We call our retail customer data platform a cooler version of a CRM – which is true. The customer data platform puts all the data on each contact together and turns it into a comprehensive customer profile. Every detail and bit of information is tied together so every profile is like a gold mine when you want to communicate with the person. You can easily see who your best customers are, and who you need to give a little extra love to!
What is the difference between a CDP and a CRM?
Let’s rewind. We say a CDP is a cooler version of a CRM, but what’s the difference? First of all, CDP stands for customer data platform and CRM for customer relationship management. The primary function of the latter is to manage business contacts and internal processes, while the goal of a CDP is to provide a unified customer database: track customer behaviors, get to know them better and use it for marketing and sales opportunities. It’s also accessible to other systems on another level. A CRM does not handle multiple data types to the same extent, and you have to do more manual work. That’s why we say a CDP is more scalable!
How to use a customer data platform
The main focus of a customer data platform is to collect, store, and turn all your data into useful information. The more data, the better! It allows you to get to know your customers on a deeper level. You know what’s next now, don’t you? The better you know your customers, the better the customer experience! And a seamless customer experience is the key to increased revenue.
All the information you store in Voyado can be used when you segment your customers. This means you can create lists that are super-specific and send them personalized emails or texts. The coolest part though is that you can make the emails and texts dynamic – meaning they will appear differently for each customer based on specific actions.
For example, create a segment of customers between the age of 30-50, who bought a kitchen table within the last six months – and send them recommendations of new matching chairs. Or create a list of customers who switched addresses within the last 3 months to send them recommended products that you often need in a new home!
When you have your segment ready, just name it and use it for personalized emails, marketing automation, SMS, and social pushing towards Instagram, Facebook, and Google. You can create as many segments as you like!
Our retail customer data platform
Our customer data platform is just one of our features. Voyado is one platform, with the power of six – all stored in the cloud. Our CDP is the heart of Voyado, since it’s where you collect and store all the data on your customers. Our solution gives you the information about each customer, presented in one single view, with different tabs that allow you to see a lot of data. A lot.
These are some examples of what you can see in Voyado:
- Their latest purchase – online or in-store
- Average receipt
- Reward points
- How likely are they to stop buying from you – predictive churn score
- Customer loyalty score – NPS score
- Which emails they’ve received
- Open and click rate
- Click to open rate
- GDPR consent
- Level of membership
- Customer life cycle
- Average customer lifetime value
- RFM score – Recency, Frequency, Monetary Value
How to work with the RFM score in Voyado’s CDP
RFM is a great way for you to see which customers are the most- and least active. It will show on a scale from 1-5 where 5 are the most active ones. This ranking is based on profitability and frequency and measures these three:
- Recency – How recently the contact made a purchase
- Frequency – How frequently the contact makes purchases
- Monetary – How much money the contact has spent
The top 20% for each factor will be assigned a 5, the next a 4, and so on. All customers get a number for each factor. This results in many different number combinations that you can use in your segmentation. And you can set up strategies on how to approach each number combination! Voila.
You can also enrich your Voyado data with third-party data (if you have a customer’s identity number) – which complements your information on another level. Use data from Bisonode or Mosaic for example. With this information, you’ll be able to see:
- Income level
- Type of household – apartment or house
- Number of children in the household
- Car or no car
Why do you need this? We’ll take the risk of sounding like a broken record now but it’s so important. The better you know your customers the better the customer experience! And what does that lead to? You know the answer by now.
Read more about GDPR and opt-in in the Voyado CDP
Key benefits with Voyado’s Retail CDP
We know what you want to hear. That a retail CDP will increase your sales! And guess what? It will! It’s no secret that seamless and personalized customer experiences are what will make you sell more. But to specify it a bit more here are some examples of benefits you’ll find in our solution:
- Collect multiple data points on the same customer
- Avoid sending bad, non-personalized communication
- Create segments in real-time
- Predict behavior and act on it
- Keep all your customer data in one place
- Work fast in an easy to use but extremely powerful interface
And last but not least – the one you’ve heard many times before – it saves you time. And when you think about it, what is the one thing you never have enough of in your job? That’s right: time. The time you save by not having to look for data and manually segment customers is worth quite a lot!
We thought so! We don’t call our retail CDP the heart of Voyado for nothing. Ready to see it for yourself? Set up a demo.