5 frequently asked questions about Customer Data Platforms answered

Over the past three years, there has been a lot of confusion about what a Customer Data Platforms (CDP) can and can't do, and subsequently what benefits a CDP can bring to a company. Here are the 5 most frequently asked questions about Customer Data Platforms:

1. Can I use our home grown solution to create CDP-like benefits?

A Customer Data Platform (CDP) will typically be controlled and used solely by the marketing team, so the information stored will be customer-related (contact information, customer activities/behaviors and transactions). Its raison d’être is to create a Single Customer View (SCV) by normalizing the customer data collected from marketing and operational systems across the business, and drawing together all known information about the customer into one ‘Golden Record’. During the Single Customer View creation process the CDP will cleanse the data, correct incorrect or inconsistent formatting, and merge duplicate entries. The data is also persistent, which means that it is retained indefinitely (unless required to be removed by law), including every change or process, which is then timestamped for 100% traceability.

Topics: Marketing Data Enhancement data management customer data Data Quality Customer Data Platform marketing automation data unification marketing database cdp

How does a Tag Management System differ from a Customer Data Platform?

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Over the next 5 weeks, read a new blog each week from our CDP Series as our CMO helps you to understand the CDP landscape, capabilities and functionality.

Let's just get something straight; it's common (and understandable) to assume that 'tag management' means organizing either the tags that make blogs more searchable or the meta tags used to improve the SEO of a web page. That isn't what we're talking about here.

This blog focuses on management of the snippets of code (tags) embedded into a web page to record information when a customer accesses and interacts with a company’s website or mobile app, or to help launch the functionality of marketing technology products. In the latter case, the vendor of the martech will request that the customer embeds the code. Just like a Customer Data Platform, the main function of a Tag Management System is to help manage large amounts of first-party information collected by companies about their customers. 

Topics: BlueVenn Marketing customer data personalization Customer Data Platform marketing data data unification marketing database cdp Tag Management System

Infographic: Business Case for a CDP

If you're looking for some solid statistics to help convince your company's directors that businesses with Customer Data Platforms (CDP) perform better than those without, then look no further. In 2019, BlueVenn and London Research surveyed close to 200 businesses with revenue of $50 million or above to find out how companies are using CDPs to improve their performance and customer journey. Arguably, the most interesting finding is that CDP owners are 2.5 times more likely to outperform their company's marketing goals than their peers. 

Topics: Customer Data Platform cdp

Nine Key Requirements to Consider When Investing in a Customer Data Platform

A really interesting research piece from Gartner, called ‘Distilling Marketer Adoption, Views and Misperceptions of Customer Data Platforms’, reveals the results from a survey of 504 marketers. The researchers found that 51% of respondents claimed that their Customer Data Platform (CDP) was their Customer Relationship Management (CRM) system.

As the report states, “this misperception of a CDP as a CRM solution reflects a lack of appreciation for the advantages that many CDPs have over heritage CRM applications. These include scale, profile unification, segmentation and connection to marketing systems.”

Topics: Single Customer View Customer Data Platform marketing database cdp

Is a Customer Data Platform the Same as a Master Data Management Solution?

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Over the next 5 weeks, read a new blog each week from our CDP Series as our CMO helps you to understand the CDP landscape, capabilities and functionality.

The basic raison d'être of both a Master Data Management (MDM) solution and a Customer Data Platform (CDP) is similar. Both exist to ensure that a business has a supply of carefully curated, unified, accurate and reliable corporate data, a single trusted view to deliver insights and drive business innovation, but that's where the similarities end.

For a start, MDM is a discipline and a set of processes designed to transform organization-wide data, especially in large companies, while a CDP is a packaged software product with a specific purpose to deliver a single view of the customer that the marketing department can use for the improved personalization of marketing campaigns. Another key difference is who stands to benefit from their use and how they are managed within the organization.

Topics: BlueVenn Marketing customer data personalization Customer Data Platform marketing data data unification marketing database cdp

How CDPs can drive cross-channel, real-time marketing opportunities for retailers

According to Gartner, “Access to customer data, in real-time, unifying profiles across channels and ability to measure comprise the competitive playing field that will define the coming years,” allowing retailers to effectively personalize cross-channel customer journeys.

A Customer Data Platform, or CDP, helps by bringing in huge amounts of online and offline customer data from a multitude of sources, then cleansing, deduplicating and unifying this information into a Single Customer View that can then be accessed by all other marketing channels, platforms and business intelligence tools.

To then unify these profiles across channels, look for a CDP with ‘orchestration’ or campaign management capabilities, which will function as a ‘smart hub’ to orchestrate and trigger all your channels from a central decision-making point.

Topics: predictive analytics retail personalization Customer Data Platform data unification cdp

DMP vs. CDP- what's the difference and which is right for your business?

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Over the next 5 weeks, read a new blog each week from our CDP Series as our CMO helps you to understand the CDP landscape, capabilities and functionality.dmp-1

A question that we often get asked is whether Data Management Platforms (DMP) and Customer Data Platforms (CDPs) are interchangeable?

More specifically, can a DMP be used to deliver the same results as a CDP, and if not, why not?

Topics: Customer Data Platform data unification marketing database cdp

What’s the Difference Between a CDP and a CRM (and why should you care)?

Customer Data Platform Series: 1 of 5

Over the next 5 weeks, read a new blog each week from our CDP Series as our CMO helps you to understand the CDP landscape, capabilities and functionality.

Gartner's 2018 Marketing Technology Survey suggests that 52% of enterprise marketers have already fully deployed a Customer Data Platform (CDP), while 26% are in the process of deploying one and a further 12% plan to do so within two years. That means 90% of the respondents are invested in CDPs, a very high proportion of the market considering the technology has only come to the forefront in the past three or four years.
 
However, dig deeper into the research and you find that 51% of the self-proclaimed CDP-equipped organizations said that their CDP was their Customer Relationship Management (CRM) system, with 11% of these naming Salesforce as their CDP. It's worth noting that in November 2018, when the survey was issued, Salesforce was vehemently against the idea of a CDP, and that even today the provider is still in the process of developing one.

Topics: BlueVenn Marketing customer data customer experience Customer Data Platform marketing data cdp

6 Proof Points to Secure Budget for a Customer Data Platform Investment

The hardest aspect of being a marketing leader is often needing to prove the ROI of marketing initiatives.

The next is justifying a major marketing investment and providing the budget-holders with compelling evidence that gets you the sign-off to make a purchase.

A marketing technology investment, such as a Customer Data Platform purchase, is often significant and requires you to create a well thought-out business case, which often requires input of 3rd party statistics, to offer proof points in favor of the purchase.

Topics: cdp

How to Continually Optimize Data Quality using a Customer Data Platform

Poor quality data is the result of numerous errors that can progressively ruin the success of your marketing campaigns. In fact, according to IDG, poor data quality is one of the modern marketer’s biggest concerns, with 66% of those polled declaring data quality and accuracy as a “top priority”. 

Inaccurate names, addresses and contact details, along with duplicate records and decayed information, will distort your view of a customer, resulting in poor campaign results and inaccurate insights. Worse still, it creates a bad experience for your customers whereby they either miss out on a specific offer, are targeted wrongly or receive the same message multiple times.

Topics: BlueVenn Marketing customer journey customer data bad data Data Quality customer engagement data privacy customer insight data cleaning data analysis Customer Data Platform marketing data data analytics clean data marketing database cdp