Why invest in a CDP?
As our 2020 South African Digital CX report showed, existing customers can be strong advocates when brands delight them.
And as Bain and others have proven, increasing customer retention rates by 5% increases company profits by anywhere from 25% to 95%. The most effective way of turning customers into loyal advocates is to really understand your 1st party data. And that’s best done with a CDP.
The introduction of POPI, GDPR and other data privacy laws have made it crucial for organisations to protect their customer data - violations can lead to steep fines and a loss of consumer confidence.
A good customer data platform will help you collect (and attribute) 1st party data, monitor and notify you of changes to data and, most importantly in this context, ensure that your company’s data policies are adhered to.
If data is connected effectively it allows companies to deliver on digital marketing’s greatest promise - agility.
Housing data in a single, centralised environment means organisations can optimise their marketing activities while ensuring they’re aligned to their customers’ wants and needs. This is more important than ever given the number of channels used to facilitate communication.