A Customer Data Platform is a global platform so many departments from many sectors can benefit from it. In fact every single department of the company Customer-Related will end up making the most of it.
As many different departments would use it, it is crucial for it to be accessible. This is why an easy-to-use CDP is vital for a company to be able to become Customer-Centric. Start taking control of your Data.
Customer-Centric Data-Driven Companies
Becoming Customer-Centric is a priority for companies, as U.S. companies lose $136.8 billion per year due to avoidable consumer switching. The current competition for market share has become more fierce than ever before, and the need to become omni-channel, forced companies who were willing to become Customer-Centric to be Data-Driven, in order to understand such amounts of Customers Data.
This is where Customer Data Platforms fit into place. A Customer Data Platform is a Platform where you store and unify all of your customers data (1st, 2nd, and 3rd Party Data), and with the use of AI/ML obtain actionable insights, from your customer’s 360 profile.
We would next see the different benefits a CDP would provide to the different departments of a company:
- 360 Profile: unifying customer data in one platform and in real time, enables a complete customer profile, that can be afterward compared with the rest of customers/potential customers to obtain insights.
- Hyper Segmentation: the unification of basic, behavioral, attitudinal, and socio-demographic data would enable a level of segmentation never seen before. Segmenting by buying habits for example (ROPO, Showrooming, etc.).
- Personalization: with the 360 profiling of customers your company could start personalizing campaigns according to each customers needs (Personalized newsletters, emails, content in Social Media depending on your customers segment presence, etc.).
- Predictive models on the efficiency of each campaign on each customer: a CDP will help your company on predicting tendencies with AI/ML. One thing your marketing team could do is by adding up your past campaigns to your 360 customers profile, predict the future campaigns efficiency, by types of campaigns and by customers likes.
- Buyer Personas in real time: having your customer data unified and constantly renewing would enable a constant buyer persona of each product, or a picture of the personal characteristics of the preferred customer for each product.
- Omni-channel Customer Journeys: each channel of communication works different, but customers demand a full unified experience from brands. You would be able to track the customer journey through channels to activate a personalized omni-channel experience
- Forget about Third-Party Cookies: a tagging functionality in a CDP would help you track each individual customer through your website and add this information to their 360 profile.
- Geomarketing: unifying 3rd Party-Data (Socio-demographic) allow the 360 profile to be much more detailed. With this you would be able to see the differences between neighborhoods, seeking for the one that matches the most with your buyer persona, ML algorithms would help you on this task, in order to show you the best neighborhoods to sell each product.
- Dynamic Scoring: model that gives a rating from 1 to 10 of each individual’s customer engagement in real time, to see how campaigns are affecting them or the point they are at with your company in terms of engagement.
- Orchestrate campaigns: get the insights from your customers and afterword the CDP would enable you to orchestrate campaigns by sending this audiences, segments or profiles on to your different tools (email marketing, Social Media, advertising group, etc.).
- Personalized Contact: contacting via email or phone with customers or potential customers is really tough but it would definitely be easier if your sales team had a 360 Profile (with the unification of 1st 2nd and 3rd party data) to have all of the information from your customer (behavioral, attitudinal, basic, etc.) while you do phone sales.
- Demand forecast models: being able to predict the demand with efficiency rates over a 95% would avoid stock outs.
- Full reports easy to read: in the same platform and with all of the data and insights obtained before you would be able to extract reports, graphs, and summaries of how your company is performing in terms of customer experience.
- Demand forecast models: know a year before the total demand your company would have in order to organize properly financially.
Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximise the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.
Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.
Start taking control of your data today.
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