What are the benefits of CDPs?
By bringing all types of data (structured, unstructured, online, offline) together for a centralized view, CDPs improve customer experience (CX). They create a constantly updated 360-degree view of the customer from data gathered from every customer touchpoint—email, social media, loyalty programs, and in-store transactions—as well as existing data sitting in other internal systems, such as ERP, CRM, DMP, and more.
With the same view of the customer, different departments can work together because they’re able to see who is interacting with a certain customer, or if no one is interacting at all. With CDPs, businesses can deliver consistent messages and integrated customer engagement.
With a CDP, a business can precisely target individual consumers, personalize their experience, and cement a lasting relationship that improves retention rates. Personalization impacts revenue as well. Marketers who have mastered personalization drive 5 to 15 percent increases in revenue and 10 to 30 percent increases in marketing spend efficiency.
Because CDPs collect data directly from your customers, that data is more complete and up to date than data from other sources. A comprehensive, up-to-date view of customers makes marketing campaigns more efficient, effective, and unified.
Finally, having a centralized platform of reliable, integrated customer data enables you to make better, data-driven decisions and could even inspire new marketing programs.
Unifying customer data from different marketing and advertising systems is the only way brands will be able to eliminate blind spots and make every customer interaction matter.
Rob Tarkoff Executive Vice President, Oracle Cloud CX and Oracle Data Cloud