The right data strategy is the foundation for better customer experiences

In fact, the data you want is central to managing decision decisions and understanding the next best experience for the customer. CDPs can act as a central brain – they provide information not only on the various channels on the platform, but also to the various teams across the organization. “CDP is the perfect balance between getting a strong customer feedback and making sure all that data is efficient in real time,” says Fleisch. By “real time”, flush refers to a delay of milliseconds instead of hours or days.

This real-time intelligence helps brands build strong relationships with customers where they are, exactly what they want and need. According to the 2022 Adobe Trust Report, 72% of consumers say that when content is relevant and delivered at the right time and place, their confidence in the brand increases.

Customer demand levels can only be met with real-time action on customer data. For example, everyone likes offers that save them money, so sending coupons to customers for services or products is a good temptation પરંતુ but they will only use them if they are coupons. Ordinary coupons or, worse, coupons sent to a customer that do not match the target demographic can erode trust in the brand.

Real-time data personalization for customers

CDPs apply across industries and regions. For large companies with more complex deployments, Fleisch notes, CDPs can be used to provide more customization and sophistication around how data is handled and managed throughout the enterprise. For smaller companies, the use of CDP may be more marketing-focused, led by a team that is keen to deliver consistent experiences, ranging from customer acquisition to maintenance and loyalty.

London-based TSB Bank, for example, determined that it needed to integrate its customers’ banking experiences across channels, especially as more of its customers were going digital. Other objectives were to provide customers with the most relevant content in real time, to establish strong compatibility between online and offline transactions, and to move away from third-party cookies and toward consent-driven first-party data.

According to Mike Gamble, Director of Analysis and Design for TSB, “We needed a complete picture of everyone who banks with us, from their history to how they move forward in customer travel, and that means centralizing our data to a single platform. “TSB customers who have browsed new homes online, for example, can get information about TSB mortgages. Just one year after the CDP was implemented, the bank saw a 400% increase in loan applications.

As a first step towards CDP exploration, Fleisch suggests confirming the need and use case (s) for your organization. Next, make sure you understand the long-term needs of your business and keep that vision in mind. “Think long-term about how customer data platforms can truly integrate data, connect teams and find value in all data provided by the customer,” says Fleisch.

This content was created by Insights, the custom content arm of MIT Technology Review. It was not written by the editorial staff of MIT Technology Review.

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