The Rise of the Customer Data Platform (CDP)
Most of the retail business owners prefer to use a customer-centric model rather than a product-centric model. Because of this change in the retail business industry, it affects the way the companies connect with their clients who are tech-savvy, well-informed, and spoilt for choice.
For the past years, managing the current and potential clients is being done via CRM or the Customer Relationship Management systems and processes. On the other hand, since we are living in a technology-oriented era, there is a development of the CDP.
The CDP is a robust model that can handle the details of your customers from the multiple sources of both offline and offline. The popularity of Customer Data Platforms is affected by the increase of capital funding, which now has an approximate total of 2.4 billion US Dollars and a boost to the number of vendors that provide this kind of service.
Customer Data Platform – What Is It?
For those who don’t know, Customer Data Platforms provide brief details about the clients from the different offline and online sources that the traditional CRM systems cannot offer. The CDPs provide you with the capability of integrating data from both unstructured and structured resources. To be able to generate a unified profile of the clients, it also enables you to get information from both offline and online sources.
One of the advantages that you can get from CDPs is its capability to trace the profile of your potential and current clients through assessing their life cycles and interactions. The CDP differs from traditional CRM since it can handle numerous resources with ease and convenience. Aside from that, it can also trace their customers from the actual customers to site visitors.
What are the Advantages of Customer Data Platforms
Now that you know the meaning of CDP, it is time for you to dive into its benefits. In this section, we are going to provide you with the possible benefits that your enterprise can get from using it.
So, read on to know further.
When it comes to providing regulatory compliance, you can rely on Customer Data Platforms. This is because it provides you with reliable information about the governance policies and making sure that your customer’s consents are being considered while keeping their information.
That being said, your customers can feel the power and freedom of accessing their data, providing their consents, and ensuring that their needs and requirements will be satisfied, such as the disabling of a call, wherein you can contact them through the different channels they prefer, such as email.
Unify Cross Channel Marketing Efforts
Different enterprises are required to have alternatives for multi-channel and cross channel marketing. That’s the time when CDP comes in. Customer Data Platforms will provide you with a unified view of your clients. This will help you to unify cross channel marketing with consistency and limiting the wastage.
That being said, it will help you to generate a customer-centric marketing culture, which is all about understanding the market trends and your customer choices deeply.
Unified View of Customer Profile
Since the various Customers Data Platforms can gather details of both offline and online from the different touchpoints and channels, you can generate a unified customer view that is categorized by various enterprise departments from Customer Operations and Services, Product Engineering, Marketing, and many others. Since you have a unified view of your clients, you can now determine the cross-sell opportunities. Aside from that, you can now analyze the behavior of your clients through your gathered data.
Data Quality and Customer Relationship
Another advantage that you can get from Customer Data Platforms is its ability to gather First-Party information. That being said, you can make sure that you can gather the highest quality and recent data quality. Aside from that, it can also maintain the details throughout the whole lifecycle of the customer. This will enable you to generate details and an in-depth customer profile. Not only that, but you can also create a good relationship and connection with your clients.
In the field of marketing technology, there is an increase in the adoption of the CDPs. Most of the enterprises consider the CDP as the main source for the whole customer data of the company. This allows the staff to gather, process, and create unified data. After that, these customer details will be activated throughout the different marketing channels, which include sales campaigns, display and social advertisements, email, and many others.
For the past few years, the industry of Customer Data Platforms has increased rapidly. Since there is an increase in the usage of CDPs, you can notice a lot of difference in how the business owners handle the details of their clients. Numerous enterprises are enjoying the benefits being given by transparent and unified data.
Way back in 2018, the CDPs experienced a huge increase in their popularity. This is because the increasing usage of technology can now be used for better digital marketing strategies and data-driven marketing techniques. According to the research, the industry will achieve an estimated growth for more than 3.2 billion US Dollars by 2023.
As mentioned, Customer Data Platforms have achieved a huge increase in its popularity because of its capability of creating data-driven marketing materials that are known to help your enterprise become successful.
The CDP provides you with a lot of benefits over the data management platforms. That being said, their attention is focused on the anonymous or the first-party customers and users, enabling you to generate a more personal and richer relationship that is focused around the current interactions and past preferences of the customers.
You can achieve your business success with the help of Customer Data Platforms. The fact that they went through rapid growth, you can use them as your great resources.