To start digging into this world, we will start going through a few reflections we got from a talk at SAP SAPPHIRE.
Digital-first is moving towards a digital-only, considering that it ends up becoming most of the consumer touchpoints with all brands.
Work Anywhere now means that employees are working outside the good old office and are connected digitally to the enterprise.
Cookieless future means that now customer identity requires permission and consent.
Direct to Consumer (D2C) has risen on average 13% of total commerce and continues to grow YoY.
Identity has been redefined, from a company being in control of the user data, this has now moved into a customer in control of the information and will only keep on moving in that direction.
Data Quality is or should be a top priority for a successful customer strategy and having a proper source of truth is one of the many key points to achieve in that journey.
Mostly because of these complexities, a new type of product was born within the best-run companies, the Enterprise Customer Data Platform.
The Customer Data Platform itself works as a solution to properly organize first-party data from all available sources for a company and then allow all required destinations to get real-time insights from it, to act accordingly. Despite the fact it was already mentioned, one of the key features goes around Real-Time, in comparison with a Data Lake or other previous existing solutions.
It’s important to point out that the advantages of SAP CDP in comparison with others are:
– CDP Enterprise, means that it unites the power of the ERP and the CRM together to tie backend processes together with front-end customer engagement at a large scale, for a multi-country, multi-brand, multi-business model enterprise.
– You get the only CDP that is based on customer-driven identity with customer identity access management and enterprise consent and preference management built-in.
– Finally, it offers the ability to drive real revenue outcomes. Designed to connect modern commerce with the systems that drive return-on-investment.
– It will work mostly as a single source of truth from which all your systems will obtain all the available customer information.
With it, enterprises can:
– Build a First Party Data Asset, leveraging out-of-the-box data connectors to unify all your customer data at scale.
– Create a Single Source of Truth, clean, harmonized and unify your data through a common data model to connect to the enterprise.
– Go Beyond Marketing, combining ERP, Identity, Marketing, Sales, Service, and Commerce attributes for a rich profile to drive insights.
– Adapt to the cookieless future, connecting your customer data to the systems that matter with one-click activation.
Finally, to close this article we thought of going through some of the main key business opportunities that unified customer data can drive across the entire funnel.
– More relevant offers in demand generation
– Better Call-to-Action increasing sales
– Reach more prospects reducing the cost to serve
– Smarter Journeys for cross/up-selling
– Better retail targeting, improving conversion
– Increase loyalty by increasing advocacy.
If you want to know more about Customer Data Platforms, exchange thoughts, or need some help, don’t hesitate to reach out to our CDP experts or subscribe!
Alejandro Mateo, Managing Director of Pyxis CX, visited the Retail Innovation Conference and Expo 2022 in Chicago, USA. [...]