Customer Data Platform has become the game-changer tool to reach business success. Find out how CDP can integrate your marketing campaigns to increase revenue now!
Throughout the years, marketing and sales can gather large volumes of data from their actions. But the million-dollar question is how to manage that amount of information effectively and be able to apply them in a coherent way, connecting your marketing and sales campaigns.
But since we are experts on this issue, we made this content for walkingyou through and show how the Customer Data Platform can sew up your strategies to generate more profits, reduce customer acquisition costs and increase the return over the investment.
Keep up and find out!
What is a Customer Data Platform (CDP)
It puts together data from social media, CRM, e-mails, purchase records, ads, browsers, devices and more. It also allows real-time updates, reading customer behavior to provide fresh and relevant material.
This compiled information obtained by CDP allows communication with hyper-segmented audiences. With it, a more assertive engagement is given, since marketing and sales know exactly who they are supposed to talk to and what they really want.
Customer Data Platform uses every single action taken from the audience and turns it into a data profile. So, even though a first-time visitor didn’t share their e-mail with your website, you can still use browsing behavior, pages and items checked to build up a remarketing campaign on Google or Facebook Ads.
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Build more assertive marketing with CDP
One of the most important aspects of CDP is the possibility to create integration not just about data, but amongst teams. Customer services, marketing, sales, customer experience and support: from Customer Data Platform on, they will speak the same strategy language.
When there is communication harmony indoors, all pieces combined can show this bigger and coherent picture. As a result:
- Customer services can give the appropriate approach, knowing exactly who they are talking to and what the audience truly wants. No more wasting time here.
- Marketing can design unique plans of action, understanding by analyzing customer behavior, the best elements to improve conversion in that segment.
- Sales can offer precisely what the audience needs to purchase, whether it be a discount, a trial, testimonials or a personal approach to explaining some details.
- Customer success can promote tailored usability based on the interests listed on CDP, enhancing user experience, improving the chances to make an upsell.
- Support can grant a more humanized and empathic service, offering high-quality solutions to increase customer satisfaction, generating good referrals.
Those steps combined to ensure a buyer’s journey without bumps or unfortunate surprises along the way. Hence, the entire process gets smoother, causing the best impressions your brand could ever have.
Improve marketing metrics with Customer Data Platform
Through the Customer Data Platform, you can have a 360-degree view of your audience. Having that density of information turns easier to get tighter metrics, eligible to translate ad campaign performances and provide relevant insights for the teams.
Data is gold, only when you use the right ones. The lack of planning and proper understanding over it may cause inaccurate results and misperceptions about the strategy. The same rule applies to metrics.
CDP does not over give you information. It hands you organized and coherent material to metrify all the steps on the way. Therefore, marketing and sales can count on extra support to plan, execute and manage their best actions.
Increase success on ad campaigns using real-time data
This is undoubtedly one of the most powerful tools currently available in the business. Real-time user data refers to new information from data sources being injected into your Customer Data Platform profiles.
An applicable example of this feature is when a sales team gets to see an online buyers’ shopping cart to induce a cross-sell. This type of data can also be used to re-target campaigns after the visitor triggers an event.
The ability to basically walk around the customer to scan them from multiple POVs given by real-time data, grants you access to analyze aspects of your own strategy. Take a look at some more possibilities you can have with real-time data on CDP:
- Recognize bottlenecks on your website
- Improve marketing and sales campaigns live
- Create an exclusive and personalized customer experience
- Offer individualized and relevant post-sale service
All those pieces of interactions –– and also those many more not mentioned –– creates a singular environment experience for your brand, leading to customer satisfaction, positive referrals and more revenue.
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Reduce customer acquisition costs and upgrade ROI
To talk about the return over the investment (ROI) made with the Customer Data Platform, first it is fundamental to understand where CDP is going to fit in your strategy. To get that, there are some key questions that you can answer:
- Does your company work with multiple communication channels?
- Do your teams need to improve their strategies to be more assertive?
- Does having constantly updated data about your customer bring you more insights?
- Would it be helpful in having deeper information about your audience to increase sales?
If you got at least three positive answers, you definitely should consider talking to a consultant to see in a more practical way how CDP can benefit your company.
With doing that, there are some aspects to measure how CDP will optimize ROI. Time, risk and cost are the trio to show you how efficient marketing, sales, support, UX and other teams can get with Customer Data Platform.
To each department, you should know how much more you can get using the same budget as before. Also, it is important to list some possible cost savings due to group efficiency.
What is the value-added to the process that will lead to risk reduction? You should be aware of the strategy value as well, understanding how much cleaner the entry points will get.
Last but not least, knowing the total cost of the CDP initiative. Analyzing your new numbers, you may see the bigger picture with all stages connected and the newfound paths it leads to.
Once your teams have this level of customer knowledge, they can aim the efforts directly into actions more likely of conversions. Personalization and localization are two key features to leverage niche data and provide exclusive and relevant customer experience through CDP, for example.
That behavior can lower customer acquisition costs (CAC), improve productivity, increase profits and customer retention. Analyzing smart data through CDP facilitates a plan of action based on individual customer preferences instead of a massive standardized campaign.
Companies need to learn how to make profitable operational decisions, fast. It is going to be an ever-increasing data-driven scenario, and we already know that more data is only relevant when it is good data.
The only way to capitalize on great amounts of information is by organizing them into relevant segments. By that, your team will be able to tailored offers and strategies to fill their real needs.
Enhance CRM with Customer Data Platform
Every business currently in the game is using customer relationship management (CRM) –– or, at least, they should be. CRM is a software to store customer data and help marketers and sales to develop better practices.
Their functions might sound similar, but they are not. The digital buying journey demands uniqueness to succeed. To understand what customers are doing is not enough anymore. Seeing beyond time and space to predict what customers may do, is now crucial.
Also, the need is not only about capturing new customers, but to keep old ones satisfied, making more purchases and putting great referrals out there. Each customer is now a cycle, not a straight line with a beginning and an ending point.
So, CDP has the power to add special features to CRM information. It gives you access to a more powerful and enriched database made by an organized combination of other data sources. Thus, the customer journey and experiences will become more polished and exclusive.
Customer Data Platform 2020: the future of marketing and sales
We want to take you further and show you:
- How CDP’s features work daily
- What it does to CRM data –– and other data sources
- A panorama about the quality of the information generated
- What are the other benefits it can add to your strategies
- Why getting a CDP solution can make you stand out amongst competitors
So, we wrote the e-book “Customer Data Platform 2020: The Future of Marketing and Sales”. You will find the fundamentals to thrive in business while your competition keeps insisting on old practices. Your success depends on it! Get it right now.