Marketing departments in successful companies across the globe work tirelessly on a few key things: generating qualified leads, brand building, and developing an omnichannel to ensure their customer base has a smooth and easy experience – which keeps them returning for more of the company’s valuable products and services.
In order for businesses to achieve these goals, they need practical tools to compile lead data and present it in a manner conducive to the development and analysis of Key Performance Indicators (KPIs).
Cue a solid Customer Data Platform.
What is a Customer Data Platform (CDP)?
A customer data platform is essentially a “middleman” software application that collects customer data, organizes the information, and sends it to other platforms or destinations to practically eliminate the need for manual interaction and reduce the risk of human error. Think of it as “data in – data out.”
Not only a middleware, a solid customer data platform stores this data to be accessed and used for purposes outside of the auto-transfer to other locations. For example, if testing a new marketing method, data can be extracted from the customer data platform and used without the need to develop a new CDP integration – until the new marketing strategy is deemed successful.
Current Company Challenge – Data Silos
Companies that avoid the implementation of valuable technology and rely on manual data entry often suffer from siloed data collection – where one department may have access to the crucial customer data but it’s not shared with any other department. It could be a lack of knowledge of the benefits of data-sharing, it could be a lack of experience in creating an omnichannel presence in the industry, or it could just be a lack of integrated technology like customer data platforms.
Collaboration is crucial in any successful company and when data is siloed in one singular area, teamwork becomes almost impossible. Lack of cooperation leads to lower customer satisfaction rates, potential data accuracy issues, and eats up priceless manpower time (and payroll costs) that could be better spent boosting the business and growing income.
Benefits of Customer Data Platform Process
Adopting technology into your existing business and marketing strategies can not only alleviate costly errors but can boost the potential for profitability with less overhead and more accuracy. Let’s explore just a few benefits of busting customer data platforms for the achievement of business objectives.
Functional Flexibility during Marketing Shifts
Software does exactly what it’s programmed to do and when that strategy no longer works, a flexible CDP can be reprogrammed to instruct the application to perform a different task, integration, or collection method – as many customer data platforms contain no-code and low-code technology.
For example, imagine a business’s CDP captured customer demographics to market one specific product to a location-specific sector of leads. The campaign was successful using the captured data, but it’s time to pivot and use a different demographic from the same sample of prospects to market a separate, but related service. A customer data platform that has user-friendly functionality could change the destination of the data in just a few clicks of a mouse.
Segmented Prospects Means More Quality Customer Interactions
A quality customer data platform can categorize leads based on their current position in the buyer’s journey and allows marketing professionals to place relevant content in their future path. For example, leads just learning about a company and its offerings are not yet ready to commit to a monetary agreement, and presenting them with “buy now” advertisements may send them running in the opposite direction. Customer data platforms offer crucial information to nurture those leads from prospect to purchaser.
Industry Competitiveness among Small and Large Businesses
Businesses that make use of a customer data platform can streamline the information-gathering process and when that data is used wisely, can allow small and medium businesses to better compete with the big boys – and separate themselves from other local businesses who have yet to implement effective tech into their operations.
Additionally, data at the fingertips of marketing pros make it possible for them to pivot their strategies rapidly when the market changes or customer needs shift – continuing to provide what their customers desire.
Compiles Quality Customer Data for the Present and the Future
The sheer number of hours it requires for a human to manually gather, categorize, and enter customer details into various marketing avenues is vast. It’s almost certain that future strategies will demand more information not initially captured, meaning… back to the drawing board.
However, customer data platforms have the capability to collect a plethora of data that businesses didn’t know they needed but will be grateful they have as the market takes a turn in a new direction.
Customer Data Platforms Create a Better Omnichannel Experience
Brands strive to create an omnichannel experience for their customers – providing exactly what they need on any platform where they spend time. An omnichannel allows marketing managers to meet customers where they are, and create a smooth transition between all strategies – at every customer touchpoint including email, social media, website content, and even in-store.
Customer data platforms make creating a customer-focused omnipresence much more attainable for all types of businesses in any industry and the more quality data captured, the increased likelihood that potential clients receive exactly what they need… with a consistent, nurturing message – not to mention the sheer increased revenue potential through upsells and developing unshakable customer loyalty.
The journey from marketing concept to completion is a long and ever-changing one but by arming businesses with the tools and data to get the job done efficiently and with a customer-centric omnichannel focus, brand building just got easier. Customer Data Platforms take the guesswork and manual entry out of crucial lead generation and nurturing tactics while giving the marketing and sales pros the info needed to increase that bottom line.
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