In contrast to B2C companies, a B2B medium serves businesses and corporations rather than individuals. Not only that, but a B2B company must manage a drawn-out and frequently complicated purchase cycle involving numerous departments.
Since businesses believed that a customer data platform (CDP) was only for B2C companies, it is understandable if a B2B organization does not think about including one in their company. You could not be more mistaken.
A CDP can be substantial in account-based marketing for all types of businesses. It assists in the identification of customers, the creation of customer segments, and the delivery of focused content to the right customers. In other words, it helps the brands deliver a seamless customer experience to the shoppers.
Let’s understand the customer data platform better and how it works.
What is a Customer Data Platform?
A Customer Data Platform or CDP is a collection of software that allows brands to integrate information from multiple data points. The tool helps the brands to provide a single, central customer database that contains information from all the data points that interact with the called API or service. CDP is vital for generating better marketing strategies as it helps businesses understand customers’ buying psychology.
Functions of a Customer Data Platform
The CDP has become crucial for businesses as it produces insights that help businesses to have a unified view of their customers and prospects. The first step to enabling a CDP to help the brands is integrating all available data on people and accounts.
It connects to first-party data, which in business-to-business marketing includes sources like customer relationship management (CRM) software, marketing automation, and email service providers(whereas B2C CDPs will connect to transactional data sources like e-commerce systems).
It also incorporates third-party data, such as web visits, ad impressions, demographic information, etc. All of the reports provide a unique perspective on the account and the related parties connected to it.
4 Types of Customer Data
Here are four types of customer data:
Basic Data: Name, contact information (email, phone), age, work title, demographic information, and gender are a few examples of basic client information.
Interaction Data: Data from client interactions, such as page views, downloads, subscriptions, social media shares, requests for demos, email queries, and more, are called interaction data.
Behavioral Data: Customer experience with the product or service is referred to as behavioral data. As an illustration, sign-ups for free trials, logins, deactivations, feature usage, downgrades, and user license additions.
Attitudinal Data: Data on attitudes is information on how customers feel about your good or service. For instance, online comments, ratings, and assessments of customer satisfaction.
Why is Collecting Customer Data Important?
Client data collection in eCommerce enables a business to improve a customer’s buying experience, boosting customer satisfaction and sales. In a nutshell, it benefits both the client and the company.
The advantages of gathering client data are numerous. One benefit of having this data is the ability to provide customers with a more personalized purchasing experience by understanding their preferences. Additionally, organizations can use customer data to learn from past errors and improve for future clients.
How is Client Data Used In The eCommerce Sector?
Customer information gives eCommerce businesses new opportunities. Organizations can utilize customer data to make better decisions that propel sales, provide better customer service, and run focused advertising and promotion efforts.
- Consumer data analysis can predict trends or the following top products.
Instead of just relying on competitors’ prices, customer data in eCommerce enables companies to develop creative pricing strategies for every product.
- Analyzing consumer data is very critical for predicting product demand. Making precise demand predictions using past data eliminates the possibility of either overstocking or understocking.
- Ecommerce businesses may increase conversions by providing superior customized experiences based on customer data.
Importance of a Customer Data Platform
As the customer base grows, managing the many sorts of consumer data can quickly become daunting. Customer data analysis is no longer possible manually because it would be time-consuming and difficult. You would like to allocate your resources to tactics and advancements, right?
Customer data administration should be simple, enabling you to comprehend consumer behavior, segment customers, and apply your understanding to test. It also helps evaluate established and novel business strategies to increase client loyalty.
Your advantages from employing a CDP dramatically alter your customer acquisition and retention strategies. They also enable you to improve communication and provide real-time responses when the scenario calls for it.
Here are some advantages of employing a customer data platform for your eCommerce store:
Easy Examination and Analyzation of Customer Data
The customer data is gathered and enhanced by a CDP, providing a 360-degree perspective of your consumers and enabling you to conduct multiple data analyses. When your customer care staff examines a specific customer’s profile or your marketing strategist examines behavior and trends at the segment level, you have all the information you require.
Your business will be able to provide a seamless customer experience by sharing a single platform for client data. Your customer support team may rely on up-to-date information when attempting to address a client issue. The marketing department can adjust email automation to fit the customer journey.
Informed Decision with Actionable Insights
Using a customer data platform, your business may comprehensively understand the customer journey, including all interactions with your brand. Better access to the data and proper team alignment can help attract the right-fit customers.
Constant Client Experience Improvement
A CDP enables you to develop relevant and unique experiences across numerous channels and devices. By designing customer-centric initiatives, you may establish and uphold trust, which is necessary for creating solid bonds, increasing customer engagement, and attracting repeat business.
Efficient Real-time Responses
CDP integration with other tools in your ecosystem assists you in deploying real-time responses, keeping customer satisfaction levels high. Suppose a loyal customer contacts your support service with a complaint. In that case, you can respond immediately to ensure that their bad experience won’t end your brand’s relationship with them. To increase the agility of your teams, you can design a blueprint for real-time response to various situations.
Customer data is an essential aspect for a business to maintain customer relationships. A CDP helps in the integration of all touchpoints and the automatic collection of customer data. Further, it is a centralized hub that connects data sources and rapidly delivers data to third-party systems. CDP provides simplified access to customer data for marketing, customer service, and business operations.
There is no denying that CDPs are significant and even necessary. It’s time to combine the data from all sources, establish a unified view of your accounts, and make the most of those insights, particularly in the B2B market.
Pickrr is a SaaS-based enabler that helps brands provide a seamless service and the best post-purchase experience to their end customers. It provides a unified dashboard for B2B businesses to carry out their operations in one place. Connect with Pickrr and start your fast and smooth delivery services today.