Customer data platform use cases

Posted by ujwal on May 28th, 2019

A CustomerData Platform enables marketers to understand customer data and derive insights to enrich the customer experience. Lemnisk’s CDP-based customer data platform has been instrumental in driving millions of dollars’ worth of incremental leads and conversions for the world’s largest financial institutions.

Gartner defines Customer Data Platform (CDP) as “An integrated customer database managed by marketers that unifies a company's customer data from online and offline channels to enable modeling and drive customer experience.”

Some of the benefits of a customer data platform are,

  • eliminate data silos and connect all marketing systems

  • Create unified and complete customer profiles to enhance their experience

  • Reach the right target audience on the basis of buyer persona and behavior

  • Cross-device personalization by associating each device with a unique identifier

Here are some of the customer data platform use cases for financial services marketers,

1. Collection of data in its original form

Frequent modifications on the original source data makes it difficult for marketers to pre-determine the use of data for their marketing strategies. So it is important to store customer data in its original form to ensure that the data can be useful in the future.

2. Creating customer one view

A CDP unifies the data captured from different sources into a single view for each customer. It brings together data from sources such as first-party behavioral data, second-party partner data, third-party audience persona data.

3. Powering different marketing systems 

The collective data in the unified customer database of a CDP is easily available to other marketing systems, typically through an API or database query.

Financial Marketers leverage lemnisk for its customer data platform use cases

Like it? Share it!


ujwal

About the Author

ujwal
Joined: April 5th, 2019
Articles Posted: 20

More by this author