What Is a CDP and How Can It Fuel Restaurant Growth?
A customer data platform (CDP) is a business tool that gathers, processes, and leverages data to boost revenue. It centralizes customer information, enabling its use across different channels, from marketing campaigns to customer support interactions. Additionally, it facilitates informed decision-making on product or service offerings based on past customer preferences.
A restaurant-focused Customer Data Platform (CDP) can drive growth by providing insights into customer behavior, preferences, and trends. It enables personalized marketing, improved customer experiences, and targeted promotions, ultimately boosting sales and loyalty. Leading restaurant brands use CDP to collect, analyze, and act on guest data in real-time from various restaurant-specific systems, accelerating revenue growth.
How do restaurants gather customer data?
Restaurants traditionally collect user data through direct requests, rewards programs, online ordering platforms, and third-party apps. Direct requests involve customers voluntarily offering personal information in exchange for free products or services. Rewards programs create user profiles and encourage customer loyalty. Online ordering platforms capture names, addresses, and order data to build user profiles. Third-party apps like GrubHub indirectly gather ordering data over time, providing deeper insights into customer habits and preferences.
Signs Your Restaurant Brand Needs a CDP
If you notice that your restaurant brand is struggling to effectively manage and utilize customer data, experiencing challenges in personalizing marketing efforts, or lacking the ability to create unified customer profiles across various channels, it may be a sign that your restaurant brand could benefit from implementing a Customer Data Platform (CDP).
The Value of a Restaurant Customer Data Platform
Using a restaurant customer data platform can help your restaurant better understand your guests and create targeted marketing campaigns based on their demographics and behavior. Statistics show that companies using a CDP experience significant increases in guest satisfaction rate, revenue growth, guest spending, and up-sell revenue. By segmenting and targeting different guest buyer personas, you can send messages that engage specific segments. Personalized marketing is more effective in terms of engagement and ROI, with targeted advertisements being almost twice as effective as non-targeted ads, and segmented and targeted emails generating 58% of all marketing revenue. This approach improves the ROI of your marketing budget and drives revenue growth.
According to Aberdeen’s statistics.
- Companies using a CDP experienced a remarkable 9.1x increase in their annual guest satisfaction rate.
- A CDP made a significant impact, contributing to a 2.9x greater year-over-year growth in annual revenue for companies.
- Utilizing a Customer Data Platform resulted in a substantial 5.7x annual increase in guest spending.
- Companies witnessed a noteworthy 4.9x annual growth in up-sell revenue when incorporating a CDP into their operations
Top 8 Restaurant CDP Platform
Milagro CDP
Milagro’s CRM and Customer Data Platform (CDP) are designed to help restaurants grow their business by collecting and unifying customer data, increasing sales by $150,000 a year, and offering built-in CRM capabilities to manage potential franchisees and internal expansion. These tools are tailored to customize each stage of the process and track leads to ensure potential franchisees are guided through the funnel until they sign up, ultimately boosting sales and profits. Utilizing a Customer Data Platform (CDP) provides unified and accurate customer identifiers, enabling better decision-making based on factual transactional data. This includes details such as what customers are buying, how often, and their complete spending behavior, which are crucial for understanding individual customer preferences and behaviors.
Best Features
- Sync data from multiple sources
- Customized reporting
- Eliminate data silos
Incentivio
As a restaurant owner, you have full control over your relationship with guests and their data. Incentivio Customer Data Platform (CDP) continuously analyzes your guests’ accounts, providing valuable insights into their behavior and preferences. With this information, you can effortlessly create and automate targeted marketing campaigns that are triggered by specific events, thresholds, or actions, ultimately enhancing your ability to engage with and cater to your guests effectively.
Features
- Customer Data Integration
- Personalization Tools
- Ordering and Loyalty Integration
- Customer Segmentation
Algonomy
Algonomy’s marketer-friendly Customer Data Platform (CDP) empowers you to handle every aspect, from customer data onboarding to audience activation, with ease. Through our campaign CDP, you can gain deep insights into customer intent, enabling you to craft cohesive and connected experiences for your audience.
Features
- Commerce Personalization
- Personalized Marketing
- Merchandise Analytics
- Supplier Collaboration
- Streaming Data Ingestion
- Audience Manager
Olo CDP
Through Olo Customer Data Platform (CDP), consolidate data from numerous restaurant-specific systems to generate a comprehensive view of nearly 100% of your guests. These valuable insights are then extended to every facet of your business, allowing you to make informed decisions and tailor your operations to better serve your guests.
Features
- Control guest data
- Unifi guest profiles
- Insights available to all
- Remove data silos
- First-party data collection
Bikky
Bikky CDP transforms restaurant marketing by utilizing valuable customer insights to streamline operations and enhance engagement. Through Bikky, businesses can craft personalized experiences, drive repeat business, and maintain a competitive edge in the dining industry. The platform integrates with key delivery, POS, reservation, and loyalty services, allowing users to assess performance-based retention, menu items, location offerings, and more. It also enables the analysis of guest retention and frequency to identify growth opportunities, as well as the measurement of the revenue impact of marketing campaigns.
