I wanted a Dell adapter to charge my laptop’s new battery. The old one was by HP and no longer compatible with the new hardware piece. It was tough getting the exact wattage in the adapter. But finally, I got what I needed. This was after going through several shopping pages, Amazon, Dell’s official website, other e-commerce websites selling computer peripherals and accessories, and the social media pages of techies committed to sales. Basically, I kept connecting the dots till I traced the product listed on a B2C Customer Data Platform (CDP); now my laptop is working fine.
Cut to another scenario. Being in the fashion clothing business, as a company, we have to deal with multiple vendors. Just last week, our usual supplier of buttons missed out on order. There was very little time on hand and the consignment had to be shipped out soon. Thankfully, we found the easy-to-use functions and tools of a CDP meant for B2B businesses. We got all the buttons we wanted, locally and within a day.
So, what exactly is a CDP and how does it differ for B2C and B2B businesses?
What is a Customer Data Platform?
It is software that collects and organizes customer-specific data across different platforms. For instance, in B2B businesses, the data is collected from CRMs, ERPs, websites, emails, POS, partner systems, cases, firmographics, and varied social networks like LinkedIn and Facebook. Thereafter, unified profiles are created for accounts and individuals from the collected data.
- The real-time data collected by the CDP is structured into different kinds of profiles – such as individual and centralized customer profiles.
- The structured customer data is available for use by other systems, software, marketers, and end-users alike.
- Customer segmentation is an important part of profile structuring; it is very helpful for onboarding users and understanding their behavior.
- Properly collated and segmented customer data is useful for increasing Customer Lifetime Value (CLV) and the Customer Satisfaction Index.
In simpler words. A CDP makes it easy for businesses and end-users to get a unique, unified view of what is needed. With a CDP, B2C and B2B businesses can retrieve the most relevant data without getting into the maze of various customer touch-points
CDP for B2C versus B2B Businesses
There is not much difference in the CDPs for B2B and B2C companies. Both CDPs create unified views of customer data to help the customer service and marketing departments. However, there are some important points of difference on the micro-level. The following paras will explain the distinction with small details.
B2B businesses deploy CDPs more than B2C companies
As per recent research by the CDP Institute, 34% of B2B organizations plan to use a data platform compared to 19% of B2C companies, in 2021. This is because B2B businesses have more complex and longer sales cycles. They have to deal with large-sized databases. As B2B companies are relationship-driven, they need a comprehensive view of customers and their entire journey. The extent of use is less in B2C companies.
The underlying strategy
In the case of B2B businesses, the CDP lies at the core of the account-based marketing strategy. It is used for gaining valuable insights into the data of prospective customers. Conversely, for B2Cs, the CDP gathers information to generate insights linked to the existing customers.
Use of data analytics
In B2B companies, the CDP is used to gain valuable insights and inform the product manager how to make decisions for marketing, sales, and the product itself. The Business Intelligence (BI) solutions are used for taking the load off IT teams. The information derived from the CDP is helpful in automating critical but time-consuming processes. On the other hand, the product managers in B2C companies use the CDP to collect, visualize, and get insights from customer data. They do so to generate better user experiences.
Why NeuroTags for Consumer Data Management?
Whether you are associated with a B2B or B2C business, you will need a CDP to get a competitive edge. It becomes more important to invest in the platform if you have physical brands linked to retail sales channels. The customer data platform architecture chosen by you should be scalable, robust, and reliable. It should be capable of introducing users to smart and effective marketing channels.
The solutions provided by NeuroTags has several methods of onboarding users. Packed with multiple features and benefits, they provide innovative customer data capture solutions. Steer the marketing and revenue generation efforts of your company in the right direction. Invest in the best B2C Customer Data Platform to engage and manage your customer data. Ask for complete marketing automation at NeuroTags, and grow your network.