As a marketer, your job has become more and more data-centric in the past few years. Data is now so essential to marketers, that we hardly even have to mention it! It’s already likely on your mind.
Your brand needs an incredibly in-depth understanding of the buyer in order to market effectively. The first interaction you have with a potential buyer begins before they even land on your site. Today, you have to know everything from their browsing habits, their brand affinity, their last interaction with your brand, and so much more.
The problem is, all of this data is spread out across multiple platforms, devices, and marketing systems. Between your marketing campaigns on Instagram, your email marketing, data from POS, and customer support, your customer data is all over the place. In fact, the average enterprise uses 91 marketing platforms. But even if your business is smaller, it can be incredibly challenging just to access this data, let alone use it to power your marketing in real-time.
But in a hyper-competitive retail and ecommerce landscape, you have no choice. You need to know your buyer better today in order to create personalized, relevant marketing that converts one-time buyers into loyal customers. That’s exactly why every marketer needs a CDP — Customer Data Platform.
What is a CDP?
A Customer Data Platform is defined as a marketer-managed system that unifies known customer data and is accessible to other systems. A CDP is a database that can connect to your other marketing systems, including your ESP, ecommerce platform, and more, creating an actionable customer view.
CDPs offer marketers a single view of the customer by capturing data across channels and devices. In addition, the data in the CDP can not only go in, but also out — so other systems can use this customer database to activate marketing campaigns. This means your CDP can ingest data from all of your systems, and then push out relevant data to your ESP, ad networks, and more.
A single view of your buyers
The core value of a CDP is creating a single view of your buyers across channels and devices. By pulling in data from all of your systems and unifying it, a CDP empowers you to actually understand your buyer as a person. If you drill down to the individual level, you can actually see a specific customer profile in detail. You can see every interaction this customer has had with your brand historically so you can better tailor your marketing to their personal preferences.
With a centralized customer profile, you can understand vital insights and observations like average order value (AOV), customer lifetime value (LTV), and their likelihood to buy again soon. You know when they last bought, and whether it may be time to send out a campaign to nudge them to buy a new product, write a review, or even just follow you on social media.
Take action with your customer data
This data is only as powerful as your ability to use it to power your marketing. A detailed customer profile is where many of today’s CDPs stop. While it’s great to have that information on your buyer in one centralized location, it shouldn’t just sit there. You want to be able to create a campaign that specifically targets your one-time buyers, your loyal customers, and your recent product detail page browsers.
That’s why data ingest is only half of the story. You need to be able to not only pull in the data, but push it out to all of your top marketing channels. Creating a Facebook ad campaign? The CDP must be able to both pull in data for you to analyze AND be able to push data out to power your new and improved campaigns. The circle of data is never complete; it is an ongoing loop of continuous improvement.
Better segment and personalize your marketing
With an actionable CDP, you can directly push it out to your marketing platforms to power fantastic campaigns. You can create powerful personalized marketing like triggered lifecycle campaigns. For example, you could:
- Create a welcome series as people sign up in real-time
- Create a retargeting campaign for cart abandoners
- Encourage a second purchase after a set amount of time
- Offer a discount to winback disengaged and formerly loyal customers
- …and much more.
The possibilities for data-powered marketing are truly endless. The more you know your buyers, the more you can test and tweak your creative and power better and better triggered campaigns. With powerful segmentation based on detailed customer data, the world is your marketing oyster!