What is CDP? What are the benefits of CDP?

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AN IDEASCOMPANYFORTHE DIGITALWORLD.
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What is CDP? What are its benefits?
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Background

• While running your business, you have a chance of
  getting the data from various sources.
  Personalizing it for the benefit of your business
  is a critical task. Incomplete data from multiple
  sources may leave companies in a situation where
  they cannot join the dots and build meaningful
  customer segments.
• Using CDP, you can create a single view of the
  customer. In this blog, we will talk about what
  CDP is and why businesses need one.

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What is CDP?

• We abbreviate Customer Data Platform as CDP.
  Your business might have multiple channels of
  marketing communication. Bringing all this data
  and creating a single view of the customer is
  what CDP does. Hence, if we want to define CDP in
  a single line, it would be,
• A technology that helps you to stay away from
  silos of data, and create a single view of your
  customer data gathered from multiple sources.
• For example, a CDP brings together data from,
• Online transactions
• In-store purchases
• Demographics
• Location
• Website behavior of your customer
• Email Engagement
• The primary focus of CDP is to enable
  cross-channel personalization and the customers
  journey. Implementing a CDP ensures that your
  efforts in personalization are based on your
  customers behavior.

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Benefits of CDP

• In the current marketing scenario, time is a
  significant factor. As a digital marketing
  agency or a marketer, if we can implement our
  marketing campaigns with all the insights without
  wasting time, then it is preferable. Hence, CDP
  becomes a genuine requirement for your business,
  as it can collect all the data points from
  various channels and present them to you in a
  very consolidated format.
• You may avoid personalization failures with a
  CDP. If you get fundamental information wrong,
  getting personalization in place will never help
  you. For example, when you send an email
  recommendation to your client for a product they
  had purchased just moments ago. Such emails will
  hamper your relationships with your customers, as
  they might find it an automated email.
• A CDP gives you multi-channel consolidated data
  that you can analyze to solve several of your
  queries. Like, your most loyal customers, who
  have not made any purchase recently, and many
  such questions.
• A CDP in place will give you more intelligent
  options to personalize your marketing. It helps
  you in improving your customers experience.
• When we say better personalization, we mean that
  a CDP helps you build real-time customer
  segmentation based on the real-time customers
  behavioral data. This, in turn, will help you to
  increase your business revenue.

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Key Takeaways

• With a CDP, you can improve your customers
  experience leading to more conversions.
• It helps you in increasing your customers
  loyalty.
• Without having a CDP in place, marketers cant
  reach their fullest potential.

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