Thinking of reducing your CPA by 50%? You need identity management

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Cost per acquisition (CPA) is what businesses need today. Whether it’s an e-commerce platform or a service business, everyone is looking for ways to lower their CPA.

Businesses are always ready to invest in marketing and advertising that brings in quality leads. However, not all marketing campaigns are successful enough to generate leads that drive more conversions.

The essential marketing requirement is to know your customers and know their preferences. Any marketing tactic is useless without understanding these fundamental aspects.

Does that mean marketers have to ask themselves the same questions about user preferences and demands every time a user lands on their platform? Unfortunately yes! And that too, through long registration forms that can end up tiring customers/ recording fatigue.

This is where the critical role of identity management comes into play!

With a reliable customer identity and access management (CIAM), marketers don’t have to worry about collecting valuable customer information; CIAM does everything without burning its pockets!

Let’s understand how an identity management system for CPA reduction can help businesses thrive and succeed in the long run.

In industry, digital identity management primarily refers to how a customer’s personal information is securely collected, stored and accessed.

Identity management offers endless possibilities for marketers, as they can use valuable information gathered from user behavior and preferences. This data is stored within a CIAM and can be used for multiple purposes.

Customer identity and access management (CIAM) takes precedence over the customer sign-in experience. There is more at stake than registration and authentication.

CIAM simplifies all business tasks that deal with your individual customers, including those who have not yet registered on your site.

With a single data hub for all identities, CIAM seamlessly connects authentication, customer management, sales, marketing, business intelligence and services.

Companies that provide a great digital experience should also focus on offering personalization services to customers. To do this, businesses must create a 360-degree view of the customer profile based on interactions with the business. And CIAM does it all!

And with loads of relevant user information, businesses can offer personalized experiences and product/service suggestions, minimizing the cost per acquisition.

CIAM offers a complete offer unified view of each customer. And you can leverage the data in marketing and promoting your business.

Connecting the data collected from your services and websites gives you a complete overview of each customer. You’ll have access to real-world data in startling detail with a complete picture of everything a customer has been up to since the first time they visited your site.

You can use this data to monitor customer journeys across multiple apps and services, create marketing personas that reflect your customers, design new products or special offers, and direct your customers to choices that will benefit you both.

When you understand your customers better, you can reach them faster and serve them better. It all adds up to more revenue and a lower cost of acquisition and retention. Therefore, identity management for CPA reduction becomes the need of the hour.

Many companies quickly collect an array of customer data during the registration process. If you don’t take the time to determine if/why/how you will use all of this data or determine the right time to collect this information, you will run into problems.

Collecting unnecessary data wastes resources and increases the risk of identity theft. Moreover, collecting too much data also causes customers to abandon registration, slow down the process, and feel intrusive.

With a reliable CIAM, companies can unlock the true potential of progressive profiling.

Progressive profiling for customer registration allows you to divide a potentially complicated registration process into multiple steps. You can capture a customer’s information upfront and then slowly build a holistic view of that customer through subsequent actions.

With LoginRadius progressive profiling, personalized workflows allow customers to share information while continuing to engage with your brand. Choose the data you want to collect across the different stages of a customer’s journey. You can set rules that suit your business needs and gain the trust of your customers.

With identity management for CPA reduction, companies can unlock the true potential of customer insights and create winning marketing strategies that ultimately minimize the overall costs of acquiring a lead.

In addition to lowering the cost per acquisition, businesses can ensure robust customer identity security with a cloud-based customer identity and access management (CIAM) system.

Therefore, if a business wants to succeed with minimum investment, it must leverage the true potential of a CIAM solution.

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