Taking your business to the next level is a common goal for every business owner. As many of you may have noticed, that is far easier said than done. What you need to do if your business is stuck in a rut, is find a sophisticated piece of software that will help leverage your customer-related data to improve your marketing strategies.
That will easily allow you to find new and exciting ways to enhance your customer’s journey and drastically improve their experience with your brand. That software is available and ready to assist – enter Customer Data Platforms. Below are five reasons why a CDP should be the next step for your business:
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Unified Customer Perspectives
One of the most common audiences that businesses target is customers who have purchased in the last 60 to 90 days. While this audience is 100% worth testing, it is often too broad and can restrict your team from finding better prospects for your brand.
By creating a single, unified database of information, your business will have access to a single view of each customer. A CDP standardizes and transforms customer identities and combines them into a consistently accurate profile.
That creates a more usable customer profile and enhances your team’s ability to present them with valuable campaign data and advertising collateral.
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Reduced Ad Spend
Customer data platforms should do more than marry your business’s customer data. The right solution will help in multiple ways, one of which is significantly reducing your ad spending – on and off social media.
The first step to achieving this is to remove the people from your ad activations who aren’t in the market for your product or service. That sounds simple, but it isn’t just a matter of pausing or stopping ads – it is more complicated than that.
Getting smart about who you aren’t going to advertise to is just as important as figuring out who you should be targeting.
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Data With Purpose
This is where the best software truly shines. Data is crucial to a business – but entirely useless if it doesn’t get utilized properly. Having a database of names, email addresses, and even purchase history means nothing if you don’t transform it into actionable data that updates as Adobe real-time CDP software does.
This software helps to leverage historical data with real-time insights, creating data with purpose.
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Improved KPIs
Customer lifetime value is a common and core KPI for most marketing teams. Improving your business’s CLTV can dramatically reduce customer acquisition costs and turn repeat customers into brand ambassadors without them even realizing it.
That isn’t done through trickery and shenanigans, or smoke and mirrors – it gets done through intense customer insight and exceeding expectations. Retain more of your most valuable customers by integrating a CPD into your marketing strategy.
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Improved Data Governance
Data governance means standardized go-to methods for mining and storing data. Regulations are constantly changing, and multinational brands are constantly having to work across borders and jump through hoops to stay within regulations.
A unified database built on a compliant system will be a dream come true for your teams. Everything is based on smooth integration within your databases and ensures that data flow issues are managed accordingly.
Great CDP eliminates bottlenecks and enables your team to focus on other tasks, like growing the business.
