Improving customer experience and ultimately getting customers satisfied has been the game changer in today's business world. It's not enough to have a Wall Street shaking product or service, getting to understand customers’ behaviors with respect to products and services can make a huge difference in your overall business growth and progress.
This is where Customer Data Platforms (CDPs) comes into the equation.
Undoubtedly, brands and companies have grown fond of this new business transforming technology. Hence CDPs have gained wide popularity in the market place.
According to Markets and Markets, the market size of CDPs is expected to reach $3.3 billion between 2018 and 2023 as against the $640 million in 2017. What this portends is that the Compound Annual Growth Rate of CDPs within the forecast period is about 30%.
This growth rate is possible owing to the fact that brands are highly interested in the real-time customer data, which CDPs bring to the table. This enables brands to effectively track and understand customers’ behaviors towards targeted marketing activities. The moment you are able to decipher real-time changes in customers’ market preferences, you stay ahead of the marketing game.
The CDP is currently the most efficient way of knowing all there is to know about customers and rightfully their market behavior.
How Does It Benefit Your Business?
The benefits that abound in deploying a CDP for your business are mouthwatering.
Think of having to run a campaign across multiple channels. Bringing all your customer data from the different silos into a unified platform makes your campaign more effective. And this is what CDPs bring to the table.
Since change is a constant thing and customers are liable to change, it keeps you ahead of the customers needs and preferences. You can predict what customers wants and make it available.
Personalisation is enhanced when it comes to engaging with customers. Knowing real-time behavioral changes of customers’ market preferences helps you to connect with them at a personal level. As a matter of fact, the CDP Institute reported that personalization is one of the highly ranked benefits of having a real-time unified customer data such as the CDPs.
Making CDPs Work For You
It is one thing to know that there's a technology out there that can positively transform your business. Getting it to actually transform your business is a totally different kettle of fish.
You can get the best out of the CDP package with the following steps:
1. Create A Single and Complete View Of The Customer
Probably by now through your marketing strategies and campaigns, you have bits and pieces of customers’ information stashed in data silos. You need to get all these data into the CDP database and create a full picture of what a customer's market behavior is like in real time.
A good CDP should allow you to import data from any source or channel. The source can be first party, second party or third party. Wherever the data is coming from, the CDP can integrate it and create a singular complete view of the customer.
2. Make Your Customer Profile Stronger With More Data.
The beauty of CDP is that it helps you update key information changes of a customer. You have to keep tabs of how the customer interacts with your business. Look out for changes in transactional behavior. What new things is the customer interested in? How are they spending their money? What are they spending their money on? These are data specific questions.
The fact is your customer engagement is only as effective as the amount of real time information you have on the customer. The CDP is designed to help you build and maintain key customer record in real time, so leverage on that and take your customer engagement and experience to the next level.
3. Deploy The Advanced Analytics Capabilities Of The CDP
Granted, you have all the customers’ data in one place. However, you might not need all of them, depending on how you desire to always reach out to your customers. The CDP can help you intelligently and smartly analyze customer data.
You can compartmentalize customer data for easy and timely access. You can create adjustable compartments like household, individual and business compartments. However you need your data analyzed and filtered; the CDP helps you do that.
4. Create Personalized Customer Experiences Across All Channels
Now isn't that the essence of having a CDP running for your business? Hell yes!
Your customers have a lot of touch points. Picking out the crucial touch points and fixing them will make your performance across all channels better. The challenge here is actually identifying and prioritizing these touch points. The CDP helps you with that, regardless of the platforms, devices and interactions.
Now according to Kampyle,
87% of customers are demanding for multichannel improvements in
customer engagement and experience. As challenging as this might be, it
is a golden opportunity for you to take your business to the next level
by deploying CDPs in your customer engagement plans.
Having a single customer view provides you with great real-time insights that you can take advantage of. These insights are there to help you meet customer expectations whether physically or online.
5. Constantly Optimize Data Across Channels
Data optimization is key to better customer engagement. You need to know what customer data stands that will enable you provide an improved customer experience.
This you can do by setting up your CDP to constantly and strategically maintain customers’ real-time data and making it readily available when the need arises. This will help you to seamlessly act at the speed of the customer.
Like I said initially, the challenge is not about the availability of the tech to create this unified customer data, thanks to the CDPs. The issue is that most brands are yet to leverage on this game changer to take their customer experience to a whole new pedestal.
These steps highlighted above and a bit of ingenuity should set you on the path to using CDPs to transform your business positively.