Everything You Need to Know about Customer Data Platform (CDP)

Everything You Need to Know about Customer Data Platform (CDP)


https://insidebigdata.com/2020/05/18/everything-you-need-to-know-about-customer-data-platform-cdp/

The invention of big data helps people easy to collect customer data and create software to analyze those data through CDP, according to the research the CDP market is currently a $300 million industry and projected to reach $1 billion by 2019.

 CDP is fundamentally different in design and function when compared with marketing automation systems, though CDPs provide some of the functionality of marketing systems and customer engagement platforms. CDP tools are designed to talk to other systems. They retain details from other systems that the engagement or automation tool does not. This is valuable for trend analysis, predictive analytics, and recommendations that can leverage historical data.

 CDP has been widely used on marketing, Though a relatively new concept, CDPs are undoubtedly already central to customer experience (CX), and they continue to evolve at an unprecedented rate. The term has reshaped itself from when it was originally defined by David Raab, founder of the CDP Institute, as the ‘marketer managed technology that can deliver a unified, persistent view of the customer and is accessible to other systems.’ It has been interpreted in different ways by different vendors and even users. So, choosing a CDP software is never about the ‘best CDP’ in the literal sense of the word but it’s about the ‘the best CDP solution for you.
Big data is now surrounding our life from business to personal use, also CDP assists those managers to know their client through the database and help it business more efficiency.

Comments

  1. JimmyMay 24, 2020 at 10:22 PM

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  2. TimMay 25, 2020 at 9:06 AM

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  3. JimmyJune 2, 2020 at 5:50 AM

    1. Complete customer view
    CDP provides comprehensive, accurate and durable customer information, making customer participation easier. It allows raw customer data to be organized in a meaningful and actionable way for marketers to make informed decisions. The system reduces redundancy and inaccuracy, and is ultimately used to maximize the effectiveness of any marketing strategy.
    2. Improve advertising ROI
    Because CDP can segment audiences in a targeted manner, the return on investment for online advertising through CDP can be greatly improved. When CDP and DMP are integrated together, you can gain more insights by integrating first-party data and third-party data, thereby greatly improving the effectiveness of online advertising.
    3. Simplify customer data
    Currently, many marketers are faced with the challenge of synchronizing data from multiple sources and organizing data in a way that provides insight into customer behavior. CDP automates this process so that marketers can focus on creating the best marketing strategy without having to be bothered by the data itself.
    4. Real-time network personalization
    In addition to custom advertising, CDP also allows you to create a personalized customer experience directly on the website. However, you can only do this if you have the ability to receive real-time information about visitors (which can be implemented through CDP).
    5. Consumer insights through data mining
    By mining data on consumer behavior across various channels, companies can gain a deeper understanding of consumers. This enables marketers to experiment and test various hypotheses and obtain better results, thereby making marketing organizations more agile.

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  4. TimJune 5, 2020 at 2:20 AM

    Wonderful sharing, CDP is gaining popularity as a very valuable marketing tool, which helps create a unified data platform for marketing organizations to enhance the customer journey. cdpinstitute.org said that the industry is currently experiencing huge growth. It claims that the number of CDP suppliers and the number of employees have doubled in the past year, but the capital has increased by 280 million US dollars (29%). By the end of 2019, the total revenue of CDP suppliers is expected to exceed US$1.2 billion. Remember those happy days when the company had a set of software (perhaps CRM) to manage its customer data? Well, those days have really passed. As the number of tools grows annually (SaaS companies use more than 80 tools on average), companies must invest more and more resources to keep their tools and customer data in sync. This is like a version of Brooks Law. If adding people to a software project will only make your team more complicated, then adding more tools to the technology stack will only make it more complicated. Then, it is not surprising that the customer data platform (CDP) is about to change from “precision and fine calculation” technology to “needs fine calculation”. Businesses feel the very practical impact of fragmented customer data every day. IBM estimates that the damage caused by bad data amounts to $3 trillion a year. Bad data caused Delta Airlines to cancel hundreds of flights last year, costing the company $150 million. sing CDP to collect customers information must can increase business, but how should we protect their privacy are a very important thing we need to do!

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