CDP™ is a hybrid customer data platform that places customers at the heart of your business and data model. It harvests, aggregates, cleanses and structures data from operational systems to create a coherent and complete understanding of your customers not limited to their characteristics, choices, behaviors, preferences, transactions, feedback, sentiment, satisfaction, communications and worth.
Why invest in a customer data platform?
Customer data is anything that identifies a customer, or indeed any associated data that results from customer interactions including purchases, transactions and customer service communications. Encanvas CDP™ is a Customer Data Platform; an enterprise computer processing platform used to harvest, aggregate, cleanse, manage, process, analyze and output customer associated data.
Encanvas Customer Data Platform™ (CDP) incorporates advanced tooling – such as AI-enabled voting systems, data discovery and data quarantining routines – for Customer Data Integration (CDI) as standard. Customer Data Integration (CDI) is the process of consolidating and then properly managing information about your customers from all available business sources, including all known contact details, financial data associated with that client, and information gathered through marketing activities.
With Encanvas CDP™, data is pulled from multiple sources, cleaned and combined to create a single customer profile. This structured data is then made available to other marketing systems. Unlike a Customer Database, a Customer Data Platform extends its functionality to all aspects of the customer lifecycle. Normally it will include campaign management and the provisioning of multi-channel communications. Advanced systems will manage customer offers and promotions.
Illustration of Encanvas Customer Data Platform™ (‘Encanvas CDP’)
Encanvas Customer Data Platform™ consists of:
Customer Data Integration (CDI) platform – Information Flow Designer is a data movement. transformation and integration toolset that gathers data from the source operational systems and third-party data sources.
Clearing House (Database) – A clearinghouse records data uploads and checks for errors. It also acts as a cached memory of data assets that may not have arrived into the data warehouse yet but is being referenced by other tables (for example, perhaps rich asset or product data is recorded in a proposal but not on financial systems).
Data Warehouse – This is a repository of data that re-models data assets into a more consistent, coherent and usable form (adding relationships between data assets that may not previously have existed and presenting new views of data).
Analytical and Predictive Engine – This component is used to make suggestions on how to leverage data and turn it into actions. This component particularly needs to be very customization and may be tailored to each industry or purpose.
Customer Treatment and Conversational Engine – The final stage is to create empathetic and fine-grained targeted campaigns utilizing personalized messages.
According to a Marketsandmarkets.com survey, the customer data platform market is predicted to grow from $639.9 million in 2017 to reach $3,265.4 million by 2023 at a Compound Annual Growth Rate (CAGR) of 29.3% during the forecast period.
The problem we solve
Every business understands the impact of outstanding customer experience. Think of businesses like Amazon, whose singular purpose is obsessive Customer Fanaticism; placing the customer at the heart of everything it does. Even shareholders were taken aback when its founder Jeff Bezos explained that he was prepared to forego short-term profitability in exchange for an unbeatable customer experience. And he’s proven to be correct. Like Amazon, if you want to delight customers with personalized offers then you will need to be world-class at capturing and making sense of lots of data about the customers you serve.
That’s where Encanvas CDP™ comes in. Modern marketing methods rely on data to drive decision making. Using Encanvas CDP underpins and enables a data culture, delivering rich customer insights to all levels of managment. It eliminates the guesswork of content marketing because marketers know what motivates customers and the characteristics that profile the best-fit audience for their products and services. Use Encanvas CDP to identify areas of improvement in your business. Then, use our AppFabric architecture to rapidly deploy new and improved operational applications to maximize your customer value and fine-tune internal processes.
The ultimate litmus test of quality for a Customer Data Platform™
For most organizations, the ultimate test of whether a Customer Data Platform is delivering optimal outcomes lies in its ability to do three things exceedingly well:
1. To deliver fine-grained and detailed observations on the make-up of customer segments and communities; to know ‘what makes a customer?’
