Category: Customer Data

Third-Party Cookies are slowly agonizing, the main browsers have already killed them. But, what would this mean for companies? Are we facing a new Marketing Era? 

All your doubts will be solved in this article. Also we will see the possible alternatives or if there are not feasible alternatives for Third-Party Cookies and companies will have to completely change their consumer-based strategies. 

Privacy 

Third-Party Cookies have been used as an incredibly efficient tool, allowing companies to track their customers to have a complete vision of them. This tool generates value to companies in terms of customer knowledge and segmentation possibilities. However, it was incredibly invasive for many users, who saw it as an attack on their privacy.

Not just that, the fact that, as we mentioned, this type of cookies are going to disappear from the main browsers (if they have not already done so), presents us a scenario in which the future of digital marketing seems to be directly focused on the use of the data that the customer provides you with directly: the First-Party Data.

Differences between using 3rd Party Cookies and 1st Party Data 

Third-Party Cookies are used to recap information about users. They have an analytical purpose, as it registers from socio-demographical data to attitudinal data, allowing companies to obtain profiles and segment the market based on habits or interests from each particular user. This is why this has been an incredibly useful tool for companies until now, when their use has become very limited and will soon be obsolete.

It is at this points where we should look in to the future, into the use of First-Party Data. First-Party Data are data obtained by your company directly from your client. Data shared voluntarily by your client and that would help your company know properly your customer’s insights. By using this tool you would be generating a much more in depth relationship with customers, boosting the engagement.

Currently, due to advances in technology, companies have the possibility of collecting an enormous amount of First-party Data in a relatively simple way. The problem for companies start when this data is not used properly, due to problems in the storage and in the way it is sorted. We must bear in mind that is useless to recap all of this data if we are not be able to analyze it properly with the tools available in order to understand our customers and offer them great customer experiences. 

New possibilities that a CDP could give to your company 

Unlock your customer’s value. With a Customer Data Platform everything is possible. A CDP is a tool that would allow your company to store and structure every single piece of data that your company has available. Also, a CDP would join in the data that your company has stored in different platforms (social media, CRM, etc.), and the sociodemographic data available in the market that you wish (Average rent per district, Nº of babies born per district, etc.). Once stored and structured this data, a CDP would allow you to analyze it gaining insights from your customers. 

There are many types of CDP providing clients with different functionalities, allowing your company to benefit in numerous ways of them. If your main goal is to substitute Third-Party cookies, the best option would be for sure the use of an Inteligent CDP, as it would allow you to analyze your data in depth, and with the support of Artificial Intelligence to benefit from those details that could escape human’s eye.  

Why FLYDE

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximize the potential of your data and grow your business. Having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.

Try it for free with our free trial (with auto-generated fake data)!

As the world becomes increasingly competitive, companies must focus on customer satisfaction and loyalty to succeed. While customer acquisition is essential for growth, customer retention is even more critical. Retaining existing customers is essential for the long-term health of any business, as loyal customers tend to spend more, refer more, and cost less to retain.

In this blog, we will discuss marketing retention vs. acquisition and why current trends show that retention is much more important. We will also explore how a Smart Customer Data Platform (CDP) can help companies boost retention.

The importance of Customer Retention

The cost of acquiring new customers is significantly higher than retaining existing ones. According to a study by Harvard Business Review, increasing customer retention by just 5% can increase profits by 25-95%. This is because loyal customers tend to spend more, refer more, and cost less to retain.

Additionally, loyal customers provide valuable feedback and can help businesses improve their products and services. Therefore, it is essential for companies to focus on retaining existing customers.

Customer Retention vs. Customer Acquisition

While customer acquisition is necessary for growth, it should not come at the expense of customer retention. Many companies make the mistake of focusing too much on acquiring new customers and neglecting existing ones. However, research shows that companies that focus on customer retention tend to be more successful in the long run. Customer retention should be a top priority for any company that wants to grow and thrive.

The benefits of focusing on retention over acquisition

Focusing on customer retention over acquisition can provide a number of benefits to companies, including increased customer lifetime value (CLV), improved customer loyalty, and reduced marketing costs. By retaining existing customers, companies can increase CLV by encouraging repeat purchases and reducing churn. Additionally, loyal customers tend to refer others to the company, which can help reduce marketing costs associated with customer acquisition. By prioritizing retention, companies can create a positive cycle of growth that leads to long-term success.

