Data has become the Holy Grail for business organizations. Companies use data to enhance the efficiency of their services and products. Marketing and sales teams in an organization have also started to leverage data to launch personalized marketing campaigns based on the requirements of their customers. A cogent analysis of the data can help companies to connect the dots of the various ways in which a customer connects with a brand.
Customer data Platforms (CDP) and Customer Relationship Management (CRM) are two of the systems that allow marketing and sales teams to collect and manage customer data. While both these technologies help companies in making inferences based on data, there are a few differences in their role to enable action from the customer data.
CDP technology is a software solution that pulls, cleans, and combines data from multiple sources to create a persistent and unified customer database. The centralized customer database creates a structured view of the customer data that offers an all-around view of the customer, enabling marketing teams to create a personalized experience for the customers. Many CDP tools utilize intelligent technologies like artificial intelligence, big data analytics, automation and so on, which helps marketing teams in understanding customer behavior and engagement across channels. On the other hand, CRM solution manages a company’s relationship with its existing and potential customers to improve its business relationships. CRM helps the sales teams in an enterprise to collect and track information about existing as well as potential customers. The software also supports sales teams in contact management, sales management, productivity, and many other areas.
Organizations should ponder upon their requirement before choosing technology solutions like CDP and CRM. Both of these technologies play a vital role in boosting the growth of a company. These tools offer various features which enable marketing and sales teams to obtain assistance from the right partner and increase their return on investment. CDP and CRM tools provide efficient support in achieving both the short and long-term objectives for an organization.