Is Customer Data Platform a Need or Necessity?
Is Customer Data Platform a Need or Necessity?
Customers today generate a pile of data and digital footprints than ever before. Right from geographical, transactional or behavioral data, to data from ad impressions, purchases, product usage, it’s omnipresent. This data is gathered by three means: by directly questioning customers, by indirectly tracking consumers or by straightaway adding other sources of customer data to their own.
The Customer data is then protected in organizational silos which needs IT intervention and custom integrations to work with. Likewise, it’s not upright for the marketing team to do testing to look across customer experience and gather data about a single customer journey. As per survey carried out by Forbes Insights and Treasure Data on 400 Marketing Leaders, it costs marketing professionals too much time to analyze the success of a marketing campaign and create understandings or fetch a change in the customer experience.
As per Gartner: “Customer Experience is the new marketing battlefront”. According to a study carried out by PWC in 2019: One of the prospects of Marketing Executives is that AI will help generate better customer experiences. But the question is that if they can’t get the data and unlock the data, AI can’t do anything.
To get a vague 360-degree view of the customer, and offer better customer experience, organizations need a system which can pull customers data in one place and normalize it. It should also permit them to utilize it across different touchpoints.
This necessity produced the stimulus to developing technology which provided customer data in one place: Customer Data Platform (CDP). The CDP brought customer data from all the different sources into a single intelligent environment and formed a synchronized well-integrated view of the customer to be able to perform customer data analytics.
Customer Data Platforms are the latest basis of digital savvy marketing organizations who not only have a 360-degree view of the customer but also want to offer provide better and improved customer experience. CDPs are the next step after the data platforms such as CRM and DMPs.
