Microsoft Dynamics 365 Customer insights is the industry-leading Customer Data Platform.
KuppingerCole Leadership Compass recognized Dynamics 365 Customer Insights as the market leader in Customer Data Platform.
The Leadership Compass report is based on how a customer data platform can help enterprises address the challenges they face to improve customer experiences. Microsoft users succeed in dealing with these challenges using Dynamics 365 Customer service – an industry-leading CDP with powerful capabilities.
Let’s delve into the topic
What is Customer Data Platform (CDP)?
A customer data platform (CDP) is a software that creates a customer database by pulling together customer data from various sources like website, customer touchpoints, CRM systems and others. The database then can be shared with other applications to track, analyze and manage customer interactions.
CDP provides a 360-degree view of each customer which is helpful for customer service agents to deliver right customer engagement at the right time. You can use CDP to personalize engagement across touchpoints, online and offline engagement channels.
With an efficient CDP, you can simply grow your customer base and thus the sales and revenue.
Microsoft Dynamics 365 Customer Insights is the leading Customer Data Platform that is used by leading organizations worldwide.
Why your business need a CDP?
In a customer-centric era, it is critical to provide services that meet the needs of modern consumers. To achieve this, proper understanding of customers is essential. Here is why your business needs a CDP.
A CDP serve following purposes:
Collect and unify your customer data
A CDP brings together siloed customer data from various sources such as email, touch points, websites, social media platforms, and CRM systems. The customer database that is created acts as a single source of truth.
Customer data management
CDP manage customer data and data rights by controlling the flow of data between various marketing systems. The data management would be in compliance with GDPR (General Data Protection Regulation) and data privacy.
Customer data activation
CDP generate unified profiles for each customer and audience segments that can be shared with your marketing tools or marketing channels. This helps to target customers with right content and personalization, helping to earn more customers and improve satisfaction
What are the different types of customer data?
Your business gets significant amount of various types of data from different sources. CDP actually connects these data and provide a single view.
Customer data can be classified into various types. It can be behavioral data, demographic data and transactional data.
Behavioral data: It is the data generated through customer’s interactions. Websites, CRM systems, mobile apps, payment systems, marketing systems are the various sources of behavioral data. This kind of data offers a clear understanding of your customers – how customers interact with your brand, will they purchase or not, the frequency they spend with the brand and so.
Demographic data: Demographic data is related to the social and economic information such as age, gender, education, income, interest and employment. It can also include personal information such as name, address, and birth date.
Transactional data: It is the kind of information that is derived from transactions such as purchases, payments, returns, reservations, subscriptions and signups.
Each type of customer data can be effectively utilized to improve engagement with potential and existing customers. In order to use customer data effectively, it needs to be enriched, unified and made accessible.
Customer Data Platform combine, manage and analyze data from multiple sources and provides a comprehensive view of each customer that is based on data from the buying journey of customers. It also provides insights that helps you make data-driven decisions to promote business growth.
What role does CDP plays in improving customer engagement?
Today’s customers expect personalized experiences when they are out to purchase. The best way to deliver exceptional experiences is to understand customers properly, i.e., what are their wants and needs.
CDP provides a unified view of data that can be used by various departments to drive customer engagement across all customer touchpoints.
Marketing: Marketing teams can design and deliver personalized marketing campaigns using relevant content. This helps to improve conversion rates, marketing ROI and gives a competitive advantage. Discover customers that are most likely to buy and attract them with meaningful offers. Moreover, create retention strategies to increase customer retention rate.
Sales: Personalize sales engagements to grab and optimize sales opportunities. Sales teams can deliver engagements to each customer more effectually with CDP data.
Customer Service: Customer service agents can be equipped with a complete view of each customer, so that they can provide reliable support across all online and offline channels (omnichannel support). With a proactive support, your customers feel valued and satisfied. You can use detailed profile to satisfy the support needs of all types of customers.
What are the benefits of Customer Data Platform?
Improved efficiency: CDP is more reliable than the custom systems, as it brings data from disparate sources. It saves your time and effort from update to maintain.
Greater flexibility: Microsoft CDP offers a robust database that can be seamlessly used with existing systems you use. Users can easily retrieve and share data to the advantage of your business.
AI and machine learning: AI and machine learning capabilities that are built into the CDP enable you to make accurate predictions based on insights.
Analytics: Advanced analytics in CDP helps you get meaningful insights from your customer data. This can be used to improve sales, marketing and customer service performance.
When decided to use Microsoft Customer Data Platform (Dynamics 365 Customer Insights), always rely on the expertise of Microsoft Gold Partners.
Their Dynamics 365 consultants will help you with right Dynamics 365 implementation, support and training. They will even customize the application as per your business preference and needs. If your business is in UAE, Saudi Arabia, Qatar, Oman, Bahrain, Jordan, Kenya, Canada, Germany, Pakistan, or India, there are few Microsoft Dynamics365 implementation partners whom you can trust