What is a Customer Data Platform and what value does it offer brands? These are common questions facing today’s marketers.
Modern customers are active on multiple devices using numerous online and offline channels to interact with brands, sometimes with different buying behaviors in each of these channels. Customer data doesn’t offer true value to a brand when it exists in silos. Therefore, it’s critical that customer information be captured across all touchpoints, enriched in real-time, and associated with a single unified profile for each customer. This avoids multiple identities for a single customer giving a distorted view of the customer’s purchasing behavior, which could result in lost sales opportunities.
Thus, the onus is on brands to track every interaction across multiple channels and devices to build a single, persistent, and consolidated view of each customer’s profile. This is where the Unified Customer Profile (UCP) comes in, built on the solid foundation of the Customer Data Platform (CDP).
The importance of a Customer Data Platform
Insights to extract using Insider’s UCP
Insider’s position as a market leader in the Customer Data Platform space on the G2 Winter Report 2022
Activate cross-channel journeys now with insights from Insider’s CDP and UCP
A Customer Data Platform is a software system that helps companies unify customer data coming in from various sources. It ensures that customer data is structured and organized in one centralized location and makes it available to marketers to accomplish different business objectives.
Marketing leaders at top brands have realized the need for CDPs to integrate their customer data into a single platform. The Global Customer Data Platform Market size is expected to reach $20.5 billion by 2027, rising at a market growth of 34% CAGR during the forecast period. To provide detailed profiles for each individual customer, CDPs can absorb all kinds of data from multiple offline and online sources including websites, mobile apps, messaging channels, CRM, and ad networks. Using AI-based algorithms, the CDP can categorize customers into different segments based on their previous behavioral patterns. The most effective CDPs are also able to update customer profiles not only on the basis of historical interactions but also based on real-time behavior exhibited by them on your website or marketing channels.
Unifying customer data that exists in silos is not the final piece of the jigsaw. Relevant customer data should be used to build unified profiles of your customers, which can then be mined to craft personalized marketing campaigns across channels, boosting customer engagement, conversion, and retention. Marketers who rapidly consolidate all their first-party customer data across channels gain a holistic view of the customer journey, the channels they are engaging on, and other relevant information. This unified view of their customers gives marketers a clear picture of their interests, tastes, preferences, and intents. This detail helps to predict a customer’s actions better, allowing for the design of personalized cross-channel marketing campaigns.
Insider’s Unified Customer Database eliminates data silos by consolidating data points from different sources into a single centralized database. The Unified Customer Profile (UCP), Insider’s front-end implementation of the Unified Customer Database, can give marketers a 360o view of each individual customer.
Our UCP is capable of showing marketers the full picture of each individual customer. The listing page captures details of all your customers, both anonymous and identified. You can get a full view of each individual customer via 3 tabs:
This tab showcases the customer’s basic information. It also provides an understanding of your customers’ channel preferences as it highlights the channels the customer has opted-in and opted out of.
You also see the AI-powered predictive insights of Insider, these segments offering a clear picture of your users’ intent and preferences. Not only that, they can help you predict the future behavior of your customers by understanding their historical and real-time interactions on your website or marketing channels. This section shows extremely insightful information like the Customer Lifetime Value (CLTV), Likelihood to Purchase, Likelihood to Churn, and Discount Affinity.
The Milestones section on this page summarises the total revenue generated from an individual customer, the number of orders placed, products purchased, and the Average Order Value (AOV). You’re also apprised of the customer’s first and last interaction with your website.
This tab offers drilled-down insights into your customers’ activity on your platform, including your customer’s top 5 product purchase categories with historical product behavior (last visited, purchased, and abandoned) in the last 3 months.
In the activity section on this page, there’s a detailed representation of every interaction your customer has had with your brand across offline and online channels.
This tab provides a detailed break-down of each customer’s engagement (delivered, open rate, click rate) across channels like email, mobile app, app push notifications, and our cross-channel journey orchestrator. You can also see how a particular customer has engaged with a channel in comparison to the general average population.
Check out this video for a sneak preview of Insider’s UCP and the insights you can capture for unique customers.
Using Insider’s UCP, you will gain better visibility on your customers’ past interactions and transactions across various marketing channels. This will help you build more personalized campaigns than ever before. With a better understanding of your customers’ interests and preferences, backed by our powerful AI capabilities, you can segment and target customers better.
Insider ended 2020 as the #7 leader in the Customer Data Platform (CDP) space. We ended 2021 at #2 with an overall score of 92. The growth has been significant and our customers have given us a resounding vote of confidence with a Net Promoter Score of 87, the highest in the industry.
G2’s Winter 22 Report is a justification of the growth our Customer Data Platform has achieved over the past year.
97% of users believe that the product is headed in the right direction, and 95% would recommend it to others, underscoring their confidence in our ability to help them impact their KPIs with personalized cross-channel marketing at scale.
A Customer Data Platform plays a vital role in unifying customer data from multiple channels and devices. By providing access to high-quality customer data, CDPs enable marketers to perform data-driven tasks. The Unified Customer Profile brings marketers closer to their customers through improved understanding of the behavior of each individual. The sharper your understanding of individual customers, the more laser-focused your segmentation and cross-channel personalization strategy can be! More accurately targeted campaigns lead to better customer engagement, which in turn boosts revenue.
Thus, a CDP has become a critical part of a business’s modern data tech stack.
To get a better understanding of Insider’s CDP capabilities and to learn how our Growth Management Platform can help you kickstart your cross-channel marketing strategy, get in touch with us today.
Neeraj is an inquisitive person with an interest in Marketing, new-age technologies, and analytics. Having started his professional journey in the Martech industry, he hopes to build a long career in the SaaS space. Beyond work, he's a sports fanatic who manages his own football YouTube channel and writes about other sports like cricket and F1 during his free time.