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.
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.
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.
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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