Here’s Everything You Need to Know about Customer Data Platform
Marketing companies are experiencing more challenges than ever. You will find more channels to target, higher levels of competition, and a more fractionalized audience. The only means to have an advantage over the crowd is to present highly targeted, intent-based messages and content.
Do you want to personalize your marketing for the customer? Then marketing and operational systems must talk to each other. The amount of data being accumulated increases at a higher rate, with many organizations using ten to thirty marketing technologies.
However, there is limited integration among the systems, leading to data silos in which data lives in one system and isn’t shared collaboratively. That leads to a lowered ability to utilize it for relevant analysis, inconsistencies, and inefficiencies.
Hence, marketers are beginning to realize the data problems and the relevance of executing an inclusive data strategy to control the end-to-end customer experience.
Customer data platforms (CDP) are gaining fame as a highly valuable marketing tool, helping make a unified data platform improve the customer journey. Marketers need to learn how this can be part of their marketing toolkit, given the scale with which CDPs have the potential to change the marketing sector and customer engagement.
Introducing Customer Data Platform (CDP)
Customer data platforms support marketers to organize customer data to create a 360-degree customer view. It brings together artificial intelligence and data science to combine multiplicand marketing data to bespoke customer experiences across the customer life cycle journey.
A CDP creates a comprehensive image of your customers individually. It gathers first-party customer data from numerous systems and sources and connects that data to the customer that made it.
What are its Characteristics?
Below are the characteristics of CDP:
Accessible data for third parties
Did you know that the customer data platform’s data is ready for use within third party systems? It is focused on campaign delivery and ad-tech.
Single customer view
Data gathered and managed with a customer data platform is visualized through individual data profiles for one another. That 360-degree view of the customer is possible because every customer data is situated in one central location.
Customer data unification
Unpredictable data from numerous offline and online sources are merged to make a combined single customer view.
Ready to use solution
Every customer data is neatly arranged and accessible for prompt use. A few technical resources are needed to set up and keep the customer data platform. However, it doesn’t need a high level of technical skill, unlike a conventional data warehouse.
What are the Skill Requirements Needed?
Keep in mind that a Customer Data Platform is a tool designed for marketers compared to other database software programs. That does not necessarily suggest that a CDP can be run without any technical support.
A company will normally require these three roles to maximize a CDP.
An individual understands how to work with data and understands what to track in a custom dashboard, how to assess the A/B test, and can report results to the marketing team.
This is an individual who knows the market and can recommend business-customized use cases for the customer data platform.
Take note that these don’t need to be three different individuals. However, you will need such skills for maximum value from a CDP.
Importance of Customer Data
Customers these days expect a lot from organizations. They have faced good personalized service. Do you wish to keep their business? Then you need to present it.
Take note that a dependable and continuous customer experience across channels, proper recommendations, and customized communications are necessary for today’s customers.
Not all companies can present such experiences. If you cannot meet these increased expectations, then you have a big problem. Your customers will bring their business somewhere else if they believe you don’t care about them.
The battle to win such customers back will be challenging compared to acquiring their business in the first place. That’s the reason you should have accessible, insightful, and well-maintained customer data. A good customer data platform makes that possible. You see, it is only a matter of obtaining the right amount and type of data.
How Long Does It Take to Execute a Customer Data Platform?
Well, it depends on different factors. A rough estimate would be four to twelve weeks.
Just keep in mind that you won’t find a one-size-fits-all answer to such a question, especially if you don’t know the information about your business and organization needs. Here are some things you need to consider:
- Level of detail in data attributes
- Identity merging requirements – siloed data can result to a single customer having numerous profiles throughout various platforms, and combining such profiles takes time
- Unique business rules –
- The existing state of your data – data cleansing can result to a longer execution
- CDP output requirements – refer to the things you’ll require from the customer data platform
- Integration complexity – the number of tools needed to integrate
Take note that each business that desires a customer data platform’s advantages will have a unique structure, goals, and requirements. Hence, it is impossible to offer an exact answer to the duration the implantation process will take.
Nonetheless, many organizations can expect to go through the same set of steps when executing a CDP.
You now understand the value of customer data and how a CDP handles all the frustration that comes with it. Hence, you are now well on your way to bringing your business to a new level.
There you have it! We hope you find this guide useful and informative. What are your thoughts about this post? Share your thoughts with us by leaving your comments below!