A customer database management platform is defined as a software system that enables businesses to track and manage customer interactions, transactions, and data. They take information across many websites and build one unified customer profile. There are a number of different types of customer database management platforms that monitor and record different data relating to the consumer.
Customer database management platforms are those that are installed and operated on the business’s own servers. These platforms offer the greatest amount of control over data security and privacy, but also require a lot of maintenance and technical expertise. It's important when choosing a CDM platform to pick a platform that ensures the most privacy.
Through CDMs a business can gain customer feedback and reviews and make changes based on the information they receive. As a consumer, it's important that a business cares about what they think and values feedback. Listening to your customers and understanding them is crucial to retaining customers and creating a positive brand outlook.
Utilize CDMs to maximize on analysis of your consumers, organization of their data, and learn about their experiences and needs.
What types of data can be collected using a CDMP?
A CDMP can collect data such as customer demographics, purchase history, website interactions, email campaigns, social media activity, and more.
How does a CDMP help businesses?
A CDMP helps businesses gain deeper insights into their customers’ needs and preferences in order to better target them with relevant offers and messages. It also enables businesses to automate processes such as segmentation and personalization for improved efficiency.
Fun Fact:
"The global customer data management platform market size was valued at USD 5.45 billion in 2019 and is expected to grow at a compound annual growth rate of 18.7% from 2020 to 2027" (ResearchAndMarkets, 2021).