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3. June 2024

Gaining an edge by using data – the customer data platform as a key factor to success

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Portrait Daniela Köhler

by Daniela Köhler

Publications officer

Being customer-centric pays off: Businesses that focus on the individual needs of their customers can benefit from increased sales and a greater willingness by customers to recommend their company to others. What does it take to do this? Data – provided you have a handle on it.

Why do companies need a central customer data hub?

In digital commerce and customer service, there is fierce competition to provide the best customer experience. “A good customer experience is no longer a unique selling point, but rather the standard. In order to stand out from the competition, companies today have to offer a top-level customer experience,” says Tom Lurtz, Partner at the auditing firm KPMG. However, that is easier said than done. After all, to reliably fulfill the unique wishes and expectations of your customers, you first need to know what they are. A holistic view of all customer-relevant information is required for this. Yet in many places this is obstructed by isolated data silos.

It’s high time to take countermeasures here. Ultimately, data silos are not just extreme time wasters and obstacles on the path to a first-class customer experience. They also provide a breeding ground for duplicates and dark data – thereby increasing the risk of making wrong decisions and breaching compliance regulations. To avoid this, you should consolidate your data in a central, modern customer data platform (CDP).

What is a customer data platform?

It takes more than traditional master data to truly understand customers. Nowadays, relationship data – also known as X-data – plays an important role as well. This means that if you want to excite your customers, you have to combine a wide range of information from different media, contact points, and channels. The following data contributes to an in-depth understanding of the customer:

  • Preferences, consent, activity data (length of stay, frequency of visits, movement patterns, products viewed, newsletter registrations, interactions such as chats, social media activities, survey results)
  • Customer master data (names, addresses, contact information)
  • Data on purchases made (date of purchase, products, quantities, prices, payment methods)

A customer data platform bundles these and other customer-relevant information from various touchpoints of the customer journey such as websites, mobile apps, customer service contacts, social media and offline interactions in real time in a “single source of truth” and in doing so renders it fully usable.

What are the benefits of a CDP?

One thing is certain: A CDP is an indispensable tool on the way to becoming a customer-centric company. More specifically, companies enjoy the following benefits:

  • 360-degree view of customers
    Modern analysis and reporting tools for the targeted utilization of data only achieve their full potential through the use of a CDP. These provide valuable insights into customer behavior, preferences and purchasing patterns and create a comprehensive understanding. The result is a unique customer profile that provides a comprehensive view of the customer.

  • Effective marketing activities
    Using the insights gained, marketing activities can be personalized and tailored precisely to the needs of customers. Instead of distributing information with a watering can, companies can approach customers in a targeted manner – even across channels. A digital customer card, for example, can be used to combine data to make product recommendations from both the online and offline worlds. This also contributes to an outstanding customer experience.

  • Proactive customer service
    The use of a CDP is also advantageous for customer service. By providing customer profiles, purchase histories and information from previous interactions, support teams process requests much more efficiently and can proactively respond to the expectations of customers.

  • Optimized processes
    Many departments within a company collect data that is also relevant for other areas. From procurement and inventory management to order processing, a CDP facilitates access to data and thus supports seamless processes.

Thanks to the technology partnership with mParticle, novomind customers can now also enjoy these benefits. The standard CDP solution from mParticle integrates seamlessly into the novomind technology stack and therefore automatically merges customer data from any source, such as novomind Connected iProducts. Data is collected by the CDP across all sales and communication channels, structured and made usable for marketing and digital commerce activities using AI.

Are you wondering how you can further personalize your marketing activities, increase conversion rates and improve the overall customer experience? We’ll gladly work with you to find out.

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