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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