customer data

The secret behind e-commerce businesses’ growth

In addition to goodwill and idea, customer satisfaction is always at the centre of nowadays growth of e-commerce businesses. But could you ensure the satisfaction that leads to loyalty and long-term satisfied customer relationships? 

We used to have little bakery shops where the owner was your childhood friend or the father of your best friend. A good connection and awareness about your preferences, growing interests, or difficulties were part of the visit to the shop.

The ultimate guide for e-commerce growth

In the scaling world, that kind of personal relationship in sales can seldom be provided. Yet the business is struggling to reach for the best solution, the most tailored customer interaction possible. What helps the companies customize their communication and proposals towards the customer so that it looks like someone from that old bakery dream is in personal contact with the customer? 

Companies use several tools that help to provide better communication. Mostly these are software-based solutions that help to collect customers’ data and help to communicate and sell smarter. 

In that chapter, we go through 3 different tools that might be helpful for the companies. Cynically we might call them CRM, DMP, and CDP – like code names for drugs. Actually, they all work for the sake of better communication, more tailored proposals, and more satisfying customer relationships. 

What is a CRM?

CRM (Customer Relationship Management) is a process implemented to manage a company’s interactions with customers and prospects. It helps the company to manage its interaction and communication with customers. It saves data about the customer – the contacts, service usage, services provided, communication between the company and the customer, etc. According to the data in the system, the company can create lists of customers whom to contact for newly launched service proposals or to find out the customers that have not been active in service usage during a certain period. The goal of the CRM is to reach for more sales (sell smarter) and to create more aware interaction with the customers. 

What is a DMP?

DMP (Data Management Platform) is generally submitted as part of research grant proposals. More named a marketing data management platform collects data from different sources – for example, CRM software or corporate partners and builds detailed customer profiles that drive targeted advertising. DMP-s don’t manage customer data independently and they do not drive campaigns. Based on the customer profiles created in DMP, you have to create the campaigns separately.

What is a CDP?

CDP (Customer Data Platform) is software that collects and organizes data about customers’ different touchpoints and structures the data into customer profiles. 

According to the CDP Institute, a vendor-neutral organization dedicated to helping marketers manage customer data, a CDP is defined as “a packaged software that creates a persistent, unified customer database that is accessible to other systems.”

How can you choose the right platform?

There are several software marketers and SME owners use for analyzing the customer’s data, collecting feedback, and organizing the e-commerce side. The best touchpoint that unites all different data sources as well as creates output from the data would be the Customer Data Platform that you connect to all your systems. 

Formaloo is a no-code collaboration platform to collect, organize, and understand data. Formaloo translates your data into impactful actions and insight. It collects, analyzes, and unifies data from all sources in order to grow customers’ loyalty.

As worldwide corporates might use complicated system solutions such as Microsoft Dynamics, Exponea, and Emarsys (for using which one needs data analysts in the company) Formaloo has kept in mind the “easy-to-use” priority as well as achievability and cost efficiency for the SME customer.

How does Formaloo CDP help with the growth of e-commerce businesses?

Formaloo is focused on the growth of e-commerce businesses. After using Formaloo, the customers have experienced massive growth in their customer lifetime value, customer loyalty, and retention. The customer base of the company Formaloo has been growing to start from January 2020 – the year of Covid19 that will go into history as a year when e-commerces boosted.

Thus, a wide range of organizations – SMEs with 1-3 employees, as well as universities and international unions, have started to use the benefits of the Formaloo platform. Follow the LinkedIn and company’s blog to see what the customers have achieved via the Formaloo platform and compare the growth numbers with your existing results – might that kind of growth benefit you as well?

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