Using a CDP: How To Get the Most Value Out of Your Customer Data
In recent years, Customer Data Platforms (CDPs) have become more valuable for businesses. CDPs create a unified customer database that integrates first-party, third-party, and Personally Identifiable Information (PII) data and makes it accessible to other systems.
A CDP helps marketers in three significant ways:
1. Data Unification
Over 2.5 quintillion bytes of data are created each day. CDPs gather customer data from various sources and platforms, combining them into one source. Having one source allows for a holistic and accurate view in a fraction of the time spent gathering among multiple systems.
2. Improved Customer Communications
CDPs make targeted, personalized experiences possible by providing insight into what customers expect at each point in the customer journey. You can support those touchpoints by creating custom interactions that may have otherwise been missed.
3. Customer Journey Insights
CDPs assist in mapping out your customers' journey and experience in real-time. With the gap between gathering and analyzing data curtailed, targeted marketing messages can be deployed and tracked instantly. You will be able to see when and how a customer’s journey changes, adjusting as needed along the way.
What the Statistics Say
43% of marketers using CDPs saw a significant improvement in ROI
Online sales improved for 45% of marketers implementing CDPs
39% of marketers report a considerable reduction in time spent managing customer data
CDPs provide a significant stepping-stone to identifying real-time journeys customers want to take when they want to take them, which is vital to a company's longevity, outlook, and relevancy.