Data is one of the most valuable assets to a company. It provides insight into what people are buying, how much they are spending, and most importantly, who they are. But getting a clear view into this data is often a challenge. Only so much can be pulled out of each island of data you have. Your Point of Sale system will show you what is being purchased and how much you are earning while your email sign up will tell you who is interested in your company. But how do you know if those email subscribers ever turn out to be customers? A Customer Data Platform (CDP) can help you gain valuable knowledge from your data. By combining all data sources into the CDP, analytics can then be run to provide key statistics such as Lifetime Customer Value, Customer vs Prospect ratio and RFM Score. From there, segments can be built to execute more effective marketing campaigns.
Thinking through how exactly to use this data and how best to gain value from it can be difficult. The best way to look at how valuable this type of information can be, is to look more closely into a use case. Below we will walk through a customer journey to better understand the benefits of a Customer Data Platform.