for a keyboard or mouse that matches the one you’ve been considering buying.
Customer data can then be used to target offers and promotions to specific segments of customers (e.g., those who have purchased specific items) in order to encourage repeat purchases and increase revenues from those customers who have already demonstrated their loyalty toward your brand/company.
- One source of truth
As a CDP, your company will have one source of truth for all customer data. This means you’ll be storing all of your customer information in the same place rather than having multiple data silos spread across different departments or companies.
Using this data to make better decisions is one of the biggest advantages of implementing a CDP. You can use it to improve product offerings, offer new services and better engage with customers. It also helps with planning and forecasting, which leads to more accurate forecasts for future growth based on past performance metrics.
- Use external data to enrich customer profiles
The fourth advantage of CDP is the ability to use external data to enrich customer profiles. This can help you improve customer experience, personalize it, and increase loyalty. It also allows you to use predictive analytics based on past behavior.
Using external data allows companies to analyze information that they don’t have access to internally, including social media accounts or other proprietary sources of information like loyalty programs or warranty claims.
- Use cases beyond marketing applications
In addition to the many marketing applications already mentioned, CDPs can also be applied in other areas, such as:
- Sales and customer support functions
- Marketing automation and CRM systems
- Content management systems and digital asset management tools
Now hoping that this post has given you a better understanding of what CDPs are and why they’re valuable. If you want to learn more about how this platform can help your organization make better decisions by leveraging customer data, contact its experts today.