When it comes to customer data platforms (CDPs), there is a lot of talk about the quantifiable benefits. Increased revenue, improved customer engagement and more efficient marketing operations are well-understood outcomes of a CDP implementation.
Around three-fourths (73%) of companiesvalue CDPsas a critical aspect of their customer experience efforts. CDPs allow marketing teams to keep up with the customer journey in real time and optimize campaigns on the fly.
CDPs also create a single view of the customer, which is essential for understanding how they interact with your brand across channels. This holistic understanding of data points wasn’t possible before CDPs, and it’s one of the main reasons why they deliver such high ROI.
However, these benefits are just the tip of the iceberg. In this article, we’ll explore some of the “hidden” ways businesses benefit from a CDP, from spearheading digital transformation, to creating more productive and efficient teams, and expanding your business through new revenue streams.
A CDP will help you build a customer-centric organization where the customer is at the center of everything you do. This means making decisions based on what’s best for the customer, not what’s best for the company. It sounds simple, but it’s actually quite difficult to do.
CDPs make it possible to put the customer first by giving you a complete view of who they are, what they want, and how they interact with your brand. With a united data management system, different teams (e.g., Sales, Marketing, Customer Service, Data/IT, Logistics, etc.) work off the same unified customer profiles.
This de-siloed approach to data management allows organizations to work towards the same goals and deliver consistent customer experiences, delivered across multiple touch points. This can help create a more data-driven customer journey with clear and relevant messaging, resulting in higher customer retention and profitability.
Another hidden benefit of CDPs is that they make more efficient use of your tech stack. A CDP consolidates and cleanses customer data from different sources – reducing reliance on third-party systems and eliminating records that may be duplicative or inaccurate. This allows businesses to invest in other technologies that can further improve the customer experience.
CDPs also make it easier to integrate new applications and technologies. Because a CDP integrates data from multiple systems, organizations can do more with the data collected from their CRM, DMP, DXP, data lake and marketing automation platforms.
