No, we haven’t released Virtual Reality glasses yet! But the truth is that a holistic and unified view of our customers is increasingly required. There is a great opportunity to implement solutions for the integration and centralization of information from different points of contact between your business and your customer, in order to continuously optimize […]
No, we haven’t released Virtual Reality glasses yet! But the truth is that a holistic and unified view of our customers is increasingly required. There is a great opportunity to implement solutions for the integration and centralization of information from different points of contact between your business and your customer, in order to continuously optimize your strategy and provide the best shopping experience.
Let’s translate this to English? Discover the benefits of having information centralized in a CDP.
Contents
… But first, why is customer data important?
Enjoying personalized service is almost like eating chocolate. After experimenting, we can’t find any replacements to match. Therefore, it is important to be the best chocolate on the market. Transposing it to business reality, it is important to meet, or even exceed, your customers’ expectations when interacting with the brand, regardless of the channel. It is therefore important to have up-to-date and constantly accessible customer information, ideally on a single site, on a single platform, which allows you to support your company’s communication strategy and even the offer.
CDP guarantees this: by ensuring the collection and integration of data, the CDP optimizes and refines the information collected, while centralizing it in its own infrastructure.
Even if some customers are legitimately opposed to data collection or only allow the processing of certain types of information, it is desirable that the customer’s history and experience are taken into account to ensure a positive and trustworthy interaction. A good example of this would be the differentiated treatment at the store when it is known that the customer has already filed a complaint in their after-sales service.
In addition, CDPs allow you to share consent updates and only collect and make available data according to the consumer’s preference, ensuring RGPD compliance, that is, compliance with all requirements and rights contemplated in the General Data Protection Regulation of the European Union (RGPD or GDPR).
Customer data platforms can thus improve compliance with existing and emerging data privacy regulations such as the RGPD and LGPD (General Personal Data Protection Act). These regulations require companies to grant consumers the right to access their data and the right to erase it (the “right to be forgotten”). Meeting these requirements can be challenging when different consumer data is dispersed across other systems and can easily go unnoticed..
… What is the trick behind CDP?
Years of experience in the field of digital marketing and innovation, modesty aside. We realize the growing need to know the consumer and their preferences and take advantage of the opportunity of the speed of data collection to convert them into legible, tangible and actionable information in order to serve the objectives of the marketing teams (and beyond).
The interaction between market and companies is done through multiple channels. Each collects pieces of information – primary data. CDP collects this primary data at each interaction – whether it is done in a store via a payment terminal, in an abandoned online cart or through telephone interaction in a call center – it standardizes and transforms this data into individual identities of each customer – the so-called ” identity resolution”. This process combines all standardized information and strengthens the customer profile with concrete, consistent and accurate data.
With this data formatting, CDP is able to support a variety of marketing processes, including CRM, reporting, marketing automation and A/B testing, as well as creating and customizing social media ads and content.
Like Humanity that does not stagnate in its evolution, CDP is also in a constant process of optimization, collecting and analyzing data from various sources, and keeping an up-to-date history of all interactions made with the customer.
… What data should I take into account?
In order for the identity resolution process to be as complete as possible, it is necessary to collect as much information as possible from the user and/or customer. With the right data and algorithms, you’ll be able to build effective offers and dynamics for each customer profile designed. In this way, it is possible to guarantee that expectations are met and expand the reach of communication campaigns.
By creating and maintaining a unified database of customer profiles, each with a consistent identifier, CDPs provide a single view of each customer and a trusted source of data for various marketing functions. The collection of data from different marketing platforms and systems provides the necessary basis to support the strategic definition and management of campaigns, marketing analysis and Artificial Intelligence projects (it is on the analysis of this data that the AI algorithms are based to refine the suggestion of the next best offer for a customer, called the Next Best Offer).
Difference between CDP and “data warehouse”/ “data lake”?
Even though they collect data, the truth is that CDP is the perfect alternative to satisfy business needs. “Data lakes” are just what the term suggests: data pools. Unlike CDP, these do not process the raw data to make it usable, they are designed to support analysis of it and not to drive customer interactions.
Data warehouses and data lakes are generally updated less frequently. . Neither can identify customers on different channels or devices. Without identity resolution, they cannot be used to build a comprehensive view of the customer.
By bringing together all types of data (structured, unstructured, online, offline) into a centralized view, CDPs improve the shopping experience. They help create a constantly updated 360-degree view of the customer, always starting from data collected from every point of interaction: email, social media, loyalty programs and in-store transactions – as well as data from other internal systems , such as ERP, CRM, DMP and more.
With the same customer view, different departments can work together and create synergies that bring value to all teams. With CDPs, companies can deliver consistent messages, always involving the customer and boosting sales growth and brand recognition
CDPs process data in real time, providing information quickly and have an accurate view of consumers as individual entities, personalizing the brand interaction experience, while reinforcing a lasting relationship that improves retention rates.
And if our advice isn’t enough, here are some statistics to bolster our argument: Marketers who master personalization through CDPs generate increases of 5 to 15% in revenue and 10 to 30% in the efficiency of communication spend and marketing.
As CDPs collect data directly from their customers, this data is more complete and up-to-date than data from other sources. A comprehensive and up-to-date view of customers makes marketing campaigns more effective and unified.
Having a centralized customer data platform allows you to make better decisions, as they are supported by hard data, and can even inspire new marketing programs.
In conclusion:
A robust data collection framework reinforces any corporate strategy and adds value. Get to know our highly customized CDP solutions, tailored to your business.