Happy Nice Mall

What you really want is a central brain for managing data decisions and understanding the next best experience for the customer. CDPs can act like this central brain; They provide information not only across different channels on the platform, but also to different teams in an organization. “CDP is the perfect balance to gain a strong view of your customer and have all that data actionable in real time,” says Fleisch. With “real time,” Fleisch is talking about millisecond delays rather than hours or days.

This real-time intelligence helps brands build strong relationships with customers by meeting them where they are, with exactly what they want and need. by 2022 Adobe Trust Report72% of consumers say they trust a brand when content is relevant and presented at the right time and place.

The level of personalization that customers demand can only happen with real-time actions on customer data. For example, everyone likes offers that make them money, so sending customers coupons for services or products is a good setup – but only if it’s a coupon they’re going to use. A generic coupon, or worse yet, a coupon sent to a customer who doesn’t fit into the target demographic, can reduce trust in a brand.

Real-time data personalization for customers

CDPs apply across industries and regions. Fleisch notes that for a fairly large company with more complex deployments, CDPs can be used to provide greater customization and complexity in how data is processed and managed in an organization. For smaller companies, the use of CDPs may be more marketing-focused if managed by a team willing to deliver consistent experiences from customer acquisition to retention and loyalty.

For example, London-based TSB Bank He determined that especially with the digitization of more of his customers, he needed to unify his customers’ banking experiences across channels. Other goals were to provide customers with the most relevant content in real time, create stronger consistency between online and in-branch transactions, and move away from third-party cookies to consent-based first-party data.

According to Mike Gamble, TSB’s director of analysis and design, “We needed a complete picture of everyone who banked with us, from their background to their needs and how they progressed in the customer journey, and that meant centralizing our data on a single platform.” For example, TSB customers who browse new homes online can learn about mortgages from TSB.Just one year after the CDP was implemented, the bank saw a 400% increase in loan applications.

As a first step towards discovering a CDP, Fleisch recommends validating the need and use cases for your organization. Next, make sure you understand your business’ long-term needs and keep that vision in mind. “Think long-term how a customer data platform can truly unify data, connect teams, and find value in all that customer-provided data without getting stuck at the end of the road,” Fleisch says.

This content is produced by Insights, the exclusive content arm of MIT Technology Review. It was not written by the editorial staff of MIT Technology Review.