What is a Customer Data Platform ( CDP ) ?
According to prestigious publications like Forbes, companies that give priority to data-driven marketing are six times more profitable year-over-year than companies that don’t. Seventy-five percent of those data-driven companies also see an increase in customer engagement, and data-driven strategies often produce between five to eight times more ROI than strategies without.
Results like this support the idea that the future of marketing lives in the data, but not just any data- it’s a combination of several components. Its behavioral data enhanced by AI (artificial intelligence) and machine learning that is accurate, real-time and interconnected.
By getting hold of and using actionable, real-time, accurate behavioral data. Companies that do, dominate in their respective industries. Examples of data-driven companies that embrace a customer-driven platform are Amazon, Spotify, and Netflix.
Defined by the CDP Institute, a customer-driven platform is packaged software that creates a persistent, unified customer database that is accessible to other systems.
At the elementary level, the customer-driven platform stores, connect and combines customer data to give a real-time, 360-view of customers regardless of which devices or channels they interact with. It also supports customer acquisition and the “customer journey.”
All the data is captured if shopper “X” follows your company on social media, or browses your website, or subscribes via email, or uses your customer service ticketing systems. Their behavior such as the content they prefer to interact with, the emails they open, or customer service interaction are all stored and updated and available in real-time.
Know more visit here : https://www.groupfio.com/what-is-a-customer-data-platform/
OutboundEngine, a nationally recognized marketing software as a service (SaaS) company, today announced in-app purchasing, enabling small businesses, entrepreneurs and professionals to purchase a subscription to its all-in-one marketing solution within the mobile app.“In uncertain times, Small Businesses are looking for affordable all-in-one solutions in order to reduce unnecessary spend on advertising products that don’t work and come with a high price-tag.
They are also looking for convenience of purchase and want to get started without jumping through a lot of hoops.
Now they have direct access to all the marketing they need and all they need is the mobile app to get started” said Marc Pickren, CEO of OutboundEngine martech news.According to mobile app measurement provider, AppsFlyer, there are now more than 2 million apps for iOS and 3 million apps for the android platform.
As consumers spend more time within apps, this marketplace is set to grow quickly over the next few years.
The global app market is approaching $64 billion this year alone.“We’re excited to begin offering the OutboundEngine platform to prospective customers through our mobile app.
This is the first step and fully aligns with our philosophy to make OutboundEngine in-app commerce and seamless integrations with major marketplaces as easy and efficient as possible,” said Deepak Surana, SVP Product of OutboundEngine.Additional new features of the mobile app include the ability to see all their reviews in one place, request reviews from customers, and respond directly to reviews and leads in real time marketing automation.“In-app purchase was phase one in our plan to integrate with over 200 CRMs, marketplaces and platforms by May of 2020.
Should I invest in a customer data platform (CDP) or not?While almost every marketing department would benefit from having a CDP, this quick, four-question, decision-making guide can help you find the answer and, if it’s “yes,” choose wisely and well.
Can I view all our data on a single platform?If you pull data from multiple sources, rely heavily on your tech team to extract usable information, or struggle to get a 360° view of your customer, a CDP could make your work life infinitely easier and improve performance significantly.When email engagements, social media interactions, text responses, and push notification feedback are stored in different sources, it’s easy to miss the crucial pieces of customer behavioral data required to build the full story.
This difficulty is exacerbated when unstructured and third-party data are pulled into the mix.If you find yourself spending hours pulling data from each channel after each campaign deployment and piecing them together like a jigsaw puzzle to see the complete picture, it’s time to consider investing in a customer data platform.The ability to view all your data on a single platform also empowers robust reporting and enables you to map, evaluate, and analyze data gathered across different touchpoints.
In an age where personalization can separate the winners from the also-rans, effective marketing requires greater precision driven by demographic, behavioral, psychographic, transactional, campaign interaction, and other types of valuable customer data.Achieving such a sophisticated level of segmentation goes beyond simply acquiring a garden variety CDP.
You’re going to need a strong, flexible customer data platform that can empower data manipulation in a seamless, straightforward, hassle-free process.By revealing the potential reach, engagement, and conversion rates of a target segment based on past interactions and real-time insights, it will be easier than ever to calculate ROI, set accurate goals, and create personally relevant messaging to achieve true outcome-driven marketing.Another advantage of advanced audience segmentation is the ability to create lookalike profiles based on the traits of your customers with the highest lifetime value (LTV).
Does our CRM do enough to meet all our needs?If you simply need to manage your sales pipeline and determine prospect engagement with your sellers, and if your organization is a B2B account focusing on large accounts rather than individual customers, a CRM might suffice.
In today’s competitive market, customers expectations have reached a whole different level.
Learn What are CDP and their features.
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