Customer Data Platform
Customer Data Is Important
Customers nowadays assume that your company knows – and remembers – who they are, what they’ve done, and what they want, at all times and across all mediums but collecting and acting on unified customer information isn’t easy. Actually only a few companies have actually achieved complete integration. The rest are struggling with various challenges but customers don’t know or care about those challenges. If you don’t meet their requirements, they’ll assume you don’t care about them and take their business to somebody else whom they believe will treat them better.
No wonder so many marketers have made unified customer experience the highest priority.
Why Customer Data Platforms
A unified customer experience is built with unified customer data. Most data originates in silos. Traditional methods for collecting that data into unified customer profiles, such as an data warehouses, have failed to solve the problem. Newer approaches, like “data lakes”, have collected the data but failed to utilise it effectively.
The CDP is an approach that has had great success at smart companies. A CDP puts marketing in direct control of the data collection and unification project, helping to ensure it is marketing focused.
Customer Data Platform – Definition
- Identity Resolution – Combining profiles and related data points from multiple platforms and systems into a single customer record;
- Event Syndication – Streaming real time data to various analytics systems to enable modeling and insights;
- Reporting – Monitoring data inflow/ outflow and reporting anomalies
- Audience Orchestration – Creating segments and syncing them to various channels;
- 360-Degree Understanding – By combining profiles together, deploying them for insights and also reinforce learning from analytics and engagement systems to create a complete, well-rounded understanding of customer behaviors
Different types of CDPs
Many CDPs are rooted in an email or web-centric paradigm, meaning they aren’t well-suited for mobile and omnichannel marketers. If customer journey includes people interacting via mobile platforms (Android and iOS), or connected devices (AppleTV & Roku), we need a CDP that supports these natively with robust and well-documented SDKs.
By definition, CDPs enable unification and distribution of “first-party” customer data. However, if we need to learn more about your customers from other sources of data, you’ll need a CDP that facilitates data enrichment from partners and third-parties;
Not all CDPs support the same set of marketing scenarios. Some are great at feeding data into data warehouses and reports, but require manual processes to take action. Still others provide executional support, but only across a limited number of channels, like email and sales automation systems. Our CDP supports the newer breed of mobile marketing automation and attribution platforms, in addition to DSPs, DMPs, and more traditional CRM and campaign management applications. This makes it possible to create and orchestrate experiences across the customer journey.
The ROI of a CDP
he incremental value associated with creating “more bang for the same buck”
Marketing operations cost avoidance. The cost savings associated with operating more efficiently
The value associated with reducing business, technology, and regulatory risk
The value associated with creating barriers to entry based on customer data advantage, which in turn drives profit margin