Today, customers’ buying behavior is more complex than ever. Despite the significant instability in 2020 – a global pandemic and economic uncertainty – the growth within customer data platforms is booming. In no time, customers’ need for businesses that successfully transformed into digital vendors has accelerated and caused a rise in customer expectations.
If you are running an e-commerce business, this past year’s major shift in online shopping has demonstrated how essential it is for you to collect and apply customer data to keep up with increasing demands online.
The customer’s buyer journey is messy
People no longer follow linear customer journeys, but rather engage and interact with a multitude of channels and platforms, each helping him or her navigate between vendors and products to reach check-out with the most relevant products. As a business owner, you are expected to engage customers across multiple channels and manage the volumes of customer data that comes from each. This way you can market the right product at the right time.
Despite the fact, that last year has forced customers to go online, it remains a small percentage of businesses that truly possess the capabilities of leveraging data across channels and create relevant customer experiences. The problem for most businesses is that they need a platform for collecting, analyzing, and handling data to keep up with a rather messy customer journey.
While businesses might turn the blind eye to this fact, time is running out. Last year Google announced that it will be phasing out third-party-cookies, which means valuable customer data is lost if businesses don’t acquire a platform for storing.
How can a Customer Data Platform help my business?
In short, a Customer Data Platform (CDP) helps you unify your customers’ touchpoints, often located on different platforms or channels within your organization. With a CDP, all your data is stored in one central platform, helping you avoid separated silos while also enabling you to deliver personalized and relevant customer experiences in real-time. The CDP allows you to build audiences and make sure you reach the right customers with your marketing.
SPORT 24 is a great example of a business using Raptor’s Customer Data Platform to unify their data from both new and existing customers. Before they acquired a CDP, SPORT 24 only applied customer data deriving from their Facebook pixel alone. This resulted in a Return on Ad Spend (ROAS) of 17-20, which by most standards is a fairly great performance level. However, since SPORT 24 started collecting customer data and modeling their audiences through Raptors CDP, they increased their ROAS to 35 – a 50% increase in performance.
The main purpose of a CDP is to consolidate customer data across various data sources into one platform – also known as a single customer view. Data deriving from CRM, website, e-mail, CMS-systems, ads, device, POS systems, social media, customer service, etc. are all being streamed in real-time to provide you with a full overview of your customers’ purchase behavior. As we recently learned, this behavior is a rather messy affair and differs from person to person. A CDP helps you activate data as you need it.
This way, you can target the right customers with the right message, so you remain relevant and keep up your momentum in each of your customer’s buying journeys.
How does Raptor’s CDP work?
The immediate advantage to the Raptor CDP is the fact that it is channel-agnostic, and it supports the activation of the data that makes the most sense for your customer journey. Through this activation of data, it cultivates your opportunities to create value and relevancy for your business.