There has been a recent rise in demand for personalised customer experiences and this has left many marketers struggling to deliver. The trending discussion now is how businesses are supposed to navigate through the large volumes of customer data generated as a result of modern digital experiences. This has now led to an increase in the number of marketers turning to Customer Data Platforms (CDPs) to help them overcome their struggles.
CDPs have been predicted to play a vital role in the future and the market for them is large and growing. Everyone is obsessed with the advantages they can bring but then again that does not mean it’s an investment every marketing team needs. So how do you determine if it’s the right solution for your business?
You Struggle with Customer Data
Customers interact with data through different channels and unfortunately, causing headaches for marketers as they try to collate and analyse data from multiple channels.
All this raw data sums up to large volumes of records spread across different systems and if your data is held on siloed systems, this becomes an almost impossible task as every team and system will use their own databases and store the information in their own way. What eventually happens is that you realise your business is currently facing a challenge to keep all of this information integrated, standardised, and clean so you can actually solve customer experience problems. Then you definitely need a Customer Data Platform (CDP). A CDP automates this difficult process, eliminates inaccuracies and duplicates, and seamlessly merges, cleans, matches and combines data to form a comprehensive single source in real time that can be consumed by marketers to maximise sales opportunities.
Difficult to Identify Loyal Customers
For the majority of businesses, especially large enterprises that own many brands, one of their main priorities is identifying loyal customers. However, if their customer data is held on siloed systems, this won’t be an easy task. If each brand or department don’t talk to each other, you won’t be able to see the bigger picture when it comes to your best customers. This is a problem because your most loyal customers are often your most valuable customers, since they are more likely to come back for repeat business across brands.
To gain a clearer understanding and to be able to identify not only who your most loyal customers are, but what makes them come back for more, you need clean customer data at an enterprise-wide level and this is where- CDP comes in . Whether you’re a single brand or a large multinational group, cleansing and unifying your data across the entire company is a must and doing this manually is painful and time consuming.
You should consider a CDP If you’re having a difficult time identifying your most profitable, cross-brand customers and creating the digital experiences that nurture those relationships and drive repeat business.
You’re not Getting Expected ROI from Online Advertising
All marketers should aim to deliver hyper-personalised customer experiences, especially as failure to deliver may result in losing revenue but If your online advertising isn’t providing you with the right traction and engagement you need, there’s a high chance you’re reaching out to the wrong audience or advertising to them at the wrong time.
With a 360-degree view of your customers, you’ll get a full understanding of your customers which provides you with leverage to create more personalised customer journeys so you’re not advertising blindly. You’ll get full insights on their interests, most used channels and best means of communication with them. Increasing ROI is a major priority so implementing and integrating a CDP with your advertising platforms can significantly increase the effectiveness of online advertising. If you think you’re struggling in this area, you should consider a CDP.
Now Is the Right Time to Act
In conclusion, collecting, standardising, cleaning, and activating good customer data is essential to creating better digital experiences that drive results. However, more data isn’t going to get you there unless you can manage it effectively. A Customer Data Platform orchestrates relevant engagements and streamlines all elements across web, email, mobile and social for a seamless and profitable experience for all involved. If you’re wondering how a CDP could help you, start here by requesting a demo to speak to our expert.