Today, CDP (Customer Data Platform) is a $1.5+ billion martech industry that can solve a plethora of marketing problems. There are currently about 133 CDP vendors and this number is growing fast. Amazon, Airbnb, Netflix are just some of the enterprises that have had great success with CDP. Wondering what all the fuss is about?
Here’s what a good CDP does for you:
- Builds a single view of each of your customers and prospects across devices and channels, online and offline
- Unifies cross-channel marketing efforts
- Respects customer data with a focus on privacy, governance and compliance
- Enables Personalization At Scale – one-to-one advertising to people when, where and how they prefer by matching customer profiles and behavior with the content they like at the times that they want it (real time, dynamic customer journeys)
- Assimilates not just known customer data but also anonymous data of any prospect who has interacted with your brand
- Does not rely on third party cookies
- Fills the decision gap where marketers have swathes of data (data lakes) but don’t know what to do with it or how to use it
- Applies predictive analytics and machine learning to drive marketing decisions
- Democratizes customer data across an organization so not just the marketers, but everyone (IT, Finance, Sales et al) has direct access to it – in other words, eliminates internal data silos
- Retains and continually builds on your customer data over time to develop a long term, enriched profile of each customer and their lifetime value
When selecting a CDP platform for your business, do your research and make sure it checks all the boxes!
