Customer Data Platform is the game-changer tool to reach business success. Find out how CDP can integrate your marketing campaigns to increase revenue now!
Marketing & Growth
July 29, 2020
Customer Data Platform has become the game-changer tool to reach business success. Find out how a 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 coherently apply them, connecting your marketing and sales campaigns.
But since we are experts on this issue, we made this content for walking you through and show how the Customer Data Platform can sew up your strategies to generate more profits, reduce customer acquisition costs, and increase the investment.
Keep up and find out!
Customer Data Platform (CDP) is a software capable of gathering and organizing customer information from multiple sources.
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. More positive engagement is given since marketing and sales know precisely whom 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.
One of the essential aspects of CDP is the possibility of creating integration, not just about data but also about 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:
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.
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 measure all the steps on the way. Therefore, marketing and sales can count on extra support to plan, execute, and manage their best actions.
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 walk around the customer to scan them from multiple POVs given by real-time data grants you access to analyze aspects of your strategy. Take a look at some more possibilities you can have with real-time data on CDP:
All those pieces of interactions –and those many more not mentioned –create a singular environment experience for your brand, leading to customer satisfaction, positive referrals, and more revenue.
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:
If you got at least three definite 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 the 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.
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 useful data.
The only way to capitalize on significant 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.
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 also keeping 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 unique features to CRM information. It gives you access to a more robust and enriched database made by an organized combination of other data sources. Thus, the customer journey and experiences will become more polished and exclusive.
We want to take you further and show you:
Check out Arena Personas, a great way to boost your CDP with first-party data generated by your own brand.