The Rise of Customer Data Platform and What it Means to Businesses

Marketing executives have always looked for a 360-degree view of their customers. Today, the nature of customer data analytics and developing customer experience has evolved dramatically. Even if the data is collected and stored by enterprises, it is often maintained in discrete systems, across organizational silos.  

  

According to a new poll of 400 leaders, we are still in the early stages of customer data analytics. Marketers are still taking time to study and draw conclusions about the success of a marketing effort. So, it is not surprising that the Customer Data Platform is gathering impetus faster than any most marketing technology.

Benefits of a Customer Data Platform

CDPs serve as the center of customer experience efforts and brings together customer data from the various ways people interact with each other such as social media, email, advertising, Internet of Things (IoT), loyalty programs, and more. Such communications offer companies a better understanding of customer behavior and their likes/dislikes, tendencies, and motivations. 

With such an extensive understanding of customer behaviour, a customer data marketing platform with connected martech platforms can aid real-time delivery of experiences and message to customers across various channels. It also offers marketers the ability to target consumers and personalize their experiences to improve acquisition and conversion.

How can Customer Data Platforms Impact Businesses?

CDPs are quite promising for companies looking for high-quality engagements with customers. Here are some of the benefits of CDPs:

• Enhanced customer loyalty: 

With better comprehension of customer requirements and the ability to predict future demands, there is a higher likelihood that you will get repeat customers. According to a survey conducted by Forbes, 44% of businesses report that a customer data system helped drive ROI and customer loyalty. 

• Be better equipped to compete in the global market: 

A majority of executives who participated in the Forbes survey, expect that using consumer data in campaigns and decisions will lead to a change in the capacity to fulfil disruptive challenges. Also, 53% say the transparency offered through these platforms empower teams to respond quickly to changes in customer taste.

• Enhanced customer visibility: 

CDPs can help marketers attain a 360-degree perspective of customers. CDPs draw data from a vast array of resources that were inaccessible earlier. For instance, product usage data from IoT detectors could be combined with customer data to offer details on where products are performing the best.

• Opportunities to measure:

 Since CDPs take everything to a single location, it offers metrics over various marketing initiatives such as campaign results, website visits, customer journey analysis, and content performance.

• A happy relationship with partners and vendors: 

 Business’ ecosystems consisting of partners and vendors can also be the beneficiaries of robust CDP implementations. A poll conducted by Forbes found more targeted and better-quality interactions with sellers and partners because of CDPs.

CDPs are expected to play a major role in the evolution of data management systems. They are an important component of martech stack if you intend to do customer-centric and data-driven marketing campaigns across various channels.

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Manthan Systems, Inc.5201 Great America Parkway,Suite 320

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Manthan Solutions - The Way We Do Business

Manthan is at the forefront of providing prescriptive analytics applications powered by artificial intelligence for customer-facing businesses. With the disruptive power of such technologies, today we can focus on reimagining analytics as human intelligence never could. 

Algorithmic Merchandising Solution

For instance, one of the most popular Manthan Solutions is the Algorithmic Merchandising Solution for retail. This solution helps retailers drive best results by offering the freedom to generate insights and get advice on actions that need to be taken across different phases of the business. 

In 2019 it is expected that algorithmic retailing together with algorithmic merchandising will encompass the combined power of artificial intelligence and advanced analytics. With smart data discovery, machine learning algorithms, and deep learning technologies, the retail decision-making process and the retailer mindset will drastically change.

Sales Planning and Forecasting: 

The Algorithmic Merchandising Solution also estimates product demand at a micro level such as fabric, style, pattern, size, colour, fit levels that impact customers decisions. The solution considers an appropriate business context, chooses the right algorithm, considers variables like demographic data, events, trend data to anticipate demand and help make accurate planning decisions around assortment, clustering, purchasing and distribution during pre-season.

Users simulate other circumstances once they get recommendations. For example, if the machine recommends a discount of 15% on a product to attain a sales lift of 5%, the user can simulate sales lift that can be accomplished at other discount percentages.

Users have complete control to supersede recommendations or allow faster decision making via approval workflows. Users can get answers to questions through a conversational engine using text or voice commands.

