CDP, CRM und DMP – these three acronyms represent powerful tools that, when used efficiently, increase your company’s success. Whether it’s a Customer Data Platform, a Customer Relationship Management Software, or a Data Management Platform – all of them enable a 360⁰ customer view.
Many companies are overwhelmed with the data silos accumulating on their servers and don’t know how to proficiently evaluate all the information. The consequence is that a company that doesn’t understand its customer base leads to the loss thereof and, as a result, the loss of profit.
But help is near: Customer Data Platform (CDP), Customer Relationship Management (CRM) and Data Management Platform (DMP) are all about data, data, data.
When correctly implemented, these three engines provide your company with the required power to lead successful marketing campaigns, implement profitable sales strategies and create detailed customer profiles. One look under the hood and it is evident that each one has its unique features.
The Customer Data Platform (CDP) is a database, which unifies and automatically catalogues data from different sources. With the bonus, that existing software can remain in the company’s infrastructure. In other words, the CDP acts as a kind of middleware between the different tools and unites them.
The collected data is vast and can be of historical, demographical, and behavioral nature. These can be pulled from different tools such as the CRM.
Data, such as customer data (e.g. name or email) or behavioral data (e.g. page views), are standardized and transformed within the CDP.
As a result, clearly defined target groups are created, and detailed customer identities are formed. This enables your company to access your customers through various channels and devices.
Even when customers move outside the company’s website, for instance through online shopping or social media activity, data is retrieved. A cross-channel unification of all of your company’s data leads to the expedient use of a Customer Data Platform.
A CRM-System, not to be confounded with the customer data platform, facilitates the simple handling of customer relationships for a customer-oriented company. With two principal goals: an all-encompassing customer care and the creation of a long-term, mutually beneficial relationship.
The three pillars for the successful implementation of a CRM Software, are an appropriate tool, a management approach, and the right business processes. In other words: a customer-oriented company philosophy and the adaptation of strategies in customer service, marketing, and sales, increase the effectivity of a CRM-System.
Implementing the suitable Customer Relationship Management Software, leads to an optimized and seamless flow of information between service providers and suppliers, or company and customer.
When used correctly, a CRM-Software can combine all internal processes and therefore easily complete customer orders. With the CRM you can lead and maintain customer relationships and follow Customer Journey closely.
Though the Customer Data Platform and the DMP seem to be of the same nature, there is a distinguishing difference: the Data Management Platform turns accumulated data into anonymous user profiles, whereas the CDP creates detailed behavioral profiles.
The aim of the Data Management Platform (DMP) is to collect data on the behavior of website visitors. This procedure identifies potential customers and the gathered data optimizes customer information in the CDP- und CRM-Systems.
Once data has been evaluated and sorted within the CDP, the information is passed on to the DMP and enriched with more data.
This automates exchange between the two platforms makes it possible to find the right target group and facilitates an accurate establishment of Buyer Personas.
Despite their differences the Customer Data Platform, the Customer Relationship Management and the Data Management Platform complement each other. Apply those three engines correctly to create harmonious processes and efficiently collect and evaluate customer information.
If and which of the three tools are used in your company is up to you. Extensive experience of market leaders has shown that the right utilization of the afore mentioned softwares, leads to profitable results. Reach your goals faster, easily digitalize slow and difficult processes and enjoy satisfied customer.
A continuous flow of information between the three tools and the efficient implementation of these three motors create a harmony within the processes of your company. This leads to fast and successful results that fuel the success of your company.
To get the right engine for your company, contact one of our experts and drive your company to the top.
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