Features
- Integration with POS, reservation system
- Create segments
- Integrate with the marketing platform
- Menu item performance
Bloom Intelligence
Restaurant Customer Data Platform gathers guest data from WiFi, websites, online ordering & reservations, social, and POS. Harness the power of customer data through Bloom Intelligence CDP. Translate insights into actionable strategies. Strengthen customer relationships, refine marketing endeavors, and elevate your restaurant’s success with Bloomintelligence’s robust CDP platform.
Features
- Data collection from Wi-Fi, websites, and restaurant systems
- Marketing Automation
- Reputation management building
Wisely
Wisely is a CDP designed specifically for restaurants. It gathers customer data from numerous sources to create a unified view of the guest—and then channels that data to all the end platforms that influence your business decisions and growth.
Through Wisely, our restaurant technology experts are constantly finding new methods to link data across systems unique to restaurants. Wisely, CDP revolutionizes restaurant management. Gain a comprehensive understanding of customer behavior, preferences, and trends. Enhance operational efficiency, implement personalized marketing campaigns, and cultivate enduring customer loyalty with Wisely CDP.
Features
- Multiple data sources – Loyalty, reservation, Mobile apps, online ordering, etc
- Integration with restaurant systems
- Eliminate data silos
Buyergenomics
A restaurant CDP, such as BuyerGenomics, allows restaurants to leverage their customer base, enhance customer relationships, and take control of their business prospects. BuyerGenomics, a Predictive Customer Data Platform, seamlessly integrates with Olo and various ordering, POS, and reservation systems, facilitating business growth. It automatically identifies different guest types, enabling targeted messaging for customer acquisition and repeat purchases. BuyerGenomics also helps quantify the value of digital intermediaries and optimize their contribution to the business.
Features
- 3rd Party Delivery and Ordering Intelligence
- Guest Acquisition
- Data unify from all sources POS, Olo, website, loyalty, mobile
- Eliminate data silos
Is Customer Data Platform the same as CRM?
No, a Customer Data Platform (CDP) is not the same as a Customer Relationship Management (CRM) system. While both are used to manage customer data, a CDP is focused on unifying customer data from multiple sources to create a comprehensive customer profile, while a CRM system is primarily used for managing customer interactions, tracking sales activities, and managing customer relationships. Here is a comparison to understand the difference between CDP and CRM platforms.
| Feature | Customer Data Platform (CDP) | Customer Relationship Management (CRM) |
|---|---|---|
| Primary Purpose | Centralized customer data management and unification across various channels and touchpoints. | Managing and optimizing interactions with existing and potential customers to drive sales and enhance relationships. |
| Data Scope | Focuses on collecting and unifying customer data from various sources for a holistic view. | Primarily concerned with managing and organizing customer interactions and relationships. |
| Data Unification | Integrates and unifies customer data from multiple channels to create a comprehensive customer profile. | Emphasizes contact management, sales pipeline, and individual customer interactions. May lack data unification across various channels. |
| Use Cases | Personalization, targeted marketing, and improving the overall customer experience. | Sales automation, lead management, customer service, and contact management. |
| Marketing Focus | Oriented toward creating personalized and targeted marketing campaigns based on unified customer data. | Includes marketing functionality, but not as focused on personalization and data unification as CDP. |
| Cross-Channel Integration | Emphasizes integration across various channels (online and offline) for a seamless customer experience. | While some CRM systems offer integration, it may not be as central to the platform’s purpose as in a CDP. |
| Real-Time Data Updates | Prioritizes real-time data updates and synchronization to maintain the most current customer information. | Real-time updates may vary across CRM systems, with some relying more on periodic data syncs. |
| Sales Pipeline Management | May include basic sales pipeline features, but not the primary focus.. | Central to CRM, providing tools for managing sales processes, leads, and opportunities. |
| Customer Segmentation | Strong emphasis on dynamic customer segmentation for targeted marketing and personalized experiences. | Provides segmentation tools but may not be as sophisticated or focused on dynamic, real-time segmentation. |
| Customer Lifecycle | Covers the entire customer lifecycle, from initial interactions to ongoing engagement and retention. | Focuses on managing customer relationships, particularly during the sales and post-sales phases. |
Conclusion
If you are a restaurant that aims for substantial growth in 2024, you need a Restaurant Customer Data Platform (CDP). A CDP allows you to consolidate customer data from various channels, which paves the way for personalized experiences and focused marketing efforts. A CDP is the core of modern restaurant operations, as it helps you leverage customer data to drive growth. It’s not just a tool; it’s the gateway to enabling personalized experiences, targeted marketing, and exceptional insights. Elevate your restaurant’s performance with a CDP – it leads you to enhance customer satisfaction, boost revenue, and secure a prosperous future.
