The Importance of a Customer Data Platform

We all want to grow our customer base and we know how critical it is to understand and track our customer lifetime value (LTV). Many organisations will look to their Customer Relationship Management Tool (CRM) to fulfill this need and maximise insights, but there is a more comprehensive tool out there that can provide a better view of your customers and predict their behaviour - a Customer Data Platform.

The Limitations of A CRM

Many businesses are currently relying on their CRM to manage all aspects of the consumer life cycle and track how much revenue a customer is generating during the course of their relationship. A good CRM can certainly assist to convert a prospect into a paying customer. However, the limitation here is that the focus is primarily on transactions; there is much more to cultivating a successful and loyal brand relationship with consumers than that moment they convert. If you’re looking for a Customer Success strategy that’s fit for 2022, and the uptake of first-party data, then a CRM is actually insufficient.

The Power of Customer Data Platforms

Most consumers today zig-zag between a multitude of different channels before forming an opinion and making a purchase. Just one ‘conversion’ could actually be the result of several interactions with a brand’s social media, blogs, product lists, e-commerce site, other aggregate platforms and more. How can brands keep up with these various touchpoints and construct a clear picture of their customers?

A good Customer Data Platform can deliver a unified view of these consumers, and clearly map out the customer’s journey, decision-making process, preferences and needs.

Unlock Opportunities With First-Party Data

CDP’s looks at the entire consumer relationship to drive better business outcomes.  Where CRM derives reports about known customers and prospects collected from limited, known and structured data, a CDP can collect raw and unstructured data on both known and anonymous visitors to build more comprehensive profiles, unlocking so much more sales potential.

With a CDP in your tech stack, your consumer data is comprehensive, centralised, and most importantly, actionable. Machine Learning and Artificial Intelligence models can be run over your data to help quickly and easily identify your customer segments. You can quickly and easily build high-value audiences and activate new opportunities with a simple click. This reduces the load on internal technical and analytical teams and campaigns can go live sooner.

Armed with a variety of indicators and predictive analytics, marketers can better understand where consumers might require additional support and work cleverly to alleviate any pain points during their experience, likely yielding a better ROI.

A Customer Data Platform is an essential tool for any business that truly values offering a high-quality consumer experience and building long-lasting relationships. If you or your company is looking at investing in a Customer Data Platform to drive better business outcomes, be sure to get in touch with the team at Wondaris.

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Helping Your Teams Speak The Same Language

Within your company, you may find yourself having conversations with your many varied teams using complex and discipline focussed language. The challenge is aligning the approach of these teams under a Single Customer View to better interpret your customer data.

As they drive traffic to site your digital marketing team may have a more conversion optimisation and content-driven approach to your customers as they interpret customer data through your digital channels. Your data team is perhaps more concerned with customer attributes and their behaviours as they interact with your product. 

To help demystify the language used by your individual teams and their approach to customer data, we have broken down exactly what it means when they talk about attribution, analytics, intelligence and audiences.

Attribution

Attribution is the practice of assigning value or credit to different touchpoints.

An attribution model is a set of rules that determines how credit for conversions is assigned to touchpoints in a conversion path while predictive attribution uses past journeys & behaviour to predict which channels and mediums are the best to use for future campaigns. 

Attribution is typically media-focused and is used to drive marketing spend decisions. This concept can be applied to any journey that can be measured in steps with data.

Analytics

Analytics is observed behaviour across digital assets for the purpose of optimisation.

Digital analytics is the practice of measuring, monitoring and analysing performance across digital assets and marketing platforms and how they affect your Customer Experience

Analytics tools typically review the performance of digital assets against established or comparative benchmarks. These metrics measured do not need to be transactional driven and are often used to maximise the effectiveness of a platform or website.

Customer Insights & Intelligence

Insight is an interpretation of trends in human behaviours in your customer data.

Customer insight is an interpretation of trends in human behaviours. It aims to increase the effectiveness of a product or service for the consumer to uncover more customer value

Insights can be used to shape the way communication is planned and structured to best resonate with customers. These insights provide a picture of who (psychographics) the customer is and as a general rule should always be actionable.

