Customer Data Platforms
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on 04th July 2017 / by harikrishnan.v
Customer data is considered as one of the most valuable assets for any e-business. The more data we have, the more in-depth engagement we can drive with a customer. Customer data will help us to know about the customer, his purchase behaviors, products of interest, his purchase potential etc. This information will help organizations to frame strategies for business as well as from the technology end. The customer data portal will facilitate collection of data from multiple touch points within the web portal and aggregate it in a way that meaningful insights can be extracted from them. There are many advantages for collecting user data. Some of them are: It gives rich insights about user engagement and behavior on the web platform which will help in analyzing the user experience delivered by the platform. The matrices derived from the collected data can be used to measure the effectiveness of the digital and the business strategy that is being followed. Implementing a data portal can help organizations in framing: User Engagement Strategies The user engagement details that we receive from different touch points can be used to analyze the quality of design, quality of content, the impact of website structure etc. This can serve as inputs for framing a better user engagement strategy. Business Strategy Details about purchase behavior, order conversion rates, repeated order details etc. can help organizations in framing business strategies to be adopted for the e-commerce platform. Marketing Strategy From the matrices collected, it is possible to calculate the ROI of marketing activities. These insights can be used to decide whether the current marketing strategy needs to be improved or not. Technology Strategy Data available in the customer data portal will help in making technology decisions that will enhance user experience and will bring in more ROI. For instance, reducing the number of page loads in the purchase process by implementing a progressive web app concept will deliver an app-like experience. Product Development User flow to a specific set of categories and products can bring in more insights about product comparisons done by the users and the type of experience they are looking for, from their products. Use case Purchase Behaviour John is on the lookout for a high-end audio device. He lands on ABC’s website through a Facebook advertisement of headphones. He is impressed by the design and features of the product. He has viewed the product video and the product images in the image gallery. The product reviews provided by CNET and PCMag has influenced him enough to add the product to the cart. Before making payment though, he has second thoughts and decides to check user reviews on other websites. As the reviews are satisfactory, the next day he comes back to the website and makes the payment to complete the order. Analysis In this case, the data portal considered John as an anonymous user till he registered on the website. Once he became a registered user, the details that were collected in the anonymous phase gets added to his persona. The user journey in the above case is like this : Social media advt >> Website home page >> Product page >> Cart >> Cart (2nd Day) >> Order completion( 2nd Day). When we analyze this user journey, we understand that the purchase happened on the second day. If an instant offer was provided during the first visit through chat agents or content personalization, he might have completed the order on day one itself. Likewise, in-page navigation on the product page gives an idea about user expectations for a product page. For instance, say after viewing the product image, John decides to view the video. On analysis, we can see how many of those who visited the website has viewed the video. Also, the view duration can be monitored. If the duration is too low, it can be concluded that the video is not connecting with the audience. The data from data portal can also be used to analyze details like referral source, landing page effectiveness, user interactions on the product page, order processing behavior etc. To explore the possibilities of building a customer data portal for your organization, please get in touch with our sales team. Zyxware Technologies has over a decade of experience building customer portals for both B2B and B2C companies. We have served clientele in all business verticals. Ecommerce Customer Data Platforms Leave a reply Your email address will not be published. Required fields are marker *
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on 18th April 2017 / by Safia.F.Mohiuddin
Customers today display increasingly complex behavior and high expectations for impeccable product and service delivery in a competitive market landscape. Marketers require a first-hand comprehensive view of customer behavior to convey targeted marketing messages. To address marketing-specific concerns about customer data due to the disconnected and unorganized nature of customer profile data, technology analyst David Rabb proposed a framework in the form of Customer Data Platforms1. CDPs surpass the limitations of traditional customer support systems, such as data warehouses by shifting control to marketers rather than IT staff in typical organizational settings. The success of CDPs lies in the unified, persistent, and accessible nature of customer data as the chief marketing component. As Gartner puts it in its Hype Cycle for Digital Marketing and Advertising2, CDPs are emerging as innovation triggers to serve as true data hubs. CDPs will evolve to disseminate customer data through a holistic approach. This data will be highly accessible, usable, and meaningful to analyze customer journeys and underlying customer needs. What CDPs are: How CDPs Uncover Customer Behavior for Business Profitability CDPs are designed to offer capabilities to help marketers take advantage of integrated and actionable customer data. The marketing landscape available in the present day makes use of a range of execution tools to disseminate messages over the web, mobile, and social media. CDPs are smart systems in many respects. They offer single customer view to marketers, track customer journeys and maintain customer profiles to enable cross-device data collection. CDP systems use central databases for high data availability to all other business systems. They allow marketing optimization and a targeted conversion funnel through real-time decision making. Further, they enforce the most contemporary practices in data governance and customer privacy. Unifying customer data in a sprawling digital eco-system is one of the primary goals of Customer Data Platforms. CDP systems are already showing promise in terms of business profitability, with as much as $300 million in revenue among two dozen vendors, which is expected to touch the $1 billion revenue target by the year 2019.3 What CDPs are Not: How They Differ from Traditional Business Support Systems CDP Institute mandates that CDP systems must possess three distinct features. They must be controlled by marketers, work with a persistent database, and be accessible by other systems. CDPs are therefore different from the traditional business support systems including data warehouses and data lakes which do not exclusively serve marketing. They differ from CRM systems and Data Management Platforms (DMPs) in the type of data handled. Further, the purpose of CDPs is to retain control in the hands of marketers, and hence, IT involvement is restricted to specific technical maintenance scenarios. In effect, CDPs serve as real marketer-managed solutions to alleviate painstaking navigation across internal and external customer and marketing data silos. In a technology-driven world with high data growth from mobile, web, and IOT-reliant smart devices, CDPs are the single most comprehensive and flexible choice for marketing-centric critical decision-making across customer journeys. References 1. David Raab, CDP Institute, Frequently Asked CDP Questions, blog, March 2017, CDPInstitute.org, accessed April 2017 2. Eubanks, Christi. "Innovation Insight For Understanding Customer Data Platforms", Gartner.com , N.p., 2017, April 2017. 3. News and Events, Raab Associates( as cited in CMSWire , accessed 2017) Customer Data Platforms Ecommerce Leave a reply Your email address will not be published. Required fields are marker *