Customer Data Platform: A Unified View of Customer Data - Wipro

This article was originally posted on Albacross Blog.Want to generate higher-quality leads who are easy to close?You’ll have to start with this crucial step: creating the ideal customer profile.Now, some business owners make the mistake of targeting too large a segment.

They think that doing this increases their pool of potential customers…But in actual fact, it’s actually a hindrance and a bad sales strategy.Why do I say so?Say you’re targeting newly launched startups, and you want to offer them your digital marketing services, for example.You know that the biggest concern, for these guys, is to ensure that they have enough cash flow on hand…Bearing this in mind, you can tailor your pitch to talk about how you’ll make sure that they have a steady stream of customers.

This way, they’ll never run out of cash.What if you’re targeting small B2B business owners earning ~$100,000/year, on the other hand?Well, these folks are probably busy thinking of ways to grow/scale their company.So here’s what you do:You pull out some stats talking about how much ROI digital marketing brings you, and tell them that digital marketing can really help them take their company to the next level.I could go on, but I think you get the point.The more specific your target audience or customer profile is, the easier it is to understand their needs and pain points.And once you do that, you can tailor your sales process, and pitch your products/services in a way that’s relevant to them.So, don’t jump the gun and read up on how to write outreach emails, or how to cold-call your leads.

Instead, start by creating your ideal customer profile first.

Afterwards, focus on planning your sales activities.In this article, we’ll walk you through a 3-step guide that will teach you how to create a kickass ideal customer profile.Alright, let’s get started!Step 1: Define your ideal customerTo do this, you need all hands on deck.

So gather all your colleagues in a meeting, and ask everyone to pitch in with what they think an ideal customer looks like.You’ll find that different departments will define an “ideal customer” differently, so be sure to hear everyone’s take on this.For example, your CFO might say that an ideal customer is one that has the highest Customer Lifetime Value (CLV).

MX, the financial data platform and leader in modern connectivity, today announced MXdata for Business.

Built on MX’s industry-leading financial data platform, MXdata for Business enhances business transaction data with cleansed descriptions, business-specific categories, classifiers, merchant logos, location data, and more.

MXdata for Business provides a more holistic data solution for organizations interacting with small and midsize businesses (SMBs)—which increases the effectiveness of existing revenue streams, and simultaneously identifies new revenue opportunities.

This report provides detailed synopsis about opportunities, competitive landscape, emerging technologies, key trends and dynamics in the Customer Data Platform Market.According to a new research report "Customer Data Platform Market by Type, Application (Marketing Segmentation, Personalized Recommendation, Campaign Management, Customer Engagement & Retention), Component, Delivery Mode, Enterprise Size, Vertical, and Region - Global Forecast to 2023", MarketsandMarkets expects the global Customer Data Platform Market size to grow from USD 903.7 million in 2018 to USD 3,265.4 million by 2023, at a Compound Annual Growth Rate (CAGR) of 29.3% during the forecast period.Major growth factors for the market include increasing pressure on CMOs to deliver personalized customers experience leading to an increased demand for the availability of real-time data, and a growing demand for omni-channel experience and actionable insights by marketers.

Browse in-depth TOC on "Customer Data Platform Market” 95- Tables 57- Figures 187- PagesDownload PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=94223554Personalized recommendation application to hold the largest market size during the forecast periodMarketers use the personalized recommendation application for analyzing customers’ past and current behavior and identify their preferences to deliver personalized experience to them.

The customer data platform enables marketers to pull highly specific segments of customers and target them with relevant, personalized information, and track customer behavior across all channels and intelligent recommendations based on customer-journey.Small and Medium-sized Enterprises (SMEs) segment to grow at a higher CAGR during the forecast periodThe Customer Data Platform Market by enterprise size has 2 segments: SMEs and large enterprises.

An increasing demand for omni-channel customer experience for effective marketing activities would drive the adoption of the customer data platform across SMEs.North America to hold the largest market size and Asia Pacific (APAC) to grow at the highest CAGR during the forecast periodNorth America is expected to hold the largest market size in the global Customer Data Platform Market, while APAC to grow at the highest CAGR during the forecast period.

In APAC, the highest growth rate can be attributed to the heavy investments made by private and public sectors for enhancing their marketing technologies, resulting in the increasing demand for customer data platforms and services.Speak to Research Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=94223554The Customer Data Platform Market report provides the competitive landscape and company profiles of the key vendors by their product offerings and business strategies.

Major vendors in the global Customer Data Platform Market include NICE Ltd. (Israel), SAP (Germany), Salesforce (US), Adobe (US), SAS Institute (US), Oracle (US), Agilone (US), Tealium (US), IgnitionONE (US), Blueconic (US), RedPoint Global (US), Ascent360 (US), Segment (US), Lytics (US), Zaius (US), mParticle (US), ActionIQ (US), Amperity (US), Evergage (US), Reltio (US), Signal (US), Ensighten (US), UserMind (US), Fospha (UK), NG Data (Belgium), and SessionM (US).About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.

The global customer data platform market size is expected to reach USD 5.66 billion by 2025, registering a CAGR of 27.5% from 2019 to 2025, according to the new study conducted by Radiant Insights, Inc.

Currently, brands and marketers accumulate huge volumes of customer data in the form of demographic, behavioral, and transactional segments.

Furthermore, information gathering based on cross-platform and online activities for customer conversion and engagement also remains a challenge for marketers.

Retail and consumer goods were the early adopters of customer data platforms and the adoption gradually increased among the financial services, travel, IT and Telecom, and healthcare verticals.

In 2018, CDP vendors generated funds worth more than USD 1.5 billion and registered a growth by 48% in funding as compared to the previous year.

Further key findings from the report suggest: • The analytics segment growth can be attributed to the high demand for automating segmentation lists and marketing & analysis of products using predictive modeling & machine learning technology-based models • The retail application segment accounted for more than 28% of the market share 2018 owing to use of CDP to engage customers, improve customer loyalty, and enhance consumer experience • The North American regional market accounted for the largest revenue share in 2018 and is anticipated to continue to dominate the CDP market over the forecast period • The key industry participants include ActionIQ; Adobe; AgileOne; ENSIGHTEN; mParticle, Inc.; NGDATA, Inc.; Salesforce.com, Inc.; Segment.io, Inc.; and Tealium.

The global customer data platform market size is expected to reach USD 5.66 billion by 2025, registering a CAGR of 27.5% from 2019 to 2025, according to the new study conducted by Radiant Insights, Inc.

Furthermore, the need to engage and improve customer life-cycle by comprehending the collected insights is also contributing to the growth of the market.

Currently, brands and marketers accumulate huge volumes of customer data in the form of demographic, behavioral, and transnational segments.

Furthermore, information gathering based on cross-platform and online activities for customer conversion and engagement also remains a challenge for marketers.

Retail and consumer goods were the early adopters of customer data platforms and the adoption gradually increased among the financial services, travel, IT and Telecom, and healthcare verticals.

In 2018, CDP vendors generated funds worth more than USD 1.5 billion and registered a growth by 48% in funding as compared to the previous year.