You may be wondering — what’s a CDP?
Glad you asked! CDP, also known as Customer Data Platform, is the newest player in the marketing database scene. According to the Customer Data Platform Institute, “a customer data platform is a packaged software that creates a persistent, unified customer database that is accessible to other systems.” A CDP is effective in gathering data across multiple platforms to track customer behavior over time.
A CDP at work
Let’s look at a real-world example of a CDP in action.
Dr. Martens, a footwear and clothing brand, implemented Lytics CDP to build loyalty and trust with its customers. It faced the challenge that many large retailers with a wide target market face – sending the right message and product to the right individual at the right time. With the help of a CDP, Dr. Martens was able to build relationships with its customers based on real time data and content affinity messaging.
As a result, Lytics reported that Dr. Martens saw 60% higher conversions and 20% higher order value following the implementation.
CDP vs. CRM vs. DMP
Chitra Iyer, MarTech Advisor’s Editor-in-chief, provided a detailed comparison of marketing engines to help explain the differences:
- CDPs make customer data actionable, allowing brands to deliver personalized experiences based on historical context and future predictions throughout the customer journey.
- DMPs (Data Management Platform) create relevant advertising and customer experiences to prospects based on anonymous and non-historical data for the duration of a specific campaign.
- CRMs (Customer Relationship Management) allow sales teams to track prospects and existing customer behavior based on data resources from documented interactions with the company.
This platform is enticing for B2C companies striving for customer centricity by putting emphasis on providing a positive customer experience that builds trust and loyalty. In today’s “amazon” world, customers expect you to know their buying habits and use that knowledge to provide them with a first-class, personalized experience.
You’ve probably asked this question many times: “How can our marketers know and keep track of purchases made by each individual customer in store vs. online, items they had in the shopping cart but never purchased, or items they ordered on mobile and returned to the physical store?”
You now have an answer – using a Customer Data Platform.
CDPs integrate with other platforms to analyze data from all touchpoints in the customer journey, helping reduce information silos and improving the overall customer experience.
Ultimately, a CDP can enhance your customer-centric company’s one-to-one relationships with consumers — resulting in higher conversion rates.
Interested in learning more about how your business can benefit from a CDP? Arke recently partnered with Lytics Customer Data Platform to provide strategy and optimize digital implementation. Email Arke executives Chris Spears or Margaret Wise for more information.