Top ten things a Customer Data Platform can do
Customer Data Experience Platform
What is a customer data experience platform?
A customer data experience platform is an all-in-one solution that combines data from multiple sources, organizes it around individual customers, and enables the streamlined activation of that data within other systems. While a customer data platform has many uses, it is perhaps most useful for viewing customer data in a holistic light. Whereas other platforms only provide certain types of data, a customer data platform aims to connect data across multiple sources, bringing it into a single view for easier access.
By streamlining your data this way, you can extract deeper insights and strategize for a more effective customer experience all around.
Customer data can be used to improve the customer experience, which involves personalizing tasks and procedures to align with customer behaviors. For instance, if you notice that one segment of site visitors is particularly interested in a certain item, you might focus more of your efforts on pointing them toward that product.
Customer data can provide you with these insights and enable you to make changes to your business operations as necessary. Improving the customer experience plays a critical role in fostering relationships with customers, so it’s important to analyze your data from every possible angle. A customer data experience platform enables you to do so.
There are many customer data platform examples, each of which demonstrates the importance of having a single, centralized location for your customer data. Lexer is one such platform that provides solutions for customer data management. It connects data from disparate systems to create a single customer view, allowing users to access all of their tools and information in one location. Rather than trying to piece together disjointed data fragments from different platforms, and trying to understand information out of context, you can get an accurate view of your data across systems.
Types of customer data platforms
Understanding the different types of customer data platforms can help you make a more informed decision about which tools and solutions to use to get the most out of your data. For example, a B2B customer data platform can provide information on those in the B2B space. By contrast, a standard B2C platform provides data on individual consumers. If you’re looking for the most accurate source of data, a real-time customer data platform may be right for your business. Real-time platforms continually update data, eliminating the need for users to verify data on an ongoing basis.
Choosing the right customer data platform for your business is key to improving your data management process and the customer experience as a whole. It’s important to find a solution that meets your current needs, but offers some degree of scalability and can grow alongside your business. You may start with a limited amount of data, but your storage can expand over time. This way, it can be a good idea to look for a customer data platform that’s capable of handling larger volumes of data.
Lexer’s B2B customer data platform connects customer data so that users can obtain actionable insights to help them attract, convert, and meet the needs of their customers. With Lexer, you can gain a deeper look into customer behaviors and patterns so that you can make better decisions around customer service down the road.
Top customer data platforms
Today, several customer data platform vendors offer solutions to help businesses manage the customer experience. Some platforms are best suited for small businesses, while others are capable of handling even the most complex data needs of large companies. Finding the best customer data platform can help you extract better insights and learn more about your customers’ habits so that you can cater to their needs and resolve whatever issues they may be encountering.
It can be particularly helpful to look for a platform that’s designed for your specific industry. For example, if you work in marketing, you might try searching for a marketing data platform. Likewise, if you’re a B2B company focused on targeting other businesses, you may benefit most from a platform that works to provide B2B data specifically.
It’s important to remember that different customer data platform companies offer different services and solutions, so even though they might sound similar in name, you should be sure to dig into the details to see what kind of data they support and whether or not they are compatible with your existing systems and operations.
Lexer is among the top customer data platforms, offering a CDP-enabled marketing solution that helps businesses create personalized, cross-channel experiences to attract the best possible customers. With Lexer you can enhance customer profiles and enrich your database, pulling different insights from the information available to you. This data can be used to identify purchase patterns and other customer behavior.
Customer data platform architecture
The standard customer data platform architecture is founded on the idea that data provides the most value to users when it’s unified and placed in the right context. This often involves pulling data from various sources to connect it to a single platform. CDP API platforms support integrations, making it easier for businesses to connect disparate systems and compile their data into a single source of truth. With a customer data platform integration, you get access to the best of both worlds, utilizing your existing platforms and systems and connecting them to your new CDP for greater efficiency.
While most CDP architecture supports integrations, it’s important that you check your system to ensure compatibility. Not all platforms are compatible with all systems. That’s why it can be helpful to test the waters before committing to anything. While finding the right model or architecture for your platform can be difficult, it can be worth it in the end to have something that supports all your desired tools and features and can pull your data into a centralized location for easier access.
Using marketing models and AI, Lexer’s CDP creates intelligent metrics to predict what actions your customers might take next. Learning more about their purchasing patterns and preferences can help you create a better, more personalized experience for them. For this reason, the CDP model has become popular in recent years, especially as the rate of online shoppers has increased and businesses have sought ways to reach customers in the digital space.
Customer data platform capabilities
Customer data platform capabilities vary wildly, depending on the size and scope of your platform. Some systems are capable of supporting large amounts of data; others host limited tools and resources. If you’re considering a CDP acquisition, it’s important to think about the capabilities of your current system, as well as how it might be able to integrate with other platforms. Typically, CDPs that integrate with external systems can handle larger amounts of data than those that do not.
Understanding a customer data platform vs. CRM is also critical to choosing the right platform for your business. Both systems collect customer data, but CRMs are primarily used for managing customer-facing interactions, while CDPs gather data on how customers interact with your product or service. CRMs are mainly used by those that deal directly with customers, and CDPs are most useful for teams that are concerned with understanding the deeper data behind why and how customers interact with your offerings.
When choosing between different platforms with different capabilities, it can also be helpful to use the customer data platform Magic Quadrant model. This framework uses four quadrants (challengers, niche players, visionaries, and leaders) to rank tech providers according to their strengths. The Magic Quadrant is a great visual tool for businesses trying to learn more about CDP platforms and what each brings to the table.
Customer data platform use cases
There are many customer data platform use cases. Different CDP customers use platforms for different purposes, and no two purposes are exactly alike. One business might use a CDP to extract marketing data; another might use it to better understand their B2B audience and connect with them on a deeper level. These are just two examples of how a CDP can be leveraged to get better data to improve the customer experience.
Reading CDP reviews can also be a good way to understand the platform’s use cases and see how it has helped meet users’ needs. A CDP review can tell you what the platform does and how well it performs. It can also convey ease of use, letting you know how simple or difficult implementation is and whether or not the platform can be used by those across your organization.
Lexer shares customer stories, each detailing a different organization’s success using the platform. These stories span several industries, including fashion, sports, and apparel, and demonstrate the impact that Lexer’s CDP has had on its business operations.
In one example, Wondercide launched targeted direct mail campaigns that ultimately drove a 600% ROI. They used Lexer to identify and target high-value customers using personalized mail postcards, resulting in more engaged customers. Success stories like this showcase Lexer’s effectiveness at helping users extract and understand their data to provide a better customer experience.