CDPs are becoming increasingly important for a reason. According to Aberdeen, by 2022, 91% of enterprises will have implemented CDPs. By 2025, the global market for these platforms is predicted to increase at a 34% compound annual growth rate.
Why? Customers need a customer data platform to help them better understand their audience, develop relationships with them, and generate income. Those aware of this are already on their path to improved data management and a more tailored customer experience. Do not risk being left behind and not having the opportunity to connect with customers.
Understanding the essential benefits of CDP systems is critical to the success of any growing firm, especially those that are just getting started. See what you can learn from these outcomes.
Assemble uniform profiles for all customers
Using a customer data platform, you may centralise your consumer information. Even if you run campaigns on social media, email and search engines, you can collect all audience data in one location. In this approach, you may understand each customer’s journey and devise new methods to contact them better.
This aggregation is critical since businesses now have a plethora of channels via which they may communicate with their consumers. Companies can leverage CDPs instead of being overburdened by data management issues and refusing to test new platforms.
Create a unique experience for each customer
It’s easier to target consumers with relevant, targeted campaigns when you have more data. That’s exactly what people are looking for in the market today. Eighty per cent of customers, according to Epsilon’s study, want businesses to personalise their offerings, and they’ll, in fact, be more inclined to do business with them if they do. When it comes to personalisation initiatives, McKinsey & Co. says most merchants can’t capture and integrate consumer data.
What’s the solution to that? It is a CDP.
“Customers demand,” says CDP Institute founder David Raab (personalisation). Because they’ve seen it at other firms, your customers expect you to provide it. It’s actually all about making their lives easier and better. You can’t satisfy these requirements until you’ve created a comprehensive profile of your ideal customers. Only a CDP is capable of doing this.
Enhance the level of client satisfaction
With a CDP, you may enhance customer satisfaction by nine times and increase yearly growth by two and half times while increasing average annual spending by five times.
Consider it. To make purchases, trust companies with their information and become long-term consumers, people must have access to material that suits their specific needs.
Automate tasks to save both time and money
Yes, CDPs serve as data hubs. However, many are also equipped to use artificial intelligence and automation to activate this data.
Using a customer’s purchase history, a CDP may foresee how and when they will make future purchases. Your cash will only be spent on efforts that are most likely to convert if you can meet your customers’ needs appropriately and with the correct message.
Foretell the future
It’s not an exaggeration. At the very least, your CDP can provide you with insight into future marketing trends.
Using machine learning, CDPs can forecast consumer behaviour and develop new high-quality audience segments. As more data is being collected, businesses may utilise this information to make real-time advertising decisions and remain ahead of their competitors.
Well, since you now know how important CDP is, don’t waste your time and get going.