Navigating the information overload with CDP
We are now living in a world that heavily relies on data. From calculating our daily grocery needs to planning the import of oil for the next 6 months, we gather and process data. It would however be wrong to assume that both require the same level of know-how, but the idea here is, knowingly or unknowingly, we are processing data all the time. While crunching big numbers might not be the favorite thing to do for most of us, from the smallest to the biggest decision of our daily lives are dominated by data; and in a way, it should! As complicated as it is to look at, those who have that special superpower to read through these gigantic spreadsheets will tell you how much they appreciate the harmony these random digits bring to the world.
Humans are a product of evolution and the last couple of decades have been a substantially sharp curve in our history. Why do you ask? — Internet!
With the rise of the internet, customers are now drifting towards digital work. From the chaotic world of social media to the exciting world of online shopping, the internet has so many things to offer. Never before have we had so many choices in life and with an increase in the number of choices, the quantum of data we deal with also increased. Firms across the globe are now bombarded with data, from macroeconomic indicators to seasonality of product sale, from changing customer preference to changing political scenarios, firms are bombarded with data, every single day!
I recall my first marketing analytics class where our professor told us the biggest problem the firms face when they are dealing with big data- KKH i.e. “Karna kya hai?”. Though we laughed at her attempt towards a joke, this indeed is a legit problem most of the firms deal with. Piles and piles of data pertaining to customer demographics, transactional data, behavioral data, order data, sales data, and many more, just don’t make sense, if we really don’t understand what to do with them. The problem becomes much more serious when we speak of those enterprises that are purely online or follow an omnichannel sales approach.
Don’t worry, it’s not all that bad. With greater problems, our brain tends to find great solutions as well. The answer to crushing all these gigantic data around the customer’s online behavior lies with the Customer Data Platform, abbreviated as CDP.
- CDP is a set of modern tools that helps bring all this information collected from a firm’s user base to one place. But it does not stop at mere collecting data. CDP helps build logic and utilizes AI and ML-based logs to form sense around this data and give the management a clear 360-degree view of their user bases. With better visibility of their user behavior and user journey on their online (as well as offline) platforms, firms can make better decisions. CDP has a wide range of other benefits as well. Just to make your life easier, let us list down some of the other benefits:
- Enables a better customer experience through personalization of online content
- Provided real-time customization of the search results on the website, which enables the customer to find the right product thus leading to a better conversion rate
- Enable targeted marketing campaigns meaning a bachelor won't receive promotions for baby diapers
- Providing real-time, smart coupons to the customers for better conversations, not everyone seeks the same discounts on the same products
- Smartly design the combos and collections to offer what customer really needs, both in-store and online
- Track customer’s online preferences and provide recommendations that would lead to a better click-through rate
- CDP can also help in live chats bots that would lead to higher customer satisfaction
- Most importantly, CDP will give all the verticals within a firm, a singular customer view that would ensure that all verticals work in tandem without any mismatch of information
The comprehensiveness of CDP is far beyond a few of the pointers available above. We have seen our customers utilize our CDP solution in some really innovative ways and attain 5X ROI from their marketing spends. The first project that we did of CDP, helped our customer realize 15 crores of additional revenue in less than 3 months (must more than their expectation from the project).
CDP has a lot of potential in the new world. In a world where data has become the new oil, CDP is the refinery that one should look out for to get the final usable product from the raw mineral. Till then, let’s just keep loving the big data!
