According to Forbes, one of today’s major challenges that retailers face is to take advantage of the great amount of POS, behavioral and ecommerce transactional data – from economic indicators to customer spend at competitors.
How do you store and activate Customer Data in a CDP?
A CDP makes it possible to create a truly personalized experience for each customer, but the system also gives you a stable “arena” to grow from. When your customer base expands, the CDP will follow and make it possible to keep managing data and adding new channels as you go.
The main purpose of a CDP is to seamlessly collect customer data in real-time from various data sources and activate this in relevant channels. It is also an operational platform that enables marketers to create advanced audiences based on customer data from all relevant sources.
What a Customer Data Platform does best?
1. Understanding your customers
With a CDP you take data from any type of source, both online and offline, and create the Single Customer View that fosters quality personalization.
2. Improving customer trust
Customers are more comfortable sharing data in exchange for personalized experiences. However, they expect you to protect that data. 81 % of customers say that trusting a brand is a deciding factor in their purchase decision.
3. Securing customer-centric marketing
To perform customer-centric marketing, you need to know your customers. A Single Customer Views always provides you with that knowledge in real time by automatically ingesting data from all sources.
4. Predicting your customer’s next move
Instead of guessing what a visitor is likely to be interested in on your website, former behavior can predict their future choices thanks to AI and machine learning technology. Better predictions shape a better outcome and customer experience.
A Customer Data Platform is the key to understanding your customers and delivering a full omnichannel experience. There is no doubt that a CDP can be quite the complex venture, and this blog post only scratches the surface of what a CDP can offer your business.
From describing your use case to finding the right resources in your organization, there is much to prepare. But with the right knowledge – and with solid support along the way – a CDP can truly transform the way you do marketing and sales.