The rising need for a reliable Customer Data Platform (CDP) has made companies sit up and take notice. Today, large and small companies are adopting CDPs like never before. Enterprises are using them to a larger extent than MM and SMB organizations. They help track important events like behavioral data, order completed, checkout started, and products’ addition. Along with marketers, users connect CDP with CRMs, data warehouses, and customer success tools to help their business grow.
“The most challenging barrier to Marketing Automation success is data integration between the various marketing systems of an organization.” – Founder, CDP Institute.
Here’s what we think of CDP and why you should adopt it for organizational growth.
Effective Data Collection and Consolidation
A recent study conducted by The Relevancy Group showed that 62% of businesses used CDP for customizing email marketing, while 53% of users applied it for real-time targeting.
The technology landscape is dealing with a tsunami of data. Customer Data Platform is a strong marketing tool to collect customer data. It brings relevant data together to help strategy makers and marketers alike.
A Customer Data Platform enables transparency and disruptive decision making for faster marketplace reactions. “Insights / Treasure Data” – a recent report by Forbes, points out the marketing executives’ view. Out of those surveyed, 93 percent believed that the analysis and use of consumer data help tackle competitive challenges.
When you implement a CDP, you can be assured of having better relationships with your suppliers and vendors. This is because of the high-quality interactions and segmentation that results after that.
Flexible and Agile Technology
CDPs help in collecting data easily, anytime, and from anywhere to offer better customer experiences. With a customer data platform in place, businesses can link up with agile technology. The tool helps in creating and connecting flexible use cases in line with dynamic trends.
Easy to Democratize Data
These marketing tools provide benefits to all departments; they are not helpful for marketers alone. For instance, apart from the marketing team, customer services and BI teams require properly collated data for strategy and decision making. With democratized data access, companies find it easy to grow. This is because they have more accessible points of contact with their clients and in-house teams.
Operational Efficiency Increases
A CDP allows you to integrate various tools and solutions for viewing customer data without expending your resources. Customer data can be centralized with the help of simple integrations. This saves on working hours. Besides, it becomes possible to configure business and audience rules and apply them uniformly across all departments.
Invest in a Customer Data Platform
Business growth can be increased via personalization. NeuroTags customer loyalty solutions have enabled success for clients from different domains. You may want to connect with their experts to leverage the benefits of a customer data platform. Reach out to NeuroTags today!