What Does Cdp Stand For – Today, companies have more information than ever. There is transactional data, demographic data, and a virtually infinite amount of behavioral data. Add it all up and you have data from anonymous ad impressions to known customer purchases, product usage, and customer service. Customer data is the sum of all these data together.
Typically, this data is stored in silos, whether organizational or technological, making it difficult for companies to deliver a consistent customer experience across multiple channels and consumer devices.
What Does Cdp Stand For
The CDP Institute defines a customer data platform as “packaged software that creates a unified, persistent customer database that can be accessed by other systems.” It’s basically a prebuilt system that centralizes customer data from all sources and then makes it available to other systems for marketing campaigns, customer service, and all customer experience initiatives.
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CRMs primarily store customer transaction data. They lack anonymous user behavior insights (often requiring a form or purchase to be completed), typically focus on sales data, and have only limited integration with other systems.
DMPs are cookie-based, do not create a permanent customer profile, and integration is generally limited to advertising (not the entire customer journey). DMPs focus on third-party data, with limited ability to integrate first-party data, while CDPs focus more on first-party data.
While some CDPs have built in local performance tools, such as website customization, this is not a core feature for the category. This takes the focus away from solving the major data fragmentation issues that businesses are experiencing in today’s marketplace.
The perfect storm of Martech’s development “Customer data platforms are software packages that help companies solve a large and growing problem: the need for unified and accessible customer data. Like most software packages, CDP reduces risk, deploys faster, is cheaper, and provides a more powerful solution to custom alternatives… With careful planning, CDP lays the foundation for your business to meet customer experience expectations exceptional customizations for years to come.” – David Raab, Customer Data Platform Institute Customer data platforms are expanding beyond the website
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A customer view is as effective as it is complete and actionable. This means that #1, the number of data sources available to CDP is critical, and #2, the number of execution integrations to unlock the value of that data is critical. You want to have the broadest possible database, along with the broadest possible ecosystem, to put that information to work.
If a CDP only has access to website data, there are significant gaps around the behavior of that customer…for example, in their mobile app, customer service system, or in-store behavior of beacons or IoT devices. This leads to an uneven customer experience and low customer loyalty.
If a CDP can only enable data to personalize a customer’s website experience, there are significant gaps in customer experience delivery…for example, when sharing customer service, when shopping in-store, and on web channels outside of your website. (social, search and etc.) This leads to missed opportunities to generate more revenue and an overall experience that can be better tailored.
The availability of data from all sources and the availability of integrations to enable this data across all channels is at the heart of the value of a single view of the customer.
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1. Unified view of the customer: CDPs are designed to collect data from a wide range of sources, combine it to form a holistic view of the customer across devices and channels, and then make that data available to other systems. This customer view can move with your business and customers where needed.
2. Agility: CDP gives organizations the tools to build and connect a flexible technology stack that adapts to ever-changing consumer behavior and changing technology trends. By focusing on the database, CDPs give companies the tools to collect data from anywhere and use it anywhere to drive better customer experiences.
3. Democratization of data: The value of customer data is pervasive in any business. Marketing, business intelligence, customer service, etc. they depend on the availability of data to run a business. CDP democratizes access and usability of customer data across organizational departments and customer touch points.
4. More effective customer experience and marketing: Customers are using more channels and devices than ever before and have higher expectations for a consistent customer experience. Customers do not like the products they buy in the store to be advertised. With a CDP in place, organizations gain comprehensive customer behavior data that can be used to drive a comprehensive customer experience without blind spots.
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5. Operational Efficiency – The task of integrating point solutions and establishing new technologies and tools that are resource intensive but not as reliable as custom solutions can be difficult to maintain. CDPs centralize customer data with key integrations that save hours of integration work. Additionally, audiences and business rules are created centrally in one place and can be applied across multiple tools, saving a lot of repetitive effort. While CDP makes it easy to collect millions of data points, marketers often struggle to understand how to trigger them. this information to drive results and ROI. Let us handle it for you! Use this tool to select the data sources you want to connect to CDP Insider and get recommendations for high-performance activation use cases you can implement immediately.
Avoid retargeting with ads to those users who have already purchased the product offline or through any other online channel.
Build deeper customer relationships by delivering high-quality online customer service that targets high-value potential users based on AI-powered predictive behavior.
Deliver predictive user segmentation data and customer lists to call centers or offline sales to drive more effective follow-up and lead conversion.
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Engage users who visit your website or launch your mobile app by triggering a web or app push notification when an agent is available to chat.
Re-engage broken user segments via email after a certain period of time to bring them back to your website or mobile site.
Add user-specific NPS data to customer service platforms to prioritize dissatisfied users.
Encourage users to buy more from your website or mobile app by sending them 1:1 product recommendations on the online channels they are most responsive to.
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Run cross-channel cart abandonment campaigns for users who opted out of purchasing products on your web or mobile platform.
Get users to complete the purchase of products they’ve viewed and abandoned through multi-channel online campaigns.
Engage users who are inactive or unavailable on a specific channel with personalized campaigns on other relevant channels.
Deliver a personalized desktop or mobile web experience based on the browsing behavior of the user logged into your mobile app.
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Target users who haven’t downloaded your app or created an account through app download banners on their desktop or mobile web platforms.
Send personalized cross-channel messages to users who have inquired about your specific products or terms of service through your chatbot.
Send real messages to the channel the user is most likely to respond to when you detect a change in the user’s status.
Win back the trust of disgruntled users by rewarding them with coupon codes that can be redeemed at your nearest offline store.
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Empower your valued customers with the ease of using a coupon code in both online and offline channels.
Deepen customer engagement by rewarding loyalty program members with perks that motivate them to repurchase your platform.
Trigger geo-targeted app alerts that prompt the user to visit their nearest store when the user adds a product to their “Wish List”.
Reduce reliance on third-party cookies to deliver personalized digital experiences based on a user’s specific tastes, interests, and preferences.
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Send users a push notification when a product they’re interested in is about to run out of stock
Update users when a product they’ve viewed or added to cart and not purchased is likely to sell out soon.
Connect with high frequency users on your preferred channel like WhatsApp to join your loyalty program.
Ready to get more value from your customer data with CDP? Connect with our customer data expert today for a personalized tour. schedule a show
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Automatically click disaffected users from the list. These users will no longer receive email advertising and will receive the same treatment as users who are not subscribed.
Run personalized bidding campaigns across channels that target disgruntled users. Use coupons and discount vouchers to encourage these users to return to buy on your platform.
Run retargeting ads to existing users who are likely to purchase the product. These ads use user behavior data, product affinity attributes, last visited product category, and other relevant product data to increase the likelihood of a purchase.
Avoid retargeting with ads to those users who have already purchased the product offline or through any other online channel. Use past product purchase data to effectively engage 1:1 by understanding user behavior.
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Target new and unknown users with personalized campaigns on the site
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