CDP Overview

Presenting the importance of CDP and its benefits in today's business.

Nowadays, businesses tend to make analytical decisions based on the right information to target the right audience. This ever-evolving digital era has introduced incredible techs in communication to nurture business by ensuring every action is worth reaping potential results. Such a milestone is achieved by today’s digital marketing capabilities and through the advanced platforms that support businesses in elevating themselves to the global audience. Let's understand how businesses utilize advanced tech for their marketing communications with the following scenario.

As a user, you may go through the following actions to get to know about home loans and avail one,

• Google search with “Home loans” Visited some of the bank websites

• Clicked on terms and conditions to understand more about the home loan

• Clicked on offers/benefits for the festive season

• Physically visited the bank to enquire about home loans

• Read a few blogs to compare the policies, rate of interest, etc.

When you have chosen the bank for your home loan you might have probably researched the best tenure and policies suitable for you. While you were in this decision-making process, you interacted multiple times with the bank you finally decided to take the loan.

You might have noticed that while you were interacting with the bank, each interaction would have felt more personal to your needs. The ads you saw on Facebook or YouTube felt extremely relevant to you, the website has also made subtle changes to make it feel more personalized, you received an email mentioning the offer on the home loan, and a follow-up phone call from the bank, despite all this process was automated, it felt like that were crafted to cater to your personal needs.

How was the bank able to do all of this? It is highly likely that the bank was using the Customer Data Platform to tailor their interaction with you.

Businesses started targeting the right audience with relevant information by tracking the behaviour of users through their online presence like surfing history, recent searches, products enquired, and other numerous data points rather than spending a huge budget on pointless marketing communications. But it's impossible to track the behaviour of each user on the internet manually.

Ever wondered how these companies precisely target users with the right information that feels more personal and relevant to each user?

Here comes the Customer Data Platform(CDP) with phenomenal abilities that support the business to engage customers with relevant information by knowing their interests through various data points and bringing traction to any business with effective communication. The notifications that pop up with the offers for the product that the customer has recently visited, the ads that grab the attention of the users from different social media platforms with the right content, and many other mesmerizing communication strategies were achieved by the intellectual capabilities of this Customer Data Platform (CDP). As the global market is getting automated in every nook and corner of the business to enhance its performance and efficiency, many multi-level businesses strive to establish an automated solution in the core parts of the business to make analytical decisions in every aspect of the business cycle.

While marketing and sales act as the spine of any product's success, the advent of this CDP secures businesses from spending millions in marketing budgets to reach global audiences by enabling the marketeers and stakeholders to precisely track the users' behaviour and their interests from various data points.

CUSTOMER DATA PLATFORM

A customer data platform combines data from multiple sources to create a single centralized customer database containing data on all the touch points and interactions with your products and services. This database can be segmented in endless ways to create more personalized marketing campaigns.

Every business wants to get a better understanding of their customers. For such businesses, CDP can be used to collect data from multiple touch points like Websites apps, Social Media, Offline sources, and many other places where the customer might have interacted with the business. The CDP will collect data from all these touch points, and make a unified customer profile which can be used to create a more personalized or to provide the data to other platforms like Google ads, Facebook, etc.

So how does the CDP achieve it?

• Identity Resolution - The process of consolidating data from multiple touch points to create a single unified view of the customer and his activities.

• Trait and Audience building - Incorporates data into traits and audiences for each user including the user behaviour.

• Activation - Provides the user as well as audience data to multiple platforms to create personalized marketing activities and gain insights.

Benefits of CDP

• Aggregates data from multiple touchpoints.

• Structures real-time data from first, second, and third parties into customer-centric profiles.

• Merges customer profiles from various data touchpoints.

• Provides data transparency and granularity at a known individual level.

• Delivers a unified view into the customer’s mind and needs.

• Enables marketers to have people-based marketing.

• Helps a business to optimize the user experience through smart segmentation and cross-device personalization.

• More insightful customer analytics.