How a Smart CDP can help boost retention

A Smart CDP can provide a comprehensive view of a company’s customers, allowing them to personalize marketing messages, improve customer service, and identify opportunities to upsell and cross-sell.

For example, let’s say a retailer collects data on a customer’s purchase history, browsing behavior, and preferences. With a Smart CDP, the retailer can use this data to send targeted marketing messages based on the customer’s interests and behavior. They can also use the data to recommend complementary products, provide personalized promotions, and improve customer service by addressing the customer’s specific needs and concerns. By using a Smart CDP, the retailer can create a more personalized and engaging experience for their customers, which can lead to increased loyalty and retention.

WHY FLYDE?

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximize the potential of your data and grow your business. Having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.

Understanding your customers’ needs and desires is essential to building a successful business. However, it’s not enough to simply ask your customers what they want. To truly understand their needs, you must identify the jobs or tasks they are trying to accomplish. This is where the Jobs-To-Be-Done (JTBD) framework comes in.

In this blog, we’ll see how to improve your JTBD strategy with a Customer Data Platform (CDP). By using a CDP, you can gain a more comprehensive understanding of your customers and their behaviors, which can help you improve your JTBD strategy.

Why Understanding JTBD Is Crucial for Your Business

Jobs-To-Be-Done (JTBD) is a framework that helps businesses understand the needs and desires of their customers by focusing on the jobs or tasks that customers are trying to accomplish. By understanding your customers’ JTBD, you can design products and services that meet their needs and differentiate yourself from competitors.

How to Improve Your JTBD Strategy with a CDP

A Customer Data Platform (CDP) is a data management tool that allows you to collect, unify, and analyze customer data from multiple sources. By using a CDP, you can gain a more comprehensive understanding of your customers and their behaviors, which can help you improve your JTBD strategy.

Here are four ways to improve your JTBD strategy with a CDP:

1. 1. 1. 1. Collect and unify customer data from multiple sources: A CDP allows you to collect and unify customer data from multiple sources, giving you a more comprehensive view of your customers.
         2. Analyze customer data using the JTBD framework: Using the JTBD framework, you can analyze customer data to identify the specific jobs your customers are trying to accomplish.
         3. Personalize marketing and product recommendations: By using the CDP to personalize your marketing and product recommendations, you can better meet your customers’ JTBD and increase engagement and sales.
         4. Optimize inventory to better meet customer needs: By understanding your customers’ JTBD, you can optimize your inventory to better meet their needs, reducing waste and improving your bottom line.

Case Study – How could a retailer improve their JTBD strategy with a CDP?

A retailer uses a CDP to collect and unify customer data from multiple sources, enabling them to gain a comprehensive view of their customers and their behaviors. Using the JTBD framework, the retailer analyzes the data to identify the specific jobs their customers are trying to accomplish when they shop for clothes, such as looking for stylish and fashionable clothes, prioritizing comfort and functionality, or finding clothes for specific occasions.

The retailer uses the CDP to personalize their marketing and product recommendations to better meet their customers’ JTBD. By creating targeted email campaigns and personalized product recommendations, the retailer increases customer engagement and sales, leading to higher customer loyalty and repeat purchases.

Additionally, the retailer is able to optimize their inventory to better meet their customers’ needs, reducing waste and improving their bottom line. In this way, using JTBD and a CDP can help fashion retailers to better understand their customers and improve their business results in a highly competitive industry.

Conclusion and Next Steps

In conclusion, understanding your customers’ JTBD is essential to designing products and services that meet their needs. By using a CDP to collect, unify, and analyze customer data, you can gain a deeper understanding of your customers and improve your JTBD strategy. To get started, consider implementing a CDP and using the four strategies outlined in section two to improve your JTBD strategy. With a more customer-centric approach, you can differentiate yourself from competitors and build stronger, more loyal customer relationships.

WHY FLYDE?

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximize the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.

If you’re looking for a way to better understand your customers and their purchasing behavior, RFM analysis is an excellent place to start. This powerful tool allows you to segment your customer base based on recency, frequency, and monetary value, giving you valuable insights into the behavior of different groups of customers.

What is RFM Analysis?

