DO COMPANIES NEED A CUSTOMER DATA PLATFORM AKA CDP
Most ‘woke’ companies are just happy to have a CRM deployed in their office. And yes indeed for most companies, it is fine. However, for those who are keen on adopting more tech tools to enhance their company’s performance, engagement and revenue, there is another interesting tool for usage. We are referring to a customer data platform. In brief, it is known as CDP. It is an exciting marketing technology which was launched some time ago. Salesforce recently launched its enterprise-grade CDP called Customer 360 Audiences. It’s the latest phase in the development of CRM for marketers etc. Most importantly it aims to be a ‘single source of truth’ for marketing etc.
Marketing personnel and departments are in agreement that integrated data from many sources should be charted to a common data model. This process leads to an accurate, near the real-time source of customer data. The most important thing a CDP can do for companies and marketers is segmentation. Segmenting the entire customer data into focussed groups seems a very simple thing for a tech tool to do, but it is actually very important from a business point of view. Segmentation of audiences enables a company to up – sell or cross – sell as the case is required.
Salesforce Customer 360 Audiences has all the requirements of a CDP which are:
It retrieves data from popular marketing tools such as Salesforce Marketing Cloud and Service Cloud
It arranges the data so it is easy on the brain and for usage.
It connects the varied IDs, so the system knows they pertain to the same client
It dispatches client lists and instructions to other marketing systems, such as email and social advertising
At the core of this tool is a simple, user-friendly, drag-and-drop interface for the creation of segments as per the needs of the company or industry. The focus on simplicity for day-to-day marketing makes a CDP a value addition to companies existing CRM. Companies take great pains to collate data from all sources into one place and then leave it at that. They don’t know what to do with the mass of data. Well, the obvious reply for them is segmentation. As we all know, the core of marketing being a hit is the segmentation of the consumer base. Some types of segmentation are Demographic, Psychographic, Geographic, and Behavioral. Demographic segmentation refers to age, gender, race, ethnicity, sexual orientation, or religion. Geographic as the name suggests talks about the location of the audience / client or leads. Behavioral segmentation puts people into groups that have a typical behavioral pattern in common.