How Companies Profit from Customer Data: Unifying & Consolidating Data for Predictive Analytics
Companies have long realized the value of data. It's been said that data is the new oil. But many businesses may not realize just how valuable their customer data is. This blog post will explore how companies can profit from customer data by unifying and consolidating it for predictive analytics. Keep reading to learn more!
To understand how companies are profiting from customer data, it is important to first look at Customer Data Maturity Framework. Every Customer data is used not just for decision-making but also for execution. To do this, businesses need a Customer Data Platform (CDP).
What's a Customer Data Platform?
A CDP is a single platform that can unify and consolidate a company's customer data from different marketing technology (Martech) data silos. When a business is data mature, the CDP gives businesses the ability to do predictive analytics and understand consumer behavior. With this information, they can target ads and campaigns more effectively, price products correctly for different segments, and use the right engagement channels. In short, a CDP gives companies the insights they need to profit from customer data.
Customer Data Maturity Framework
A company's data infrastructure influences its ability to deliver exceptional customer experiences. This is because for a business to succeed; they need an effective and efficient way of using all types of information about customers so that it can be used effectively by the organization as well - this will help them make better decisions about what content should go out next; how marketing dollars might best be spent etc...
The four core competencies we use in VIEWN are aligned with a CDPs capability:
How you collect your consumer information is important. Examining data-gathering quality includes assessing your thorough, accurate, and consistent data-gathering process.
Creating customer profiles allows you to take data and turn it into insights. Having a best-in-class system means creating one cohesive view of your customers that is accessible to everyone on your team. With profiles, you can every step of the customer journey.
Act lets you put your client data to use and take action accordingly. As a result, their interactions with your company will be customized in real-time across all platforms.
Businesses that profit from their clients use unified customer data to create predictive analytics to take the appropriate action at every stage of the buying process.
The Customer Data Maturity Framework is a tool that helps organizations understand where they are today and what they need to do to get to the next level. Businesses need to know where they stand to make the necessary changes to move up the customer data maturity curve. So how do you profit from unified customer data and predictive analytics?
Make customer experience customization a top priority
Customers want to feel connected with the companies that they do business with, and organizations must be able to provide these connections for customers to buy. Customer profiles should include data about them so that their needs can be better met by salespeople connecting with them at the right time.
Personalization is possible because relevant and actionable data is embedded in a customer profile. Research shows that 63% of consumers will stop buying from a brand with poor personalization tactics.
Businesses that have not implemented a CDP lack a central location for customer data, which causes various issues, such as an incomplete view of the customers' needs and preferences. As a result, businesses can't segment or personalize their marketing campaigns to appeal to specific demographics. It is a risk not to connect your data and work down a MarTech roadmap.
Optimize digital advertising with customer data
Paid advertising requires a thorough knowledge of your customers, their stated preferences, and online behavioral patterns. Before VIEWN, it was tough for companies to gain a customer's full profile based on preferences and behavior. But with a customer data platform that can ingest, cleanse and manage clientele data feeding into profiles, it is now possible to develop targeted audiences.
If your company is not using customer data to its full potential, now is the time to act. By focusing on the customer experience and your targeted ads, you will find the transaction volume required in predictive analytics. By unifying and consolidating your data, you can move up the customer data maturity curve and start reaping the benefits of predictive analytics. With a CDP, you can take your customer relationships to the next level and profit.
Predictive analytics can help you understand what customers are likely to do in the future so that you can better target them with products and services they may be interested in. By taking a closer look at your customer data and improving your customer data maturity, you can unlock the value of that data for predictive analytics. Contact us if you want to improve your customer data or learn more about how predictive analytics can benefit your business. Our team of experts would be happy to help.