RFM analysis is a data-driven approach to customer segmentation. By analyzing customer data in terms of Recency (how recently they made a purchase), Frequency (how often they make purchases), and Monetary value (how much they spend), you can gain insights into the behavior of different groups of customers.

How Does RFM Analysis Work?

To perform RFM analysis, you need to collect data on your customers’ purchase history, including the date of their last purchase, the number of purchases they’ve made, and the total amount they’ve spent. You can then rank customers on each of these metrics and assign them a score between 1 and 5 for each metric.

For example, a customer who made a purchase in the last week would be assigned a high score for recency, while a customer who hasn’t made a purchase in several months would be assigned a low score. Similarly, a customer who has made many purchases and spent a lot of money would be assigned a high score for frequency and monetary value, while a customer who has made only a few purchases and spent little money would be assigned a low score.

Once you’ve assigned scores to each customer, you can use these scores to segment your customers into different groups based on their behavior. For example, you might have a group of high-value customers who make frequent purchases, a group of low-value customers who make infrequent purchases, and a group of recent customers who haven’t yet made a lot of purchases.

How Can You Use RFM Analysis to Improve Your Business?

Once you’ve segmented your customers using RFM analysis, you can use this information to tailor your marketing and sales strategies to each group.

For example, you might create different types of content or promotions to target each group.

If you have a group of high-value customers who make frequent purchases, you might focus on providing them with personalized offers and promotions. You might also consider creating a loyalty program to reward them for their continued business.

If you have a group of recent customers who haven’t yet made a lot of purchases, you might focus on providing them with educational content that helps them understand the value of your products or services. You might also consider offering them a special promotion to incentivize them to make a purchase.

By using RFM analysis to segment your customers and tailor your marketing and sales strategies to each group, you can improve your overall customer retention and satisfaction, which can ultimately lead to increased revenue and growth for your business.

Which martech tool would be needed to carry out RFM analysis properly?

By using a Customer Data Platform (CDP) you could effectively perform RFM analysis. A CDP is a software tool that allows you to collect, analyze, and segment customer data from multiple sources, including your website, social media channels, customer support interactions, or any other that you might have.

To perform RFM analysis using a CDP, you first need to integrate your customer data into the platform by connecting your website analytics tool, email marketing platform, CRM system, and any other database with customer information that you have available to the CDP. Once integrated, the CDP will automatically assign scores to each customer based on their behavior in terms of Recency, Frequency, and Monetary value.

Using the insights gained from RFM analysis, you can segment your customers into different groups and tailor your marketing and sales strategies to each group. By using a CDP to perform RFM analysis, you can gain a more comprehensive understanding of your customers’ behavior, make informed business decisions, and improve your overall performance.

WHY FLYDE?

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximize the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.

In recent years we have seen an unprecedented advance in Artificial Intelligence. ChatGPT, Wall-e, and other models that simulate human behavior and learning. But it has not yet been possible for an AI to develop Emotional Intelligence, the question here is whether it is possible for it to achieve it.

It is complicated to know if a friend or a family member needs a hug, humans use our Emotional Intelligence to read the needs of that person. Could we then know if a person we don’t know directly needs a hug or not?

Emotional Intelligence: how does it work?

In order to move from prejudice to judgment, human beings need information or data that bring us closer to knowledge about a specific issue. Thus, Emotional Intelligence, like any other type of Intelligence, needs to be fed with knowledge. This knowledge is composed of the new information that we have obtained about the concrete issue and the validation of the previous knowledge of similar situations that we have lived.

When a friend tells us about a situation he/she is living, we compare this information with data from the past, we see if it can be something problematic or not for that person and we act accordingly, with a hug or a reprimand, everything will depend on the judgment we make with the information we have.

Emotional Intelligence vs Artificial Intelligence

The obvious question that follows is: Will AI ever be able to do all this? Well, the answer is just as obvious: Who knows?

What we can be sure of is the current capabilities of AI. Artificial Intelligence today can approach and even surpass humans in part of the process mentioned above.

Continuing with the explanation of what Emotional Intelligence is, the part of generating and processing the information prior to making the judgment, can currently be carried out with AI. Even a good AI model, with enough data from a person (basic, attitudinal and behavioral), could perform this data processing better than a human being.