2. To articulate customer lifecycles and conversational paths.
3. To accurate account for the most profitable customers and prospects.
Take data seriously and create an awesome customer experience
Every business understands the impact of outstanding customer experience. To achieve thaht, you need to understand the value of data. Think of businesses like Amazon, whose singular purpose is obsessive Customer Fanaticism; placing the customer at the heart of everything it does. They know their ability to extract value from data makes the difference. Like Amazon, if you want to delight customers with personalized offers then you’ll need to be world-class at capturing and making sense of lots of data about the customers you serve. Modern marketing methods rely on data to drive decision making. It eliminates the guesswork of content marketing because marketers know what motivates customers and the characteristics that profile the best-fit audience for their products and services.
Without a Customer Data Platform, the ability to appreciate the value and characteristics of customer relationships is rarely that straight-forward. In practice data is stored in silos, whether organizational or technological, and this makes it challenging for companies to deliver consistent customer experiences. Customer data is anything that identifies a customer, or indeed any associated data that results from customer interactions including purchases, transactions and customer service communications.
Realizing the potential of customer data
Your customer data has huge business value because it helps to improve your ability to engage customers in conversation, on topics they care about. Then, your marketing team can use customer insights to segment markets and develop tailored offers to specific groups of customers; to deliver personalized experiences, one customer at a time. This attention to detail (and preference) has become a ‘killer-app’ in many consumer markets where buyers have so much choice. As an effective Customer Data Platform solution, Encanvas CDP benefits your business in the following ways:
Creates a single-view of customer associated data across your enterprise to ensure that you’re always looking at a single version of the truth.
Protects and governs customer data to prevent data loss and non compliance; particularly important owing to a hardening of financial services and personal information compliance risk.
Improve segmentation, predictive modeling, customer treatments and recommendations.
Presents your management team with key actionable insights to make decisions on priorities budgets and efforts, to fine-tune processes and improve how your business works to improve customer experience and grow faster.
Facilitates the simpler automation of escalations when activities don’t happen that impact on customer relationships.
Reduces time spent managing, processing and analyzing data.
Enhances the ability of the enterprise to adapt to change and react to new business opportunities and threats.
Eight processes improved by a Customer Data Platform
Strategy and growth
Generate actionable insights for operational managers by bringing access to rich insights – including dashboards, charts, map based views and pivot-table style reports – to fully develop your understanding of operational performance and business challenges.
Improve systems and processes.
Publish financial and franchise reports – equipping accounting teams to rapidly formalize new reports for financial applications such as management accounts and shareholder updates, and for franchises using reporting groups and codes that are completely customizable.
Produce ad-hoc marketing reports
Provide the means for marketers to generate ad-hoc reports for marketing suppliers and partners
Create marketing campaigns enabling the formation of fine-grained marketing campaigns that benefit from relative date, geo-referencing, profile segmenting and other advanced query and search tools.
Measure and managing customer loyalty – by profiling customers by levels of revenue, repetitive ordering, average order value – and a comprehensive story of their engagement and interactions throughout their relationship history is provided.
Manage customer complaints and suggestions – an invaluable resource for managers to learn from mistakes and improve overall customer service experience across the business.
Securely share data with third party suppliers and systems – whilst satisfying data protection regulations.
Prioritize your target audience.
Establish the most effective go-to-market approach.
Know where, how and why to improve.
Peter Drucker famously said, ‘It is the role of every business to create a customer.’ These days, winning new customers is so much more difficult because 80% of buying cycles are done online. It’s difficult for buyers to ‘sell’ to customers as they once did. Retaining customers, and delighting them, has become critical to business success.
You need insightful customer data to drive Customer Experience Management
To deliver a true CEM solution, any complete solution should include:
1. Customer Experience Analysis – Tooling to capture, process and make sense of customer web interactions, conversations, and feedback.
2. Customer Data Integration – Tooling to manage.
3. Customer Data Platform – Tooling to create a clean and useful repository of customer insights representing a complete single version of the truth and govern the use (and distribution) of customer data.
4. Customer Experience Delivery – Tooling to design, test and publish content.
Barriers to the adoption of a single view of data (illustration)
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