Market Guide For Customer Data Platforms

Market Guide For Customer Data Platforms – A customer data platform (CDP) is a new area of ​​marketing technology. In fact, CDPs are becoming ubiquitous in marketing and pop up in every marketing-related report or search. According to the 2020 State of Marketing report, 86% of marketers who say they use CDP are increasing or maintaining their use of CDP. This leaves many organizations wondering if they need a CDP, and some asking what a CDP is.

That’s what this guide is for. This is your step-by-step guide to help your organization decide if you need a CDP and how to select and prepare your organization for CDP. Read the sections below according to your needs.

Market Guide For Customer Data Platforms

Market Guide For Customer Data Platforms

Introduction: Getting Started with a Customer Data Platform (CDP) Part 1: Data Transformation and How to Create a Business Case Study for CDP

What Is A Customer Data Platform?

A CDP typically includes a customer database, marketing automation, omnichannel campaign management, and real-time engagement management. Basically, CDPs are when you need a marketing database with user-level data. To better understand this type of software, let’s look at some of the key challenges that marketing stands out.

We live in an age where the customer is in control. Amazon can predict which products we’ll buy next, Netflix can more accurately recommend shows we like, and Uber trips can be customized based on the type of vehicle we want to travel in. Customers expect companies to understand their preferences intimately. Wants personalized experiences and demands fast service. Providing this is no longer a marketing advantage – it’s challenges on the table.

When it comes to marketing, customers expect interactions on a company’s website to be mobile app experiences and store visits. The problem is that for most companies these environments work with different datasets even if the customer is the same. Customers expect their experience to be consistent and “in the moment” as they move from channel to channel. Most customer journeys involve three different channels (eg email, web and mobile app) and customers tend to move between these channels smoothly and quickly. However, most organizations are not connected to these data environments in real time.

The result is disconnected experiences for consumers and marketers with no source of truth about customers.

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The first thing CDPs need to do is consolidate all of a company’s customer data into one place. It not only consolidates a single customer identity from various CRM instances, but also interconnects databases that do not traditionally share customer data, such as marketing clouds, service software and e-commerce engines. We call this customer determination.

The next thing CDPs need to do is reconcile the identities we know about customers (such as email and mobile phone numbers) with what we know about customers (for example, anonymizing cookies and mobile device IDs) before we share their data with companies. In this way, we can start connecting a relationship that started with an email campaign and continues with the same customer on the website. We consider it a cross-device identity.

Once CDP creates integrated profiles of customers, the system must deliver this data in real-time so companies can deliver personalized experiences. This means connecting customer data to a variety of systems—email engines, demand-side platforms, and content management systems.

Market Guide For Customer Data Platforms

In short, CDPs deal with these primary tasks: data collection, data integration, data execution, and data intelligence.

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So why do companies use CDPs? Here are a few examples, not all of which are about marketing.

CDPs are actually an evolution of CRM, well-designed for the high-volume, real-time needs of the modern digital-first B2C marketer. They are a natural extension of the range of tools developed over decades for businesses of all sizes around the world. CDPs share CRM’s goals of managing customer data to deliver relevant and productive experiences.

Unfortunately, the CDP market is very complex, with more than 100 vendors calling themselves “CDP” (as last counted by the Customer Data Platform Company). The two are not the same. Instead of focusing on supplier-specific definitions, we asked hundreds of marketers what they needed from a CDP and quickly realized that there are not one but two different types of CDPs.

Most CDPs on the market today are either intelligence CDPs or interaction CDPs – not both. We believe that a true corporate CDP should encompass both insight and engagement.

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Now let’s look at how organizations are leveraging CDPs to go beyond marketing and advertising and use connected customer data to connect their organizations, create cross-organizational insights, and start valuing customer data so they can put that data on their balance sheets.

To learn more about demystifying the customer data base, check out this blog post from the Senior Vice President of Product Strategy.

In the next section, we’ll look at data transformation and how to build a business case for CDP. We’ll look at how companies are using CDPs beyond marketing and advertising and leveraging connected customer data to connect their organizations, create cross-organizational insights, and evaluate what customer data can put on their balance sheets.

Market Guide For Customer Data Platforms

Now is the time to go over tactics to keep your employees safe when they return to the office. Customer data platforms (CDPs) have become incredibly popular for companies looking to get the most out of their data. It’s easy to see why. CDPs help companies integrate their data, better understand their customers, and create more personalized marketing campaigns.

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CDPs do this by combining data from different customer touch points. By breaking down data silos and aggregating first-party data covering all customer interactions, you can gain a comprehensive, 360-degree view of how customers use your product and what they do on your website or mobile app.

A potential customer might start by doing an organic search on a laptop that leads him to a blog post. On his way to work the next day, he looks at your website on his phone. After two days, it signs up to receive email updates from you. A week later, he clicks the email for a free trial. The free trial expires after a week and then nothing happens. Don’t revisit your website for a month. Eventually he returns to your website and signs up for a monthly subscription to become a new customer.

Without CDP, monitoring this scenario would be difficult. You’ll have all these data points, but they’ll be stored in multiple locations. As a result, you can only find out by joining the free trial and then purchasing. Your CDP brings together these interactions from different data sources and consolidates them into a comprehensive customer profile to help you fully understand customer behavior and engagement.

Armed with this knowledge, marketers can create better marketing campaigns that facilitate customer engagement at the most appropriate times. A single customer view enables detailed information (for example, using demographic or behavioral data) that marketing teams can further use to create personalized experiences and improve conversion rates by targeting a better customer profile.

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Additionally, CDPs can help with more than just marketing. With a better understanding of your existing customers and how they use your product, you can increase customer loyalty and retention.

If you’re ready to use a CDP to make your organization more data-driven, you should start by comparing different CDPs to find the best one for your organization.

Finding the right CDP for your organization is no easy task. There are many to choose from, but it’s not something to take lightly. Your CDP processes customer data. Every time you work with your customers’ data, you want to be more confident that their data is being handled securely and ethically.

Market Guide For Customer Data Platforms

That’s why we’ve put together this guide to help you easily find the best CDP for your organization.

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Below, we explore 6 important steps to follow when choosing a CDP. Following these steps will allow you to choose a CDP that fits your goals and resources.

Before you decide which CDPs to consider, you should engage internal stakeholders. The CDP you choose will work with data from many different departments in your organization, so it’s important that everyone buys in.

The question you need to ask yourself at this point is: Who else will collect the data your CDP handles?

Your sales team’s customer relationship management (CRM) platform stores the data your CDP needs to access. The sales partner should be part of the buying process.

Customer Data Platform

What about your customer success team? Your customer success team is likely to use tools that process customer data. A partner from the Customer Success team will also be part of this process.

You don’t need each stakeholder to evaluate each CDP individually, but you do need their input on various issues.

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