One of the most challenging parts in this shift from a mass media-focused approach to personalized conversation turned out to be big data analysis. A large amount of information produced by each and every client can be extremely difficult to track, basically impossible using traditional methods.
As a result, Customer Data Platform has been designed to meet the most sophisticated demands imposed on modern-day marketers. A marketing CDP can be the difference between a good experience and a great experience for your customers. Let’s talk about CDP marketing and how it can level up your business in 4 ways.
Funnels represent a customer-focused sales process that symbolizes phases your consumer should go through in order to perform a final purchase.
However, you need to know your customers well and understand how they are likely to perform a purchase, in order to recognize and address funnels successfully.
Communication is another factor that greatly affects the funnel; clients need to be properly educated about the product before buying it and your job, as a marketer is to advertise a selling item in the most personal and persuasive manner throughout all stages of the funnel’s structure:
The Customer Data Platform is an extremely useful tool for communicating with clients through all funnel stages. The CDP software is able to scan real-time data about an individual customer so that you can:
Marketers frequently use the CLV formula to estimate the total amount of money a buyer is expected to spend throughout their lifetime.
Keeping a CLV number soaring is desirable for every business since acquiring a new customer is much more expensive than retaining an existing one who is willing to spend substantial amounts of money at your company.
However, the task of calculating a precise CLV is quite challenging and many companies, especially small-sized ones find it difficult to estimate.
In this case, the Customer Data Platform can automatically calculate the CLV for individual customers thanks to its advanced technological capabilities, such as AI. The CDP estimates Customer Lifetime Value based on the:
Customer Data Platform offers marketers a single customer view built upon an in-depth client analysis. That feature gives businesses a unique opportunity to gain valuable insights into the market landscape.
As a result of automated customer segmentation, marketers are able to detect the most and the least valuable segments and nutriate them accordingly.
The Customer Data Platform scans and translates multiple information about customers in order to find the most valuable one for the business, based on such features as:
KPIs (Key Performance Indicators) are designed to measure company performance, for example in relation to the marketing campaign. Having KPIs implemented is an essential part of every business, because of their:
However, the question is: how to measure KPIs? The data produced by customers and a company can be enormous and impossible to measure using traditional methods. Likewise, in that case, the Customer Data Platform is an answer!
The CDP tracks and scans in-depth information about customers, and afterward translates the data into a readable format that can be used by members of each department within the company to monitor their performance in relation to KPIs.
Customer Data Platform finds its wide purpose within all marketing activities. Nowadays, data is more important than ever, and implementing it within the marketing strategy is becoming essential for every company that enjoys a strong digital presence.
Especially in the e-commerce industry where the industry is currently battling stagnation in consumer spending the competition is tougher than ever. That is why CDP marketing is key to getting ahead of the tight competition and delivering what your customer ask for today. Better online experiences through personalization.
I hope this blog helped shed some light on what a CDP means, and what you can do with it in your marketing. One thing is for sure, with the privacy changes happening CDPs for marketing have come to stay. In fact, 80% are more likely to make a purchase when brands offer personalized experiences.