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  • How a Customer Data Platform Helps Your Business

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    Data helps marketers create better decisions and strategies. However, the huge amount of data can be overwhelming. It gets lost in translation, losing its value. To avoid such a thing from happening, organizations need a CDP platform, which delivers a wide array of benefits, including those that we will list in this article.

     

    It Gives You Better Knowledge of Your Customers

     

    One of the best things about using customer data platforms like Lytics is its ability to provide organizations with better insights about their customers. It makes the marketing campaigns customer-centric. The platform helps marketers to gather relevant information that helps them make strategies based on what the target market wants. Best of all, it collects information directly from your customers, which will minimize the chances of inaccuracy.

     

    It Avoids Data Silos

     

    A data silo refers to a group of raw data that is accessible only by one department and isolated from the rest of the organization. It is bad for an organization because it inhibits productivity, limits efficiency, and results in a lack of transparency, among others. One of the best ways to address this is through the use of a customer data platform. The latter is accessible across all authorized users, which fosters trust and collaboration. It is easier to work with each other and across teams because of the accessibility of available data.

     

    It Unifies Marketing Channels

     

    Especially in large organizations, it is most likely that there are multiple marketing campaigns that run simultaneously. This also means that the organization is using a variety of platforms. With a customer data platform, it unifies multi-channel marketing. It provides a consolidated platform for managing customer information. This also improves communication across users while making sure that data stays accurate.

     

    It Drives Customer Loyalty

     

    The more a business understands its customers, the easier it is to venture into tactics that will make customers loyal. With a customer data platform, it becomes easier for the business to not only understand the needs of the customers but to also anticipate their future needs. This results in a higher level of satisfaction. Obviously, when they have a happy relationship with your business, this will make them loyal. In turn, this loyalty can be instrumental in the profitability of the business.

     

    It Makes the Business More Competitive

     

    This sums up the benefits listed above. In 2018 Forbes article, the insight team cites a study wherein 93% of marketing executives assert that employment and analysis of customer data are crucial in meeting the challenges of operating in a competitive market. This is because customer data platforms provides insights that can help companies to develop better marketing campaigns. In turn, this allows them to stand out above all others.

     

    If your organization is not yet using a customer data platform, now is the time to reconsider. It is an effective and efficient marketing tool that allows data unification to improve the marketing efforts of a business.

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