There are a multitude of benefits that companies can get from using a Customer Data Platform (CDP). I take you on a short tour of the key benefits of a CDP and those that create the most value.
Eliminate data silos
A key benefit of CDPs is the ability to eliminate data silos. Before CDPs, most customer data was housed in separate solutions (i.e., CRMs, data warehouses, marketing automation software, etc.) that did not communicate with each other.
Moreover, this data could not be easily shared between teams in a company, be it a marketing team or a product development team, or other stakeholders within a company. Every team within a company should have access to the same customer data so that everyone has a complete picture of a customer's behaviour, preferences and buying journey.
CDPs help collect and integrate all data sources to get a complete picture of customers so that teams within a company can create an optimal customer experience.
Consistent messaging across all channels
Because CDPs are a single source of truth for all customer data and interactions, this type of software can deliver consistent messaging across all channels during the customer journey.
Moreover, every team in a company has access to the same customer data, so that all cross-channel marketing campaigns and messaging are aligned and previous and current interactions can be considered before campaign execution. Finally, CDPs can identify customers' preferences on how they want to be approached. Their preferences and individual interests.
Execute personalized journeys for each customer
Using Artificial Intelligence and Machine Learning, CDPs can segment audiences and create predictive scoring models that allow marketers to launch hyper-personalised campaigns for each customer. CDPs with activation capabilities can help marketers send targeted emails, make relevant recommendations and retarget campaigns.
CDPs help companies comply with privacy regulations such as GDPR and CCPA, as a CDP collects all customer data in one place and can provide a history of where this data comes from and how it is used.
CDP's allow marketers to use customer data consistently across all their marketing technology software, giving customers more control over how they want to be contacted and how they want their data handled.
CDP's help build customer trust because they have built-in governance tools and all preferences and interactions (online and offline) can be captured in one unified database.
Real-time decision-making for the business
When marketers use CDPs, they have real-time access to their customer data and profiles and can take the next best action in real time. The ability to update customer profiles in real time is a huge advantage for marketers who want to personalize communications.