Customer Data Platform or CDP is a software that provides you with data that is combined from various tools. This platform is a centralized database for customers that contains all the data from your interactions with a specific product or service. In short, every click of customers is saved.
What is a Customer Data Platform?
Understanding the definition might be too difficult for you. So let’s take an example,
Think of the time when you wanted to buy a new mobile phone. You were not sure which one to buy. Thus, you started to visit various sites, check the prices of various mobile phone models, and compared them with their competitors. And after going through all this research work, you finally finalized the set that you will buy.
But this is not the end, now you have to find a reliable seller too. Someone or somewhere from whom you can buy the phone without any worry. So you will look for trustworthy sellers. Finally, you will get to buy your new phone. However, you might interact with your final seller multiple times during your research.
The job of CDP is to provide all this information to the company so that they can help you in a better way. Companies can use the obtained information for improving their customer service and marketing plans.
So if you want to get it for your company, you can get it from como.com. They will also offer a demo. So if you are not sure about anything, you can get your answers from the demo. But if you are still left with some unanswered questions, you can get in contact with their team at www.como.com.
How it will benefit your business?
From the above example, it might seem like CDP is for customers. However, it is for the benefit of customers but it is actually for businesses to use. A company will need to collect information about its customers. They need to know what the customers want and are looking for. This helps them create targeted marketing campaigns.
So if you are a mobile phone manufacturer or seller and you have provided the best features in your mobile phone but your advertisement is not right then you will lose your customers. For example, people are looking for a better processor and you have that. However, all of your ads focus on the camera.
This will make customers think that your phone is the best camera and has no other features. However, with the help of CDP, you will know what customers are looking for. Thus, you will be able to provide them with the answers to their questions.
1. Allows you to catch micro trends
CDP focuses on every single customer. Thus, the company will have a better understanding of its customers. You will get all the information from the viewpoint of a single customer. This helps you to get a hold of the micro trends. As an enterprise, it might be difficult for you to know about micro trends. But these are the micro-trends that ultimately result in macro ones.
Thus, through the likings of every single customer, you will have a database. In this data, you will have the likings of every single one of people. The people who got in touch with your products or services or advertisements. As a result of this, you will be able to see what people are looking for. Furthermore, you will also get to see what is the most desirable feature that customers want to have.
The data is not only collected from online platforms but also from offline stores. So if someone visits your store and has specific requirements, you will be able to get that data too. This will let you meet the needs of your customers and provide them with things that they need. The customers will also feel that you are working on a personalized level. Thus, more satisfaction.
2. No more data silos
You might worry about silos data. This is something that is likely to happen when you are doing data collection. However, the benefit of using CDP is that you won’t worry about data silos. Customer Data Platform works to provide specific data to assigned departments. So every department will get only the relevant information.
As a result of this data division, there won’t be much trouble finding the data you need. Thus, you will get transparency and it will also flourish your business growth.
3. Design personalized tech-stack
CDP gets information from all the available sources. So what? This enables you to find the technology that suits you the most. As a result of this, you won’t have to spend your resources on things that are not beneficial to your business.
We often see such a black hole in enterprises. There are machinery, technical instruments and technologies that are not much beneficial for the company. They can be called the “White Elephant” of businesses. But with the help of CDP, you will be able to identify such white elephants. So, you can reduce their budget or can actually get rid of them (if necessary).
In short, you will be hand-picking the most suitable technology for your business. This will also save a lot of your time and energy.
4. It will be easier to manage privacy
Another common problem nowadays is privacy. Although people are becoming public celebrities and making their information public. But still, they do not want others to use their information without their consent. And if you want to use customer information for business purposes, it will be hard to do so.
How can you ask every single one of your customers for their privacy rights? It will be a hard nut to crack. However, with the help of CDP, you only need to give one command. Thus, there won’t be time-taking procedures to follow. The software will do the work and will do consent management.