Customer Data Platform or CDP is a packaged SaaS (software-as-a-service) product that is designed to build a unified customer database for an organization.
A CDP enables marketers to understand customer data and derive insights to enrich the customer experience. Lemnisk’s AI-based customer data platform has been instrumental in driving millions of dollars’ worth of incremental leads and conversions for the world’s largest financial institutions.
Customer Data Platform (CDP) is an integrated customer database managed by marketers that unifies a company's customer data from online and offline channels to enable modeling and drive customer experience.
Customers in the Financial Services industry want personalized experiences from their service providers. As a result, personalization has become the number one priority for marketers in the industry today. They are waking up to the realization that delivering personalized experiences highly depend on understanding customer data.
A CDP is designed to build a unified customer database for an organization. Implementing a CDP can help achieve consistent customer engagement, increased loyalty, and higher sales.
Bring together data from first, second and third party data sources at a central location. Every data point of every customer - existing or new - can be pushed into the CDP. It becomes one single source of truth for all customer data. The unified data consisting of the users’ behavioral and transactional information helps in personalizing the experience for millions of customers.
Segment users in real-time based on their engagement level. Specific segment conditions can be created to understand user preferences to divide and target them. Customized marketing campaigns specific to each segment can be used to hyper-personalize each user’s experience.
Identify a single user with a universal identifier across channels and devices by mapping the user's information. Retain the history of anonymous visitors when they fill a web form, drop a lead, etc. Find your users wherever they are and target them with personalized messages to drive new customer acquisition.
Garner insights about customer behavior, needs, and preferences by building a single user profile. It can then be used to precisely target them with relevant offers depending on their interaction with the brand. It helps to create real-time customer experiences across devices and channels with the right message and context.
Eliminate data silos and connect all marketing systems
Create unified and complete customer profiles to enhance their experience
Reach the right target audience on the basis of buyer persona and behavior
Cross-device personalization by associating each device with a unique identifier
Garner deep customer insights to run targeted marketing campaigns
Data unification across various online and offline data sources
Select the right message and deliver a consistent experience across all channels and devices
Bring together users' behavioral, audience, partner, CRM and offer data to merge the profiles with the help of a unique identifier (CRM ID, Email ID, Contact number, etc.). These merged profiles will provide a single unified view of customers and help marketers in targeting them accordingly.
Ensure all marketing channels are in sync about the activity of a user. Control the number of times a marketing message is shown across channels. E.g. for a given segment, not more than 1 email, 2 browser push notifications, 10 notifications on display. Stop all messages if the user has responded on any channel.
Identify the channel an individual user is most likely to respond on and craft a unique channel journey for the user. This implies that for any marketing segment, there will be thousands of unique paths automatically created based on individual propensities towards various channels.
Integrate with CRM data and use real-time triggers to power conversations. For recent buyers of an insurance plan, show targeted messages to upsell/cross-sell other relevant offers. E.g. look for the maturing deposit, birthdays, or other events, and convert them to relevant cross-sell opportunity triggers.
Target existing customers across devices. Personalize experience on one device based on behavior exhibited on another, including activities like form completions.