Across industries, businesses are tasked with the feat of maintaining, leveraging, and protecting increasing amounts of customer information.
This is no easy feat, of course. As customers interact with brands across multiple platforms, sharing more and more of their information in order to receive personalized offers and individualized content, the organizations with which they interact must find a way to securely store that data, and sort it in such a way that they can meet the growing specificity of their clients' expectations.
Even those companies that feel as though they might have a working strategy run the risk of being overwhelmed in the future. After all, data is growing at exponential rates, and the more individuals that brands attract the more data they'll ultimately be forced to manage.
The Tide is Rising
Consider the following graphic from eMarketer entitled What Challenges Do Companies Worldwide Face Concerning the Day to Day Management of Data?
Here, we see a wide variety of obstacles that a major swath of international organizations cite. Whether it's trying to juggle too many different data management systems or simply lacking a means to find a centralized approach to their management strategy, any single one of these problems has the potential to derail a business' ability to adequately utilize customer data and, thus, appropriately connect with their legacy customers and the new clients that they hope to woo.
When only 7% of respondents claim that they have things under control, it should be obvious that the issue is to be taken seriously.
Customer Data Platforms Offer a Powerful Solution to These Exact Problems
Looking at the top five concerns in the above chart, it's easy to see that Customer Data Platforms (CDPs) offer robust and dynamic fixes to at least four:
- Too Many Different Data Management Tools/Systems in Use: CDPs prove a one-stop-shop for data management. With a Customer Data Platform, organizations of all sizes, in all industries, are able to forego many of the outdated, piecemeal tools on which they previously relied to handle their data. Because CDPs are able to aggregate, categorize, and sort data based on a number of criteria--helping organizations craft detailed customer profiles--companies that once had to keep track of three or four different data management tools can now deal with one.
- Too Many Data Sources to Make Sense Of: In the age of an expanding digital universe, customers expect that brands will interact with them across many different channels. The most successful businesses are receiving data from mobile engagement, desktop sites, mail-in forms, and more. It is essential that they can swiftly sort through all of this information, and act on it accordingly. With CDPs, companies can automate the creation of customer profiles that draw on data collected from multiple touch points, so that they not only have the fullest view of their client, but a deeper understanding of that customer's behavior that doesn't demand they manually sort through dozens of sources.
- Lack of a Centralized Strategy/Approach to Data Management: CDPs serve as a central hub for data management, aggregating data and allowing marketers to subsequently leverage that data via whatever marketing or advertising tools they prefer. While as many businesses are stuck sorting through data on their own and feeding that information to their MarTech solutions one-by-one, CDPs automate the collection and distribution process, allowing marketing teams a top-level centralized view of what information they have, and how it can best be leveraged.
- Lack of the Right Skills/Technology to Harness the Power of Data: Customer Data Platforms are the ideal technology for the harnessing of data, and--even better--they provide an easy to use interface for marketers. There's nothing like a CDP to streamline your marketing team's data-based outreach, and these tools don't require teams to learn the ins and outs of fifteen separate products in order to build a workable and successful strategy.
CDPs are Data Management Nirvana
Through Customer Data Platforms, more and more organizations are seizing on the benefits of data influx, rather than fretting over the challenges. A flood of customer information now looks less like a crisis to be managed than an opportunity to be leveraged.
Interfacing with a host of MarTech and AdTech innovations, CDPs put marketers in charge and allow them to more easily craft the hyper-personalized, omni-channel marketing initiatives that customers expect. They allow your business to fully understand customers, to deeply communicate with them, and to craft relationships that could rarely be achieved by a team forced to jump between dozens of different tools, or compelled to sort through potentially terabytes of information.
Customer Data Platforms are redefining how businesses handle data management, and their capabilities are giving many organizations a new lease on life, and a new level of success.
If that eMarketer report resonates with you, than we can think of a powerful fix that will resonate even more.
Lemnisk designed a powerful Customer Data Platform tailored specifically to the needs to FinServ organizations: banks, insurance companies, and more. You can learn more about how they've taken all the features of CDPs and customized them to empower financial institutions on their ForesightOne partner page, or take a look at our exclusive interview with Lemnisk's CEO, Subra Krishnan!