At present, AI still needs the human to make that final judgment with the processed data. AI could tell you that a person is bad and how bad they are, but it is a human who has to decide whether to give them a hug or not, and above all it is the one who has to give that hug.

The need to understand your customers

All of this brings us to a fundamental point for companies in terms of technological evolution. Artificial Intelligence at the current point where it is allows companies to know if your customer wants a hug or not, and how much they want it or if you are going to lose that customer by giving it to them.

Knowing the level of Customer Engagement of a customer, based on the processing of all the data that we companies have at our fingertips, we will be able to locate the point at which a customer is with our brand, and not only that. As we have previously commented, AI can do things in a similar or even better way than humans and, therefore, we could currently predict what our customer is going to do once we embrace him.

AI, as we can see, is not simply a Chat or Image generator, AI brings a series of infinite possibilities to humans, and companies should not take long to start benefiting from these.

WHY FLYDE?

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximize the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.

Digital transformation has been a problem for companies for several decades now, it has changed according to the evolution and technological adaptation of companies, but it is yet a latent issue. Today, the digital transformation of companies mainly involves the use of large amounts of data, and especially the ability to store them and make them actionable.

In this sense there are some problems that companies tend to encounter, this 3 main issues will be analyzed in this blog, seeking for possible solutions.

Keeping data organized

Being able to store data and structure it may not seem so difficult if we just take into account basic data, as companies used to do 20 years ago. The problem of today’s possibilities is that companies face huge amounts of data from thousands of sources, and not just basic data, but also attitudinal or behavioral data.

These possibilities make data structuration quite tough, most companies use different platforms where they store different pieces of data, which makes even more complex the unification of criteria. A platform where companies could store all of their data in order to make it actionable, taking into account all of it, and saving large amounts of time to employees, makes things easier and manageable. A Customer Data Platform enables companies to store every single piece of Data related to customers, sales, or campaigns.

Obtaining Actionable Insights

Once this data is obtained and unified in one place companies need to obtain information from it. Making this data actionable is also much harder than what it may seem, as today’s technology enables companies to obtain much further actionable insights than ever before.

The application of Artificial Inteligence on this large amounts of data (Big Data), is a must if your company wants to achieve the furthest insights possible, as AI allows a data processing capability that humans are unable to reach. This will help with obtaining insights and also with predicting tendencies with a really high level of precision.

Not being able to manage the tools correctly

The above mentioned technologies and possibilities may seem far away from your company’s possibilities as it seems complex. Most platforms or systems that allow companies to develop this technology tend to be difficult to use due to its technical complexity. This is a huge problem as if companies hire technology that can’t use properly or to the lastest extend, then it would be useless.

Hiring easy to use technology and being able to understand it with webinars or direct contact with the developers would help companies enormously to exploit data as ever before. Making Digital Transformation a reality and not a further possibility.

WHY FLYDE?

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximise the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.

91% of marketers don’t feel they have a complete, fully utilized technology stack. 59% say they don’t fully utilize the marketing technology they have today.

The technological development of Marketing tools in the last decade has been huge, but marketing teams are yet unable to work on many of them, that is why there has always appeared an easy-to-use solution for every new Martech tool launched in the market.

Have new technologies changed the way in which marketing is done?

Definitely not, it just changed the channel and the possibilities, but the strategies maintain quite similar in its basis to the ones done 50 years ago.

The other day we compared the use of Cookies today, with observing people in the store (for a shopper 50 year ago), their movements and their preferences, in order to offer them something that matches their expectations next time. Same strategy with a huge difference in technology.

By this we mean that the technological development specially in Marketing areas has supposed a change in the capacity to process data. Now, we are able to personalize as a shopper did 50 years ago, but towards thousands of customers instead of 30 or 40.

More Martech tools than ever

A marketeer in 2022 is supposed to know about how to carry on marketing strategies, and at the same time know how to use: A Customer Relation Management platforms, an email marketing platform, Google Analytics, Google Ads., Facebook Ads., a Data Management Platform, and many more depending on the company.

This is driving marketeers crazy as every year a new tool appears, but without substituting another one. So every tool sums up to the ones previously used, making this teams waste time, or even worst have an IT Team to work on the platform. This also tends to happen with complex to use platforms, that need programmatic level users.

One CDP to unify them all.

The tendency in the last years has been to drive marketing teams into customer-centric teams, due to the importance of customers for companies. This is why Customer Data Platforms are becoming increasingly essential for Marketing Teams.

