Learn how you can Unlock Limitless Customer Lifetime Value with CleverTap’s All-in-One Customer Engagement Platform.
We’re all drowning in content — from the never-ending stream of social media updates to round-the-clock emails, messages, and of course, advertisements. It’s gotten so difficult to stand out from the noise that any brand delivering customized and relevant experiences very quickly becomes top-of-mind in the customer’s eyes. And those customized experiences become a key differentiator for the business.
That’s where CDPs come in.
CDPs — or Customer Data Platforms — have revolutionized the way organizations collect, analyze, and leverage customer data to create personalized marketing campaigns that truly resonate with users. A report suggests that the global CDP market size as per revenue exceeded $4.8 billion in 2022 and is poised to hit around $19.7 billion by the end of 2027*.
A customer data platform is software that gathers and organizes data from different channels and sources like CRM systems, marketing automations tools, ecommerce platforms, social media, email channels, websites, and more. It acts as a centralized storage that collates and integrates data from multiple sources, enabling marketers to gain a birds-eye view of all their customers’ interactions and behaviors with a brand. Equipped with such rich and comprehensive data, businesses can design marketing strategies that reach the target audience at the right time, with the right message.
CDPs can also forecast the best next move with a particular customer or segment. This allows businesses to learn what needs to be done to convert or retain specific customers.
A CDP in marketing can also be used to provide insights to customer service teams allowing better support and problem resolution.
But one of the biggest strengths of the CDP is that it enables granular personalization.
How important is personalization for consumers today? A report reveals that 88% users value the experience a company offers just as much as its products and services, 73% want businesses to know and anticipate their specific needs and expectations and 62% of users expect that business predict their needs*.
These statistics indicate that generic campaigns are a thing of the past, personalized marketing campaigns powered by customer data platforms can improve the odds of retention and conversion.
Each time users shop online, they may do a number of actions before making a purchase. Their customer journey is never linear. They may hop from device to device, or visit different pages within your app. CDPs help decode all these actions into useful information, which can eventually be leveraged by sales, marketing, and customer service teams to deliver personalized experiences.
A CDP efficiently ingests data from various applications touchpoints to create a unified customer profile so you can see every interaction with your brand: from click-throughs to transactions, from customer service requests to emails, and more. This 360-degree view of the customer allows you to understand user preferences and behaviors across different channels. And this data-unification enables sales, marketing, and customer support teams to create the kind of hyper-personalized campaign that engages users.
Segmentation is a key aspect of personalized marketing. With a CDP, brands can more easily manage the data needed for building out customer segments based on similar attributes or behaviors. Once divided, delivery of bespoke content and offers to each segment becomes a breeze.
By analyzing data and past interactions, a CDP empowers marketers to craft personalized messages based on customer preferences and behavior. This could mean more tailored suggestions or it could mean changing your website dynamically for each customer.
Using the channels preferred by customers to send the right message at the right time — whether it’s email, push notifications, in-app messages, or SMS — improves the chances of engagement.
When a CDP has real-time capabilities, marketers can engage with users at the moment of intent. Real-time data updates ensure that brands run campaigns that are both timely and relevant.
For example: our CleverTap platform has a custom in-memory database that allows us to query millions of user profiles in real time without any pre-computation. This means we can provide answers for queries that span millions of data points in real time, right when you need them.
User behavior is dynamic. But with the help of predictive analytics, CDPs can generate recommendations for each customer segment, including suggesting the best channel to use, the best time to send a campaign, the best frequency of sending messages, and the best offers to send them.
These analytics can identify trends and patterns in customer behavior such as changes in preference or even sentiment toward your brand, and can forecast future customer behavior — for example, their likelihood to purchase or churn. These predictions help marketers to optimize their marketing strategies and allocate their resources more efficiently.
Read how ZEE5 used our platform’s ‘Best Time’ recommendation and saw a 60% boost in click-through rates and a 20% increase in its in-app conversion rate.
A robust customer data platform should not only be easy to use and integrate but also compatible with the rest of your martech stack and robust enough to utilize the volume of customer data you deal with.
CleverTap is designed to give you the benefits of a CDP along with a delivery system on a single platform by building a 360-degree customer view and actionable insights in real time. Our all-in-one customer engagement platform unifies customer data, decision, and omnichannel delivery systems to help marketing and sales teams understand their users better, segment them effectively, and reach out to them with contextual messaging in real time.