marketingtechoutlook

Businesses can Bet on Customer Data Platforms to Help Better Personalization

By Marketing Tech Outlook | Tuesday, June 25, 2019

BusinessesGood personalization can drive customer satisfaction, and CDPs are sure to boost the number of happy customers. 

Leveraging data in the right way is the key to creating customer-centric brands and experiences. The demands of customers for personalized experiences can be gauged from the fact that customers are ready to pay more for it. A customized experience gives customers satisfaction and convenience, which is essential for companies looking to secure loyal customers. Until customer data is managed well, companies will most probably fail at improving the quality of personalization. The key aspects brands must focus on while managing and utilizing customer data for designing targeted strategies are discussed here.

• Customer Data Platforms (CDP) and Identity Resolution

Customer Data Platforms (CDP) offer the feature of creating unified customer profiles by accumulating data from various sources merging them. This is the most important step towards effective identity resolution. Identity resolution helps systems determine identifiers belonging to a particular individual which can be collected to create a complete view of a person. A single view of customers enables proper customer segmentation.

• Accurate Customer Intelligence

Gaining access to customer identity is integral to design a personalized experience. Any customer related data cannot be reported as accurate unless a CDP is used for it. A CDP gives detailed information about the channels a customer uses frequently or the preferred mode of payment and other such data that companies can use in personalization.

• Maximizing the Benefits from Personalization

Personalization can be leveraged to maximize revenues if data is used holistically. With CDP, it is possible to gain accurate insights into trends. If a particular product is performing well among a specific group of consumers, a CDP can detect and convey it.

• Customized Criteria

Retailers can configure CDPs in accordance to the criteria they find valuable. Incorporating the specifications help businesses in finding credible data that can be analyzed. The result of the analysis presents categories and segments based on which companies can find their personalization strategies.

Personalized experiences drive customer satisfaction. Hence, it is essential that businesses use relevant and accurate data. A consistent, omnichannel approach can help companies take charge and deliver quality customer experiences.

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