The last few years might have been awful for so many, but things finally seem to be looking up in 2022. For starters, we have made great strides in the development of the latest innovation in digital marketing platforms that is the Customer Database Platform (CDP).

Every entrepreneur is trying to utilise this technology to gain an edge in the world of online marketing and customer service. This is to be expected as the Customer Database Platform can really help in transforming both aspects of the business.

Your CDP Investment Can Give You Targeted Returns.
Here’s How

CX & CDP
Are companies today selling products and services? Yes and no.

Sure, the quality of your products and services matter. But, essentially, organisations today are in the business of customer experience (CX). How good your interactions make your customers feel is what helps you retain them, and grow.

The key to great CX is data that gives you actionable insights about your audience. It’s critical to know which messages will push your prospects further down the sales funnel, when to say it, and where. You cannot afford to run your CX like a throw in the dark, or by trial and error. It’s a refined art honed over volumes of data, and success depends on perfecting it in as short a time as possible.

How to Measure ROI of a CDP

Employees searching for the right data to complete a task, or performing repetitive data-related tasks are estimated to cost USD 17,000 per employee per year in the US. Now, multiply that with the number of employees you have, and you get a rough picture of how much you could save with the right data management tool.

If you have 10 employees doing data-driven tasks, that adds up to AUD 232,000 a year.

And that’s just the start.

Now the awaited news on what’s all been happening on the CDP front:

1. Vendors of applications are incentivised to add CDP capabilities to their systems because some clients want them. Individual CDPs are used for each system.

2. The client will be advised by not to keep a singular CDP as their primary database as it adds value to their product and makes clients less likely to switch to another system.

3. Comprehensive accuracy of the 'identity graph' in finding matches between identifiers, beyond matches made using the customer’s own data

4. Additional information is circulated by the vendor, both to refine the existing customer and prospect records and to inculcate new customers and prospects to the customer’s list.

Last words…
In spite of the recent developments, there’s still much work to be done in the Customer Database Platform. However, things are looking up as more and more people are getting interested in this technology.

We promise to keep you updated on this platform’s developments and as always if you have any questions or need assistance with setting up a CDP for your business, we are just a message away.

Till then Stay Tuned!!