Learn what a Customer Data Platform (CDP) is and how it can elevate your marketing efforts. Discover the benefits of centralizing customer data, creating targeted campaigns, and analyzing customer behavior. Subscribe for more marketing insights!
The video discusses the latest marketing trends and strategies for 2022. It covers the importance of social media marketing, the rise of influencer marketing, and the impact of AI and data analytics in marketing campaigns.
Hello, fellow marketers! Let me ask you something: when you’re cooking in the kitchen, do you keep
your ingredients organized, or do you just set them down in random spots without thinking twice?
Chances are, you like to keep your ingredients in their proper places. Now, imagine trying to
cook a dish when you’ve scattered all your ingredients all over the place. It’d be
frustrating and time-consuming - not ideal! Well, it’s kind of the same thing with your
customer data. It’s frustrating when you have to spend your time searching for bits and pieces of
information. If only a tool existed that could help you centralize and organize all of your data.
Oh my gosh, hold on. It DOES exist. And it goes by the name, “Customer Data Platform” or “CDP”.
You probably already know that gathering information about your customers can help
you with your sales and marketing. First-party data — which we have a video explaining — is
super useful for understanding who your customers are, especially as the usefulness of third-party
data begins to disappear with the introduction of enhanced internet privacy! But keeping all that
first-party customer information in the right places can be tricky without a CDP to help you.
What is a CDP? That’s what we’re here to tell you in this video.
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Now let’s keep this thing moving forward. What is a customer data platform?
In short, a CDP is a tool for helping you store and organize data about your customers.
Think about all the different places you have customer data being stored: your sales tools
(like your CRM), your email marketing lists, your existing customer lists — whether they
come from your customer loyalty program, or even just some accounting software.
Each of these places is considered a silo of data. The job of the CDP is to figure out where
the data overlaps in these silos and merge it all together automatically and in real-time.
Perhaps a few email lists contain the same email address as your CRM does. Wouldn’t it
be nice if all the interactions you’ve had with that one email were put together? Then you could
see all the different types of communication your business has had with that one customer.
A CDP will then enable you to take action on that data in other tools and strategies.
By providing a centralized and unified platform for managing customer data,
CDPs help businesses to deliver more personalized and effective marketing campaigns,
build stronger customer relationships, and ultimately drive business growth.
Why should you use a CDP? By now, we’ve nailed down what a CDP
is — but why should you use one? Let me put this in the context of a very common, very effective
digital marketing strategy: email marketing. Say you want to send an email to ONLY your
best customers. Here’s how the CDP can help: First, your CDP can automatically collect
and unify customer data, making it much easier to build an email list.
Well, okay…connecting all your software with a CDP isn’t necessarily easy. You may want
some expert help to do that. But when it’s all connected and running, it is awesome.
As I explained earlier, a CDP gathers your data from multiple sources and creates a
unified customer profile. This profile is made of all the data points associated with a customer,
including their previous purchases, interactions on your website, social media activity, and more.
Say goodbye to hunting down spreadsheets and asking five different coworkers in
five different departments for all the emails of people you’ve been in touch
with. The time you save can be used to fine-tune other parts of your campaign.
Second, a CDP can help you analyze your customers’ behavior.
With the customer data stored in a CDP, you can gain more insights into your customers' behavior,
preferences, and needs — helping you and your team create better
marketing and better experiences tailored to your customers’ needs.
You can segment your customers based on various criteria, such as purchase frequency, total spend,
or product preferences, to figure out who your best customers actually are.
It’s no longer a guessing game when you want to communicate with people.
Third, you can use the data gathered by your CDP to create targeted campaigns.
Once you've identified your best customers,
you can create a targeted email campaign specifically for them.
With your customer analysis, you have a pretty good idea of the messaging and the creative that
will work for your audience. So, when creating your email content, you can personalize it based
on your customers’ preferences, interests, and past behavior. So you’re not only reaching the
ideal audience, but you’re sending them content that’s custom-made for them.
Lastly, a CDP lets you optimize and measure your results.
So, in this pretend-yet-realistic example, you’ve sent your email to your best customers.
You can use your CDP to track the performance of your email campaign and measure its impact
on your customers in just that email list. You can see how many customers opened the email,
clicked on a link, and made a purchase. You can then use this data to optimize your
future campaigns and improve your total ROI. And this example can apply to more than just
email campaigns. Understanding the people in your audience can benefit literally every
marketing strategy you implement, whether you use this knowledge to create targeted
audiences for your digital ads or create website content that addresses your customers’ needs.
Having a CDP really gives you the full picture of your marketing and sales strategy in many
ways. As first party data becomes more and more important, a CDP will, too.
Well, that’s all for this video. But you may still have questions about
customer data management, or maybe about marketing in general. If so,
don’t worry — there’s still plenty more to learn. You can just subscribe to our YouTube channel,
or our email newsletter, Revenue Weekly. That way you can receive new marketing knowledge
on a regular basis. See ya next time!
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