Customer Data Platforms (CDP) enable companies to unify all of their information from the sources available, plus the data obtained from the various platforms mentioned before, in order to allow marketing teams to work through one platform. This solves many problems of time and technical abilities required as the team would mainly access to this CDP to work on Customer knowledge.

Easy-to-use Customer Data Platform

A huge problem of Customer Data Platforms has been the difficulty to use inherent to this softwares. Due to the short living period of it, and the complexity upon the technology involved (Big Data and Artificial Intelligence), CDPs have been really complicated to manage and usually managed by IT or Data Science teams.

Marketing teams used to be involved only in the last part of the process, in making the data actionable. Although this seems a problem as each team needs to take control over their data. This is why FLYDE appeared in the market, to allow marketing teams to take control over their data, and to make this technology accessible to every single company.

WHY FLYDE?

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximise the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.

There are new technological solutions constantly appearing for companies to take control over customer experience. But which one should I choose? Is there really a difference between this platforms?

In this blog we would analyze the differences between Customer Relationship Management (CRM) platforms, Data Management Platforms (DMP), and Customer Data Platforms (CDP). We would also the reasons behind the latest boom of CDPs in the US, with estimations rising up to a $15.3 billion market for 2026.

What is a CRM?

A Customer Relations Management platform, is a platform where you can store Basic Data from you leads. It is a must for any sales team, as it helps to store and structure information of your customers.

What is a DMP?

A Data Management Platform, is used to unify data in order to create and segment audiences, in really specific ways as the information integrated comes from different data sources.

What is a CDP?

A Customer Data Platform is a software that enables companies to unify every single piece of data obtained from customers (Including the data you have in your CRM), and unifies it with 3rd Party Data (or data obtained from the market in which you operate), to portray a 360 profile of your customers, in order to segment, personalize, and predict with the use of ML/AI.

Technological Evolution: From a CRM to a CDP

CRM (1990s)

CRMs emerged at the end of the last century as a way of storing basic customer information online. They were a very important step, sales teams were able to use them to have databases with leads and to carry out campaigns through them.

Today they are still a great help for lead management and lead storage, a great support for sales teams, but they do not cover all the needs of the contemporary company.

Nowadays, companies need to have a database that covers all possible customer data, not only basic information (age, sex, forms of contact, etc.), but they also need to enrich this information with behavioral and attitudinal data (product preferences, forms of purchase, contact times, favorite types of promotions, etc.).

DMP (2000s)

This is how the DMP (Data Management Platform) was born, with the intention of gathering all the information about your customers in a single platform, not only the sales data, but you could unify this data (extracted from a CRM), with behaviors and attitudes of your customers.

So with a DMP your company can create audiences and segment them in hundreds of ways so that your advertising or marketing teams can target their campaigns to much more specific audiences.

The DMP was the next step to CRM as it was much closer to the online personalization that companies were looking for.

CDP (2020s)

The unification of all possible customer data opened up a world of possibilities, but the key piece of the puzzle was missing, converting this data into actionable data. CDP was born to integrate all the aforementioned data with ML, allowing companies to know their customers like never before. It allows you to have a detailed picture of each customer as an individual so that you can personalize your campaigns to the extreme.

The 360-degree customer profile that you will obtain using a CDP allows companies to segment, personalize and predict behaviors with the use of Machine Learning. Customer Data Platforms thus emerge as the ultimate solution for omni-channel customer management, multiplying the knowledge you have of your customer to levels never before imagined.

WHY FLYDE?

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximise the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.

Demand Forecasting has always been a crucial technique for companies in order to predict future situations, helping on inventory and production issues and to set up prices. The problem with demand forecasting has always been the same: you would never be able to have a certain answer, as you are predicting future scenarios.

However, current advances in technology and the progression of AI, have enabled companies to raise the percentage of this forecast to unprecedented numbers (over 90%). Although this is an important improvement, the greatest change isn’t the raise of the percentage that comes from the possibility to analyze much more factors than before but on the possibility to know the exact percentage of preciseness of that forecast, making companies able to know the exact possibility of a forecast to be correct and knowing how much to depend on it.

How has technology improved predictions so much?

