How Does your Retail Marketing Benefit from a Customer Data Platform?
Today, there’s a lot to gain by extrapolating insights from the abundant customer data landscape. Primitive touchpoints, a lack of usable data, and obsolete technical infrastructure are just a few reasons why businesses struggle to leverage customer data to its fullest potential for their benefit. Customer Data Platforms (CDPs) enable retailers to unify customer data across sources and platforms, find quality insights, and boost customer engagement to improve your overall ROI.
Retailers require actionable customer data to enable them to deliver as per consumer expectations without having to break the marketing budget. Retailers cannot rely on legacy systems any longer to understand customer behavior, how they can be reached, and how to measure the efficacy of their marketing strategies and programs. Reaching out to customers at the right place and at the right time has pushed both brick & mortar as well as eCommerce retailers to unify their customer data via CDP.
Making Sense of Customer Data
Determining the right CDP to integrate into your retail operations is a challenge. It requires you to consider the maturity of their current data set, what their future goals and expectations are, and what specific data will need to be used to achieve these objectives. Here are some data sources that retailers can use to bolster their retail marketing efforts:
Customer Behavior and Device Data
Understanding this type of data is the secret to discerning the behavior and preferences of present and future customers. It displays the products they are interested in, along with data on the exact number of pages visited per browsing session, with details of session duration, carts, wish lists, social sharing and more.
Order and Transactional Data
POS systems, eCommerce platforms, and other customer data touchpoints all generate data about client purchases, order and renewal dates, customer value, abandoned carts, returns, and more. This data is invaluable for sales and marketing initiatives.
Customer Profile Data
Customers are the most essential part of any business. Understanding who they are and what they want is the path toward effective marketing. You can enrich your lead generation efforts by understanding consumer psychology and behavioral patterns.
While this form of data is not strictly derived from customers, it ensures you have personalized, meaningful interactions with customers. Inventory levels and pricing are two basic examples of product data.