Today’s omnipresent consumers navigate a wide array of touch points in their interactions with brands. In the process, they leave their footprints in the form of signals and intents. Many organizations fail to utilize this data effectively due to outdated approaches and tools that cannot leverage the data for seamless customer experiences—in time and at scale.
This is where a Customer Data Platform (CDP) comes in.
To start off, what exactly is a CDP, and what makes it so different from other software solutions?
What are the contemporary customer data challenges?
Depending on the organization’s scale and scope of operations, the challenges may vary. For instance, organizations could lack adequately integrated data sets, while others face hassles in keeping up with the volume of data they have to deal with.
Another common challenge is the failure to capture and maintain relevant and actionable data. This holds back brands from the achievement of a holistic customer view and the delivery of seamless digital experiences.
As organizations evolve on the data maturity curve, they could face additional challenges such as:
What data sources are brands trying to integrate with a CDP?
CDPs build customer profiles by consistently integrating data from first, second, and third-party data sources like CRMs, data management platforms (DMPs), mobile, transactional systems, websites, social media platforms, e-commerce sites, and more.
Other sources such as POS systems, core banking systems, order management systems, and even IoT devices can be consolidated to offer a complete, real-time view of the customer.
What is the core difference between CDP, CRM, data lake, and data warehouse?
How does CDP bring together disparate touchpoints to not just communicate with customers more effectively, but to catalyze top-line revenue?
A CDP is the bedrock of accurate, usable data as it helps brands build intelligent customer insights from consolidated, constantly augmented audience information. Equipped with robust audience identity resolution and AI capabilities, it helps brands build sophisticated segments and identify every customer to derive individual propensities.
It is able to track individual customers across interactions and touchpoints to understand their behavior, leverage real-time data for contextual engagement, and deliver an evolving, tailored journey over time.
All of these free the marketer from wasting marketing spend and delivering holistic consumer satisfaction because of irrelevant communications, fragmented journeys, and a poor understanding of the customer. It also frees them from exhausting, resource-intensive manual efforts required to consolidate, analyze, and activate data when only legacy, point systems are employed.
What should a marketer consider when identifying a good CDP?
While selecting a CDP, one should start by defining the primary objective for onboarding it. Next, follow up with basic questions such as:
Take a look at our infographic for a detailed list of the key questions that need to be asked when evaluating a CDP.
Brands must understand that merely incorporating a CDP will not impact optimal customer engagement and marketing reach. Unifying audience data is the first step, but it will surely lay a robust foundation for a company’s digital marketing transformation journey.
Get a comprehensive view of CDP and its business benefits in “Customer Data Platform: A Resulticks POV”.
Connected Experience is hailed as the next great audience engagement paradigm, but what does itLearn more
In our increasingly complex and competitive mobile world, turning product-centric banking to cusLearn more
Banking 4.0 will eliminate physical bank branches and replace them with digitized experiences.Learn more
In this session, discover why engaging banking customers in omnichannel conversations that evolvLearn more
Meeting new consumer needs and expectations is critical to business success.Learn more