Target One

With Target One, which is another Manthan solution that manages cross-channel campaigns, retailers can achieve more with an ideal marketing journey and mobile application marketing capabilities that power contextual and real-time customer interactions.

With enhancements to the journey marketers potentially can:

• Generate and respond to customer inactivity and composite cross-channel events.
• Design distinct journeys for predictive customer segments.
• Experiment with different timings, channel combinations, and responses in a journey with A/B testing.

Retailers try to form a relationship with customers by striving for a meaningful engagement. To add more value, retail marketers need a smart mechanism to gauge surface insights, customer intent, recommend actions and incessantly improve targeting. With the augmented features, Manthan’s marketing suite offers contextual intelligence for both customer event-based marketing and scheduled campaigns.

Visit website……………

Manthan Solutions

Contact us

Manthan Systems, Inc.

5201 Great America Parkway,

Suite 320

Santa Clara, CA 95054

t: +1 800 746 9370

e: usa.enquiries@manthan.com

Marketing Ideas and Strategies to Promote your Grocery Store

Most people residing in small towns and cities rely on grocery stores for household items and food. Whether you are setting up your own shop or managing a store for decades, obtaining new customers is always important to sustain a grocery store business. Today, technology is also making an impact on nearly every function of running a business including promotions. For instance, through grocery store analytics, store owners get insights on how to go about promoting their stores. The good news is that there are enough ways to promote your business.

Before choosing a promotional strategy, it is important that you define your Key Performance Indicators, for instance, your goals, your current baseline, and the kind of growth that you are looking for. Once you have laid out these foundational pieces you can start adopting a marketing strategy. 

Here is a list of some must-try grocery marketing strategies for store owners:

Leverage Social Media

If you wish to promote your store online, you must leverage the power of social media. The three most consumer-centric platforms today are Pinterest, Instagram, Facebook, and Twitter. To make your brand more visible, you can run ads on these platforms as they have robust targeting capabilities that let you target your specific audience.

On Instagram, which has more than 800 million active users, building a clear brand aesthetic will help you attract eyeballs and people will get a good idea of what your brand is and what it represents.

Offer Delivery Service

Today many people think of grocery shopping as a nuisance and are opting to go online as they get it all delivered to their home. So, to survive in this dynamic space, you must offer customers the option of delivery. This will not only be a convenient option but also one where customers will gladly pay extra for the delivery.

Strengthen Your Email Marketing

Email marketing is one of the most effective strategies for grocery store owners. To get new customers, you can segment your subscribers into various lists and send them targeted campaigns with first-time purchase offers or freebies. You can also send valuable and engaging content without being too salesy. This will help build trust and position your brand as an authority. Finally, make sure that your email marketing strategy is a mix of promotional and engaging content.

Digitize Coupons

People still love great promotional deals, even if they have stopped going through newspaper inserts. Grocery stores can digitize coupons that can easily be found and retrieved with just a swipe on a mobile device. Digital coupons offer people the incentive to shop for their groceries at a store. 

Organize In-Store Events

To get more footfalls, organize events such as a cooking demo or a grouping of samples that coincide with an approaching holiday. When you draw more people into your store, you will also be able to capture unintended sales. If you have limited space in-store, you can partner with a local event space and get double the exposure in promotions.

Getting new customers can be challenging for small grocery store owners, but with the above grocery store marketing tactics you will be able to figure out what works well for your brand.

Visit website……………

Manthan Solutions

Contact us

Manthan Systems, Inc.

5201 Great America Parkway,

Suite 320

Santa Clara, CA 95054

t: +1 800 746 9370

e: usa.enquiries@manthan.com

Retail Analytics - Manthan Solutions

Retail Analytics - Manthan Solutions

Retail analytics is the way toward giving
expository information on stock dimensions, production network development,
purchaser request, deals, and so on that are pivotal for making promoting, and
acquirement decisions. Manthan - Retail analytics centres around giving
experiences identified with deals, stock, clients, and other significant
viewpoints vital for traders' basic leadership process.

Customer Analytics for Restaurants

Customer Analytics for Restaurants

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