Customer data platforms, or CDPs, are marketing technologies that can centralise your customer databases. CDPs collect and consolidate data in real-time from a variety of sources. When combined with other technologies, the resulting data is unified and will increase the marketing capabilities of your organisation
At Mortar, our state-of-the-art customer data platform consolidates your fragmented data into a single view. This enables you to leverage smarter analytics, understand the behavioural characteristics of your audience, and make more accurate marketing decisions when combined with audience creation and targeting.
Let’s take a closer look and understand how and why we should use a customer data platform.
Here are 10 reasons why you should use a CDP
1. Identify previously anonymous customers
As soon as a customer has identified themselves, a CDP can begin profiling all of their previous interactions and use that information to shed light on the previously obscured customers.
2. Get a 360 understanding of your customers
With the help of numerous data sources, CDPs gather a wealth of information to give you an accurate picture of your customers. With a 360-degree view, your business can identify every stage of the customer journey as well as their preferences for products and past transactions.
3. Predict future behaviour accurately
With a precise understanding of your customer base and their behaviour, CDPs enable you to effectively communicate with them and foresee their behaviour based on previous interactions.
4. Timely marketing messages
By finding patterns in your existing customer database, you can target customers more accurately when they’re ready to buy. Using a CDP, you can fine-tune your strategies or campaigns for reaching customers at the right time and with a message that is more likely to result in a conversion.
5. Increase engagement with customers
Customers are much more likely to interact with your brand if marketing communications accurately reflect their needs. And thankfully, customers today are willing to pay a premium for a more personalised experience. With this hyper-personal communication, customers who feel their needs have been met are more likely to engage with your brand!
6. Automate your processes
Using a CDP, you can easily automate marketing activities like loyalty programmes, retargeting campaigns, and targeted discounts by collecting, filtering, and organising customer data.
7. Segment your audiences
The ability to analyse, test, and refine campaigns based on the collected data can help you better segment your audience and create more personalised communications. When creating highly-targeted lookalike groups for specific campaigns, you can slice your audience in as many ways as you like!
8. Always be on top of your eCommerce
A CDP is a fantastic analytics tool for tracking conversion rates for your marketing efforts because it centralises all of your data in one location. Real-time communication effectiveness measurement enables you to learn more about your audience without wasting money on unsuccessful marketing initiatives.
9. High level of security
With a CDP, you can keep all of your data in one location, decreasing the risk of hacks and data leaks and ensuring the security of your customers’ data.
10. Increase long-term customer value.
It is less expensive to retain existing customers than to acquire new ones. By nurturing customer relationships with personalised communications, you can build long-term relationships with your current customers and increase their LTV (Lifetime Value). The best part? You can measure existing customer feedback at all important touchpoints with the help of a CDP.