As the need for core customer data increases to astronomical levels, businesses still struggle maximising the use of data for personalisation, analysis and other business needs. In conclusion, the rise in interest of customer data platforms to collate and manage customer information for better personalisation and get a ROI in data has never been higher.
Majority of customer data platforms (CDP) function very similarly. Firstly, they consume customer first party data from multiple sources in real-time and establishes information such as devices, emails or demographic information. Secondly, CDP allow customer data to be collated on an individual level, connecting variable attributes to identification. Lastly, CDP's allow companies to segment customer data and share these details through reports and marketing solutions to personalise content for structured and targeted marketing campaigns through digital ads, email and various other monetisation channels.
Identifying Your Company Goals Before Using A Customer Data Platform
Customer data platforms operate a whole host of features and functionality but generally falls in to four categories, spending money on ads more efficient, increasing and improving marketing strategies, reducing technical costs and getting a much deeper insight into data. When searching for the best customer data platform for your business you must have an understanding of the goals you want to achieve and ensure that the whole organisation is aligned in those objectives for the customer data platform to work effectively.
Buying Or Building A Customer Data Platform
Purchasing a pre-built customer data platform solution developed by industry experts is considerable advantageous making it easier to gain a wider range of insights into multiple different areas instantly. Having a expertly made system makes solutions for businesses very simple with tried and tested software.
Alternatively, creating a custom built customer data platform requires a lot of investment in technology and experts leading to much higher costs and will be very time consuming building the ideal solution.
The benefits of creating a customer data platform may lead to your system being sold on to other companies or saving costs within your own company without having to outsource but with all great ideas there is high risk if it doesn't work out.
Personalising Content Effectively To Open Up Wider Marketing Opportunities
By strategically sending out data to various marketing channels, customer data platforms allows companies deliver personalised offers, promotions, content and experiences to specific audiences. for this to happen effectively, you need to be able to analyse data from different touchpoints in customer data platform and automate the marketing strategy for your specific audience and send the correct information.