For many years, consumers have been expecting businesses to understand their tastes intimately. They also expect personalization and quick service. They also anticipate all their interactions with their mobile applications and on-site visits to the company’s website. They expect that their experiences remain constant when they go from channel and “at the time.”
Most consumers travel on 3 distinct channels (e.g. e-mail, online, and mobile) and customers move between these channels effortlessly and fast. The issue is that these settings work on different datasets, even if the client is the same. Many businesses do not have real-time connections to their data environments. It leads to fragmented consumer experiences and a lack of a single customer truth for the marketer.
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The Customer Data Platform (CDP)
Customer Data Platform links all data of the business to one location. It does not only include the connection of a single customer ID in several CRM instances, but also the connection of databases that typically do not share customer data, such as cloud marketing, service software, or e-commerce engines. This is the customer resolution we call.
CDP collects our information about our known consumers (such as emails and cell numbers) before sharing your data with businesses (anonymous cookies and mobile device IDs, as an example). This enables us to connect an interaction with the website of the business with an email campaign.
After the CDP has developed a single customer profile, the system provides that data in real-time, enabling businesses to offer a personalized experience to meet consumer demands. The data is connected to a variety of different systems — email sending engines, demand-side platforms, and content management systems.
For what are we using CDPs?
A common profile that connects marketing and acquisition data allows marketers to optimize their addressable spending. This is done by removing consumers who have already made a purchase and forwarding those dollars to new customers or suggesting other goods.
What makes marketing better? The solution is – understanding better the consumer’s wants. How about an outdoor vendor that has marketing interactions (e-mail and promotion) with their eCommerce and website interaction data makes that information accessible to a service representative in the contact center? Small data may provide a personalized, appropriate offer on-site to the contact center representative with the correct product suggestions.
It provides all addressable channels with a single profile, allowing customization and relevance. Customers who view information customized to their interests are psychologically shown to be five times more inclined to interact with a business.
Data gathering, data unification, data activation, and data insights CDP tasks
Customer database, marketing automation, and multi-channel campaign management, and real-time interaction management are part of a CDP platform. CDPs typically utilize baked-on marketing databases with user-level data for all actions.
- Unification of data
Since the amount of data sources utilized by marketing companies is rising quickly each year, it is essential for marketers to have a unified picture of their consumers and the connectivity of disparate data sources.
- Human marketing
Marketing focused on people usually implies that you handle your consumers as unique persons. Marketing has been mostly channel-centric or campaign-centered in past years. Although it has been very challenging for many companies to refocus all their marketing efforts on people, it appears to be worth it in the long term. This is why CDPs will be an important element of the future of human marketing.
- Resolution of identity
Marketers require smart identity resolution technologies to view consumers as distinct people. Binding all customer identity canals in accordance with the laws on privacy (where your client understands and authorizes your activities) is as difficult as it is important. This is why identity resolution is a fundamental component of Customer 360.
It allows the businesses to integrate apps and generate a fused customer ID to create a customer perspective. Today, Customer 360 is increasing with new advances that allow fragmented customer data across the company to be connected with the customer.
- Real-time channel engagement
Involving clients in real-time is a high priority but also their main difficulty for marketers. Part of this issue is a misunderstanding of what “real-time” implies. Marketers must gather knowledge about what can and cannot be done in real-time. For example, in real-time, you cannot build an artificial intelligence (AI) model, since it takes a long time.
In real-time, however, you may perform a search, enforce a rule, pick up a database or put queries based on prior models. The goal should however not be to accomplish everything in real-time.
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