The right data strategy is the foundation for better customer experiences
In fact, what you want is a centralized brain to manage data decisions and understand the next best experience for customers. CDPs can act as a centralized brain — they deliver information not only through different channels on the platform, but also to different groups within an organization. “CDP is the perfect balance to gain insight into your customers and ensure that all of that data is processable in real time,” says Fleisch. By “real time”, Fleisch refers to the delay as milliseconds, rather than hours or days.
This real-time intelligence helps brands build strong relationships with customers by meeting them where they are, with exactly what they want and need. By 2022 Adobe trust report72% of consumers say their trust in a brand increases when content is relevant and delivered at the right time and place.
The level of personalization that customers demand is only possible with real-time action on customer data. For example, everyone loves deals that save them money, so sending customers a coupon for a service or product is a good enticement — but only if it’s a coupon that won’t work. they will use. A generic coupon, or worse, a coupon sent to customers that don’t fit the target demographic, can reduce brand trust.
Real-time data personalization for customers
CDPs are applicable to industries and regions. For a large company with more complex implementations, Fleisch notes, CDPs can be used to provide more customization and sophistication about how data is handled and managed within an enterprise. For smaller companies, using a CDP can be more focused on marketing, led by a team that wants to deliver a consistent experience, from customer acquisition through retention and loyal.
For example, TSB Bank is based in London determined that they needed to unify their customers’ banking experience across channels, especially as more and more customers went digital. Other goals are to provide customers with the most relevant content in real time, establish stronger consistency between online and in-branch transactions, and eliminate third-party cookies and towards consent-based first-party data.
According to Mike Gamble, TSB’s director of analysis and design, “We needed a big picture of everyone who transacts with us, from their history to their needs to how they move along the customer journey. rows and that means our data centralization single platform. “For example, TSB customers browsing for new homes online can get information about TSB mortgages. Just one year after implementing the CDP, the bank saw a 400% increase in loan applications.
As a first step in discovering a CDP, Fleisch suggests identifying the need and use case(s) for your organization. Next, make sure you understand the long-term needs of your business and keep that vision in mind at all times. “Think long and hard about how a customer data platform can truly unify data, connect teams, and find value in all of the data provided by a customer without going inside,” says Fleisch. dead end”.
This content is produced by Insights, the custom content arm of MIT Technology Review. It was not written by the editorial board of the MIT Technology Review.