Traditionally forecasting was done manually by companies, just by taking a clever guess over the historial sales, this wasn’t a forecast, but a guess. Nowadays the data obtained by companies is much larger, and this data can be stored and used in thousands of different ways obtaining companies great actionable insights.

The unification of huge sizes of information brought up a new problem: people where unable to read it and create insights from it in an efficient way. So Artificial Intelligence was created with the ability to read that information and simplify it for those teams. The use of AI over data enables precise predictions, and also the preciseness of those predictions. This preciseness would depend on the amount of data and the quality of it. For a company to become Data-driven it is crucial to be able to store and use wisely every single piece of data available.

Why is Demand Forecasting so useful?

1. Inventory and production efficiency boost

Stock issues have always been a problem for retail companies, as we have seen before demand forecasting has been done for many years, but in an unaccurate way. From now on, this could change radically as AI is enabling automated forecasting, which would help solving stock problems. With AI companies would be able to predict the amount of sells for each product to control their inventory and production as ever imagined, boosting their efficiency and saving large amounts of capital.

2. Setting up prices

Setting up prices has always been a complicated task for companies as it is not only a matter of trying to balance your numbers, it is fundamental to understand the demand of a product in order to set up prices, depending on the channel’s and product’s demand. This could be done with a demand forecast driven by data and AI.

Demand forecasting is another one of FLYDE’s possibilities

This solutions seem quite far away for medium companies as most of them tend to not be Data-Driven as big multinationals are. But there has been a radical change in the market, the entrance of FLYDE the Intelligent CDP easy-to-use, makes this technology approachable by any company (sector or size), and, most important, each team could have the control over the action driven by this platform.

FLYDE gives the possibility to companies to unify all of their customers data to exploit it in thousands of different ways. One of them is the Demand Forecasting which could be done through channels, products, product categories, or even by earnings. This different categories also give the possibility to be mixed within them to make as we have seen before the most precise forecast of the demand possible.

WHY FLYDE?

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximise the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.

Summer is here! A really nice season for people, but a tough one for many companies that are willing to maintain the loyalty of their customers during a few months of changes in habits.

In this blog we will explain the possibilities that any company has access to in 2022, at a technological level, to know their customers in depth and thus achieve unimaginable levels of Customer Engagement and Experience, even during the summer months.

Know your customer

It is becoming increasingly important to know your customer, as this is the key factor that will distinguish you from your competitors. In today’s world, companies have available huge amounts of customer data: tastes, preferences, socio-demographic data, everything the company needs to improve its realtionship with customers.

But all this data needs to be actioned. There is no point in having access to huge amounts of customer data if your company is not able to use it. In this way, you will get a 360-degree view of each customer, which will allow you to offer them a unique experience compared to your competitors.

Get ahead of the game!

If you are able to unify all this data, with the use of technological tools such as a CDP, you will be able to put this data to good use. With these actionable insights obtained, your company would be ahead of your customer’s movements.

By taking the data on your customer’s behaviour over the last few years in summer, added to the data on the last purchases of this customer, and the level of engagement they have at this specific moment with your brand; you will be able to anticipate with an extremely high percentage of accuracy, the behaviour that this customer will have in summer.

So you can see if in July they tend to disconnect from certain social networks like Linkedin, and start to focus on others like Instagram, which will make you intuit that they are on holiday and therefore the emails you send them will remain unread, thus losing your engagement, as your emails will start going into the spam folder.

Personalise your campaigns

This brings us to the fundamental point that every company knows nowadays, but they don’t take it to the limit they could with the right tools: hyperpersonalisation. In 2022 we are all aware that our customers demand personalised attention, the problem is that when it comes to locating each customer and their tastes, companies are not being able to meet expectations.

Campaigns must be targeted to each specific customer, according to their needs. It is no longer enough to know your average customer, or your Buyer Persona. Today’s Customer knowledge requires depth, requires having several Buyer Personas located and understood among your customers, and updated in real time.

If the customer is more assiduous to buy your product in holiday periods (you know because you have matched the holiday dates of the territory in which they live, with their purchases in your multiple channels), you should offer your product at the beginning of those holidays, and as we are creatures of habits and tend to take holidays on the same dates every year you can send them a reminder to buy, or a discount on a product that interests them (based on their last purchases), in their first days of holiday.

WHY FLYDE?

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximise the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.