Customer Data Platforms For Data Driven Growth

In the past decade, first-party data has exploded. Marketers now have more first-party customer data than ever before, and it’s spread across more systems than ever before too. And expectations to deliver highly personalised experiences have also increased exponentially. To help organisations make the best use of their customer data to drive success, in 2013 David Raab founded the Customer Data Platform (CDP) Institute, a vendor-neutral organisation with over 10,000 members

The original thought leader who coined the now popular term “CDP,” David spoke at the recent Cheetah Digital Signals21 panel, sharing the four key considerations he believes organisations need to make when identifying the role of a CDP to maximize its benefit and optimise privacy best practice.

What is a Customer Data Platforms? An expert definition - According to David, the formal CDP Institute definition of a customer data platform is, “packaged software that builds a persistent unified customer database that’s accessible to other systems.” ‘Packaged’ software means it’s something you ‘buy’, it is not a data warehouse or a data lake that you typically ‘build’ as a custom project. A customer relationship management (CRM) system, for example, will work usually with the data the users have entered into the system, without usually importing data from other sources. A data management platform (DMP), traditionally works with cookies that get ‘thrown away’ after 60 or 90 days.

Customer Data Platforms has a unique combination of features which makes it the ideal platform. No one feature is absolutely unique only to the CDP, it is the combination that makes it different. The combination is there because It is designed to build those persistent, shareable profiles for all the other systems. 

For more such updates, check Out recent Martech Cube blogs.