Audiences 

An audience is a group of people that share common attributes or behaviours

Behaviours can cross both Demographic and Psychographic attributes and are strong indicators of future actions.

As the digital environment changes so does the language used to assess and interpret this landscape. Therefore, the complexity and sophistication of the digital landscape are constantly evolving. This means the challenge has been the same for many years and will remain the same for many more to come. 

How do I better understand my customers? How do they interact with my business to better engage them? This is a common challenge for every team in any business. 

At Wondaris, helping amalgamate this customer data into a Single Customer View is part of our mission. If you or your company is looking at investing in a Customer Data Platform to drive better business outcomes, be sure to get in touch with the team at Wondaris.

In the modern digital landscape where every organisation is competing for consumer attention, it’s increasingly important to be seen by your customers at the right time and place and deliver valuable messaging that resonates. With the degradation of third party cookies, the rise of first-party data is allowing companies to glide a magnifying glass over the digital habits of customers, website visitors and social media followers. And enabling the creation of better and more personalised customer experiences.

What is first party data?

First-party data is a company’s closest ally in understanding their audience. Defined as proprietary information exclusively collected from the customer with consent and owned by a company, this information is entrusted solely to its intended user and derives from real interactions. Data is drawn from all touchpoints across the consumer journey from website interactions, social media scrolling, email subscription services, customer relationship management, feedback or surveys, and purchase history. 

By consenting to first party data collection, customers are ultimately crafting their own unique and personalised experiences and allowing businesses to nurture and enhance the encounter through targeted advertising and messaging. Integrating information from various touchpoints allows companies to compile this data to improve target advertising precision, increase relevance, advance omnichannel connections and map the customer’s entire journey.

So how can companies simplify and centralise the collection and storing of this data?

Customer Data Platform (CDP). will store and organise first-party data collected from both online and offline (for example, Instore POS) touchpoints to create customer profiles and in turn inform marketing and targeted advertising decisions.

By integrating first party data from all customer touchpoints businesses can establish a single view of the customer, empower more accurate analysis and attribution, map buyer journeys and enhance omni-channel personalisation at scale. Advanced CDPs will allow organisations to analyse and action that data using machine learning (ML) and artificial intelligence (AI) to provide audience segmentation, churn and lifetime value models.

The Wondaris Customer Data Platform allows data to become centralized and actionable. Our advanced CDP allows you quickly and easily to push your audiences into any activation platform that can ingest audience, behavioural or event data, and automate future pushes to ensure you are always using the most current and accurate data.

With an increasing number of destinations already available and the ability to build custom destinations, Wondaris supercharges your existing ecosystem by empowering first-party data. To supercharge your customer data get in touch with one the Wondaris team today here.

Not all customers deliver the same value, and its important to understand the value each customer segment can provide to your business. 

Identifying high value, loyalty or repeat customers, is an obvious place to start, but these represent a small percentage of your customer base. There are plenty of opportunities to drive growth, reduce the cost of acquisition and improve return on your marketing activity by exploring the less obvious and much larger customer segments within your business.

Using ML (Machine Learning) models such as propensity to purchase is an excellent way of identifying both high and low-value segments. Focusing time and effort on customers who are most likely to purchase, and spend more money with you drives marketing effectiveness and ROI. 

Conversely and often overlooked. Creating negative audiences (excluding customers from your marketing efforts/campaigns) from those customers that are unlikely to purchase and even if they do, are likely to be low-value customer also drives marketing effectiveness, ROI, and reduces waste.

Doing this can be time-consuming, and with some of these segments being low-value customer sets. The ability to identify and group customers quickly and easily is essential to ensure you don't waste more time and resources identifying them than they might be worth to your business. 

The Wondaris Customer Intelligence dashboard runs a series of Statistical, Machine Learning and Artificial Intelligence models over your data to help quickly and easily identify your customer segments and provides single-click activation of these audiences to multiple activation platforms and surfaces.

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