Last updated on September 15th, 2020 at 07:56 pm | This article was published at an earlier date and has been updated with new information.
Defining Marketing – How CDP is Defining Marketing Technology?
Defining Marketing Technology is tagged in this article. Customer Data Platform or CDP has become a word that we all are hearing very frequently in the marketing space. One of the reasons behind this buzz is the growing importance of marketing data in marketing strategies and increasing recognition of established CDP Vendors. Also the ability it provides to the marketing team to transform their work and the ways in which customers interact with brands. CDP also breaks the Martech silos, unifies online, and offline customer data and experience, makes marketing efforts more effective, and drives better results for marketers.
As per Researchscape, one-third of marketers claim that “access to data” is a major hindrance to making personalization a priority. The main objective of any business is to offer the right product to the right potential customer at the right time, and the capabilities of CDPs range from gathering and storing customer data to effortlessly integrating with existing marketing technology and delivering data-driven, actionable insights make it a must-have tool for marketers. As Venu Gooty said, “As organizations look to use data to make better business decisions, Customer Data Platforms are now becoming a must-have instrument within the marketer’s toolkit.”
So let’s see how such a revolutionary technology is defining Martech:
Cross-Sell & UpSell
Customer Data Platforms can integrate with important sales and marketing systems such as Point-of-sale (POS) systems in an aggregation of B2B Marketing Automation and provide built-in customer profile metrics. A complete suite of marketing tools helps marketers in developing customer segments for personalized offers and advancements on the basis of these metrics.
By utilizing your CDPs to quickly consolidate information from all channels, you will know when your customers make a purchase and when it’s time to shift to a cross-sell or upsell strategy. Once your potential customer decides to purchase, you can start improving retention with personalized, data-driven recommendations. This can help in extending your relationship from the first purchase itself.
Identify New Revenue Streams
Customers expect better customer experiences and personalized content but not at any cost. Marketers need to get creative and rethink the formats of content utilized to reach customers across various devices. This incorporates what promotions/offers marketers send and when they send, as well as what types of alerts and notifications are pushed when customers step into a physical store.
Customers want special attention and improved products and services that meet their particular and exceptional needs. A CDP encourages you in gaining a more complete understanding of the preferences of your customers, so you can prioritize your product and service offerings to more closely align with the wants of your customers. Or, you can create a completely new stream of revenue by recognizing and capitalizing on trends borne out of your customer data.
What’s even better than detailed data about a person’s history, preferences, and behavior online? Getting that information in real-time. To deliver more focused offers and better outcomes, a holistic understanding of customer engagement is crucial. It includes the real-time aggregation and analysis of data across marketing, sales, and customer service. A CDP can deliver this data and even utilize it to orchestrate campaigns, promotions, and tailored user experiences. As a result, you can more consistently provide personalized omnichannel brand experiences for your customers, no matter what channel they’re on.
A CDP also helps in keeping your customer data accurate, reliable, and secure by constantly cleaning, translating, and updating data after some time. With round-the-clock access to this up-to-date data, you can rapidly improve the quality of your customer interactions.
Marketers just can’t ignore the increasing demands of customers for frequent, personalized marketing methods. A CDP enhances everything your marketing team does to enable you to gain full visibility into behavioral patterns of customers, get more out of your existing data, and market smarter.