In fact, what you want is a centralized brain to manage data decisions and understand the next best customer experience. CDPs can act as a centralized brain: they provide information not only through different channels of the platform, but also to different teams in an organization. “The CDP is a perfect balance to get a solid view of your customer and make sure all that data can be used in real time,” says Fleisch. By “real time”, Fleisch refers to latencies of milliseconds, rather than hours or days.
This real-time intelligence helps brands build strong relationships with customers by bringing them together where they are, with exactly what they want and need. According to the 2022 Adobe Trust Report, 72% of consumers say their trust in a brand increases when content is relevant and delivered at the right time and place.
The level of personalization requested by customers can only occur with real-time action on customer data. For example, everyone likes money-saving offers, so sending customers a coupon for services or products is a good idea, but only if it’s a coupon they’ll use. A generic coupon, or worse, sent to a customer that doesn’t fit the target demographic, can lower a brand’s trust.
Real-time data customization for customers
CDPs apply to all industries and regions. For a large company with more complex deployments, Fleisch points out, CDPs can be used to provide greater personalization and sophistication about how data is managed and governed in the enterprise. For smaller businesses, the use of CDP may be more focused on marketing, led by a team willing to deliver consistent experiences, from customer acquisition to retention and loyalty.
For example, London-based TSB Bank determined that it needed to unify its customers’ banking experiences across channels, especially with more customers becoming digital. Other goals were to provide customers with the most relevant content in real time, to establish a stronger consistency between online and branch transactions, and to move away from third-party cookies and self-consent-based data.
According to Mike Gamble, TSB’s Director of Analysis and Design, “We needed a complete picture of each person operating with us, from their history to their needs to how they move through the customer’s journey, and that meant centralize our data on a single platform. ”TSB customers who browsed for new homes online, for example, can receive information about TSB mortgages.Only one year after implementing a CDP, the bank saw a 400% increase in loan applications.
As a first step in exploring a CDP, Fleisch suggests that you confirm your organization’s need and use cases. Then make sure you understand the long-term needs of your business and consider this vision. “Think long-term about how a customer data platform can truly unify data, connect equipment, and find value in all that customer-provided data without encountering dead ends,” says Fleisch.
This content was produced by Insights, the MIT Technology Review custom content group. It was not written by the editorial staff of the MIT Technology Review.