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Choosing the right Customer Data Platform
Choosing the right Customer Data Platform

April 27, 2021

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2020 marked its significance in history not only because COVID 19 brought the world to its knees, but also because it exponentially increased the adoption of digital technology. This, in turn, resulted in a huge influx of customer data bringing in the need for efficient and intuitive customer data platforms. According to a  Forbes article, the influx of data and the tightening of budgets in the coming few years will be challenging for every CMO as they will be expected to do more with less. The need for a unified customer platform that allowed for granular segmentation of its customer's data to build new plans and strategies therefore, became obvious. After all, in today's highly competitive environment, contextual data giving insights into individual consumer's behavior may be the only difference that allows one to have an edge over their competition. Case in point - an awesome deal on a mattress to someone who just bought a bed has great business potential. But pre-empting what kind of mattress would be ideal for that individual is what will change the business outcome. If done right, it will affect both - sales and brand recall for the concerned organization!

Consider another scenario where a top retail brand is losing customers during checkout. An analysis of customer behavior points to the issue that the customer is seeking   same re-assurance on  the fitting of clothes as in a physical trial room. Wouldn't access to this consumer behavior insight rationalize the marketing department's decision of investing in augmented reality technology and benefit all? According to a Gartner research report published in 2021, understanding the customer experience through data is one of the top priorities of leaders in 2021.

Customer Data Platform (CDP) that allows better insights and a unified view into their customer behavior can therefore make a huge difference in ensuring the increasing bottom line of an organization along with returning customers. Let's look at the top 5 features that a competitive customer data platform should offer to businesses. 

 

  1. Real-time Data Ingestion: Right timing is of the essence in any business. Therefore, real-time data ingestion and integration into a central repository that helps in gaining a unified view of your customers' habits could be one of the greatest differentiations giving an edge to your business. With seamless data flow from any channel- be it an app or an offline data store, that combines data from multiple touchpoints, targeting the right customer at the right time becomes easy. With the right targeting and better personalization of business offerings, enhancing your business through better customer experiences becomes easier.
     
  2. Identity Resolution: With a single unified profile that integrates discrete information from various inputs - be it a web visit or an email, knowing your customer's journey becomes a cakewalk. Spotting trends on what's working and what is not resonating with your audience can therefore help you accurately target any customer pain points (if any) or further enhance their experience based on their persona. 
     
  3. Granular Segmentation: The difference between a good and great CDP lies in the ability of the platform to provide deeper analysis on any user profile. A better CDP platform would readily provide deep customer insights by leveraging machine learning algorithms, predictive analysis, and better visualization of data to create granular micro-segments of the profile in question. For example, if a marketing campaign can track down the exact customer journey of its individuals by getting a view into what types of ads are doing great with which segment of the audience, then the marketing team can easily perform lookalike and propensity analyses to drive the next-best actions, and enhance the ROI of the same campaign. 
     
  4. Real-Time Audience Activation: With real-time audience activation, it is easier to drive hyper-personalized, journey-based customer engagement as you connect with customers at the moment. Proactively pre-empting a customers' response has been a proven tool to enhance any organizations' reputation and top-of-mind recall.
     
  5. Omni Channel Marketing in a secure platform: It is imperative that a high-performing customer data platform that ingests data from various channels also be secure - as data today, is the new gold! A platform that integrates data from multiple sources to give a unified customer profile and allows business leaders to make informed decisions would lose its significance if it is prone to security issues. Therefore, the best CDP platforms today would adhere to the latest data security & privacy regulations and GDPR laws.
     

In a continuously evolving marketing scenario today, where all business leaders are looking to ace the challenge of enhancing their businesses, access to the right data at right time is the first and most important step in differentiating oneself. With the right CDP platforms, any gaps in the customer expectation and customer experience can be bridged creating a win-win situation for both customers and businesses alike.

 


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