Data ingestion and enrichment – the two capabilities of a Customer Data Platform create unified customer identities. The unified customer identities that are universally recognized and activated create a Single Customer View for marketing, customer success, and data teams. This Single Unified customer profile enables driving superior customer engagement.
Advantages of a Single Customer View can be measured by the economic value that your business unit reaps. Here are the advantages of unified profiles and the profitability or promise that emerges out of it.
Reduced Cost of Data Obsolescence (No Data Duplication)
CDPs continuously update and enrich customer data with the perpetual ingestion of relevant data points flowing into the system. Duplicate data is eliminated with a combination of probabilistic and deterministic mapping. Customer profiles are also further improved with data enrichment.
The UK Databerg report brings to light that typically more than 53% of data stored is dark, untagged, or left unclassified. This adds storage and cleansing costs to the business. A CDP avoids storage of such data. It transforms raw data to activated data with identifier and profiling.
Reduced Cost of Data Loss (Get a Complete View of the Customer)
When marketing organizations depend on manual efforts and cycles with a time lapse, there is always a threat of losing data. The money spent on collecting data will be a complete waste. Not only that, but you also end up targeting inaccurate customer profiles. This leaves you with inaccurate hypotheses for your campaigns. You will be going after inappropriate segments.
With Single Customer View aided by unified profiles, on the other hand you will have real-time understanding of customer data. You will be dealing with real, accurate, and timely customer data that can be used for campaign activation.
Reduced Cost of Customer Engagement (Craft Unique Customer Journeys)
When you know what the customer wants, you will be able to engage better. Without real-time and enriched data, engaging with customers would be a pure loss of budgets. Dealing with unknown data would lead you to waste money on non-personalized email drip campaigns or make embarrassing mistakes such as delivering the wrong message to users and customers.
With rich and updated customer data, the customer journeys would remain relevant and do their job. Marketers can craft unique customer journeys.
Better Budget Optimization
With real-time customer data, marketers can make mission critical decisions. Based on channel preferences of the customers, you can plan which channels to invest more into and withdraw away from. The preferred timings of customers, also helps in planning spends during peak engagement duration of the day.
Customers also leave cues around what they want and when they want. These preferences can be assigned to each customer ID. A unique dashboard to track their preferences for the future can be generated. This dashboard will indicate what is available for the future and what to sell, when.
It not only helps in product inventory planning, but also demand based pricing for marketers.
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