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. “Unified persistent customer database has multiple components to it,” David says, “It’s unified as it takes in data from all sources. This means it doesn’t just work with some subset of data.”

Tealium and Meta’s report highlights the critical role of digital leaders in steering their organisational ship amid the tides of marketplace change. Executives that anticipate the impact of upcoming regulatory changes and future-proof their organisation can capitalise upon the market opportunity that awaits. For example, adopting a customer data platform (CDP) that enables data protection, whilst enriching customer profiles can give companies the competitive edge through building CX innovation capability. This is especially important as brands brace for a cookieless future amid an increasing volume of online consumers. Read more on - https://www.martechcube.com/new-tealium-and-meta-report-highlights-the-importance-of-privacy-first-principles-to-cx-innovation/

To know what type of customer data platform you need, you must define your goals and objectives clearly. Start with defining your short-term and long-term strategies for delivering customer experiences. What types of experiences do you want to provide, and what types of data and content are required? Where does the data you need currently reside? How can a CDP help you create these experiences, and what technologies will it need to integrate with to do that? One of the easiest ways to help clarify the right CDP is to define a series of use cases that outline how you will use the CDP and the value you expect to receive from it. For example, you have a lot of customer data spread across different systems with no unified view of that data for each customer. So, one of your use cases would be to build that unified customer view. Read more on - https://www.martechcube.com/how-companies-can-determine-the-right-cdp-for-them/

Key Steps for creating a first-party data strategy For all the talk about a first-party data strategy, there hasn’t been much discussion of what a first-party data strategy actually is or how you should think about one. The truth is, any company with a customer has a first-party data strategy. A first-party data strategy is your plan for using this data to support your goals and with third-party cookies going away, there’s no better time than now to use the data from your customer engagements to create a differentiated customer experience. So, how should you think about a first-party data strategy? Here are some basics to get started. Business Objectives: Define Your Use Cases and Objectives - Even though having a first-party data strategy might be new to you, your goals are not. It feels obvious to say, but start with what you want to do for your customer. Your Target Audience: Define Customer Lifecycle and Audience Segments - When you define your own customer lifecycle, you know the key stages when visitors are engaging with your business in different contexts and using different channels. Required Data: What Are Your Data Sources? It ALL Starts with Data Collection - In Step 2, the right first-party data helped define your customer lifecycle and audience segments. There are a variety of ways to understand your customers through Customer data platforms. Required Systems: Where Do You Want to Use Your Insights? - The way you segment your customer base in step 2 also plays a huge role in your first-party data strategy. A VIP could be someone who buys a lot or buys frequently. Measurement: What Do You Want to Measure? - Last, but not least…measurement! This is an ongoing process of defining targets, measurements, and establishing the necessary reporting and monitoring to ensure success. For more such updates, check Out recent Martech Cube blogs. https://www.martechcube.com/a-marketers-guide-5-key-steps-to-creating-a-first-party-data-strategy/