Customer Data Platform
Background: Changing Environment
In early 2020, Google announced the new measurement to phase out the use of third-party cookies on Chrome which means that the advertisement provider can no longer build up a complete persona of lead customers and provide advertisements that users would be interested in inaccurately by making use of the data collected by Cookie Syncing.
Someone claims that the changing environment in tracking systems online would be an earthquake in the ecosphere of digital marketing and many customer-driven technologies need to be restarted. Opportunities always come with dangers. If you want to be the one who stands out from the crowd in the coming new ecosphere, knowing more about CDP(Customer Data Platform) would be a smart choice to grasp the interests and insight of the leads.
What is CDP?
By definition, CDP(Customer Data Platform) is a data management system, which can be used to integrate various databases from different touchpoints. It collects and structures the data to individual customer profiles. A business organization always has to deal with a huge amount of data that may include transaction data, customer service data, and countless behavioral data. Since these different kinds of data are stored in different systems, CDP is an indispensable digital marketing tool for many brands to manage the various data.
If you would like to know more about how CDP efficiently helps you organize the data of your enterprise, do not hesitate to contact the professional team of digiEasy and together start the journey of data structuring.
Main Functions of CDP
- Data Collection: Instantly absorb customer data of various types and sources of information and interaction like websites, apps, email, etc.
- Profile Unification: Consolidate all the information collected and form a complete customer profile
- Segmentation: Allow users to filter out customer groups out of the customer data collected
- Activation: Transmit the segmented data to other platform like email and social media for further usage
Benefits of CDP
Know Your Customer Better
For customer-centered marketing, it is always important to build long-lasting and trustful relationships between the enterprise and customers. In order to maintain the relationship, knowing your customers in a proper way would be the key. A CDP collects the first-party data directly from your customers which is the best type of data to inspire marketing decisions. The system then builds customer profile with the data collected which help inform customer behavioral analysis and construct identity graphs. Contact the CDP experts of digiEasy team to develop more ways to get to know your customers.
Unify Cross Channel Marketing Efforts
With the development of a business organization, multiple marketing efforts would be carried out and this is a challenge to communicate and share the data collected among different teams. CDP helps save time and energy during this process by supplying consolidated, accurate data. Contact digiEasy team who are well experienced in making use of CDP to validate the marketing efforts.
Preventing Data Silos
Data silos refer to groups of raw data that are accessible by one department but isolated from the rest of one business organization. This would probably happen when there is failure in data exchange and immediate time information transformation due to the lack of proper technology or quick development of an organization as well as the database. Data Silos may result in inconveniences like threatening the accuracy of data, waste of storage space and may lead to bad customer experience. CDP efficiently prevents this situation by unifying the customer data and employees, to ensure the data collected is accurate and accessible by all over the organization.
What’s special with CDP?
CDP vs CRM
Both CDP and CRM(Customer Relationship Management) are common tools used to collect customer data and transfer it to valuable information for business organizations. However, while CRM is designed to track customers’ interacting behavior with a single company, CDP is designed to handle multiple data from various sources across both online and offline channels. In the other words, CRM helps you observe the relationship between your enterprise and customers while CDP widely acknowledges the behavior of your customers in different touchpoints.
CDP vs DMP
The differences between CDP and DMP(Data Management Platform) are quite obvious that CDP would exact data mainly from the first party, the identified individuals and retain data for a long time in order to deeply understand the customers and build their profile accurately while DMP mainly go deep with anonymous entities from the third party like cookies and IP address