CDP with MDM and CRM
Achieve Customer Centricity by combining CDP with Trusted Master Data
Customers have more power than ever in the digital age. As a result, organizations are heavily investing in technologies to ensure customer-centricity in their business practices. This has contributed to increased adoption of Customer Data Platforms (CDPs).
CDPs do an exceptional job of building customer profiles using all types of data, including transactional, behavioral, structured, unstructured and more. Additionally, CDPs can be deployed for segmentation, which is then used for email, real-time advertising and other personalization techniques. But the success of all these functions depends directly on the quality of the data fueling the system. This is where it is essential for organizations to combine CDP with an MDM. [1]
Fueling CDP with Trusted Master Data
MDM expands data stewardship to sales, marketing, and customer service so that the businesspeople with the deepest customer insight can refine and update the core customer data for better engagement with customers. While CDP collects data in real time and centralizes it, the MDM’s role is to stitch “static” data from other sources, whose data points may be relevant to the CDP, and CDP then ingests the MDMs relevant data points alongside all the real time data. Therefore, it ensures that reliable and trusted data is ingested into a CDP thereby improving the decision-making capabilities. Some of the advantages include –
· An MDM, by leveraging many offline databases can help in enriching customer profiles with historical customer data that is not available via real-time data sources
· Using its advanced data cleansing techniques, MDM can reconcile data from database systems and cleanse it before sending it to CDP for ingestion. This increases efficiency of profile enrichment and reduces overall cost
Benefits of combining CDP and MDM
By mastering the data that feeds in a CDP, organizations can enhance their marketing and sales efforts by using a trusted reliable data foundation that enables organization to know their customers on a one to one level. With an MDM fueling CDPs, organizations can –
· Create a true 360-degree view of their customers, vendors and suppliers
· Improve segmentation, analytics and hyper-personalization capabilities
· Eliminate manual data input errors and streamline processes
· Connect siloed data across enterprises and produce a single, accurate and unified data record
· Syndicate data in near-real time
Conclusion
Using high quality master data, CDPs can attract and convert customers with hyper-personalization and exceptional and improved experiences. Leveraging MDM as part of the CDP workflow allows organizations to get the most out of their solution, including better segmentation and direct marketing, because it supplies clean, accurate and up-to-date master customer data. [2]
References –
[2] https://www.redpointglobal.com/blog/master-data-management-now-part-customer-data-platform/
CDP with CRM
CDPs integrate with CRM and other customer-facing systems to capture and store persistent information about customers such as age and location as well as customer event data like purchases, clicks, or page views that can be used for advanced segmentation and modelling.
Hence when CDP systems are integrated with easy to use business growth tools like a CRM or any other customer-facing systems, for storing and capturing information about customers such as their location, age, as well as data pertaining to customer events such as clicks, purchases or page views, it can be used for advanced customer segmentation and modelling. [1]
https://customerthink.com/what-is-cdp-and-how-your-crm-can-serve-up-better-cx-data-using-this-tool/
