Imagine having a bunch of puzzle pieces scattered in other places — that is not very helpful. In case you put them together, they tell a more cohesive story.
Customer Data Platforms (CDPs) serve the identical purpose — they gather customer data from different sources and store that data in a central place.
Because this data helps businesses higher understand their customers and the way they behave, CDPs play a vital role in helping you make informed product and marketing decisions.
Today, CDPs are vital for brands across industries. But with popularity comes selection. Businesses now have to make a choice from a big selection of CDP platforms to make sure they’re properly synthesizing and analyzing the suitable data points for his or her brands.
With the entire above in mind, it isn’t actually that shocking that the CDP market grew from $1.6 billion in 2021 to $2 billion in 2022.
On this post, we’ll discuss the ins and outs of customer data platforms and one of the best ones to implement into your strategy.
What’s a Customer Data Platform?
A CDP consolidates customer data from different tools and software into one centralized database. This database comprises customer interaction data and other information from sources similar to web sites, mobile apps, email, and social media.
CDPs, often confused with Data Management Platforms (DMPs), contain each personally identifiable and anonymous users (for instance, IP addresses), while DMPs primarily work with anonymous users.
CDPs consist mostly of first-party data, or data collected directly from the shopper. They may also store third-party data, or data you get from one other company (or third party).
Varieties of Customer Data Platforms
Not all CDPs are created equal. There are a number of primary types:
- Marketing Clouds: Marketing Clouds refers to a set of cloud-based marketing tools.
- Smart Hubs: Smart Hubs act as a central hub in your company’s marketing technology, or martech.
- Marketing Data Integration: Marketing Data Integration CDPs place data first, with API capabilities.
- Engines and Toolkit: Engines and Toolkit refers to CDPs which might be built by the business if the CDPs available are deemed insufficient or to reply specific needs.
Best Customer Data Platform Corporations
Segment
Segment is a CDP that helps businesses collect, clean, synthesize, and activate first-party data across different touch points like Facebook, email, and website. Through a single API, Segment may also connect customer data from different business departments, like marketing, sales, service, and web analytics.
Pricing: Free version, $120/month for its Teams, and custom pricing for businesses.
Optimove
Optimove’s Relationship Marketing Hub brings customer data together in a single customer view. The GDPR– and ISO-compliant platform combines first-party data, third-party data, on-site/in-app user activity, and campaign response history.
Pricing: Pricing is obtainable upon request.
Totango
Totango enables users to attach and look at data from customer data streams, including contract and transactional data, support tickets, and demographic and behavioral data. You’ll also give you the option to access and compare real-time customer health data with other metrics like NPS (Net Promoter Rating) and CSAT (Customer Satisfaction rating).
Pricing: Free intro version. $249/month for Starter and $1,099/month for Growth. Pricing is obtainable upon request for Enterprise.
Bloomreach
Bloomreach’s CDP, called Bloomreach Engagement, offers a single customer view, online and offline data tracking, and customer analytics like on-site data, backend data, and offline data. The platform also leverages machine learning to make predictive recommendations like rating customers based on their actions similar to likelihood to make a purchase order.
Pricing: Pricing is obtainable upon request.
Insider
Insider can connect data across multiple channels similar to apps, website, email, and CRM, predict behavior like customer intent using its AI engine, and create personalized experiences at touch points for purchasers. Customer profile management is centralized with Insider’s journey orchestrator called Architect.
Pricing: Pricing not publicly available.
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Tealium AudienceStream enables firms to construct detailed customer profiles, with features like:
- Identity resolution: Collecting and matching customer data points across different platforms, devices, and browsers
- Cross-channel audience management: Create a solid data foundation to prepare audience data
Pricing: Pricing is obtainable upon request.
Blueshift
Blueshift unifies and organizes first-party customer data in a single customer view. Features include cross-device identity resolution, real-time data, and customizable datasets.
Pricing: Blueshift offers Starter, Growth, and Enterprise packages. Pricing is obtainable upon request.
Microsoft Dynamics 365 Customer Insights
This real-time CDP combines transactional, behavioral, and demographic data to create comprehensive customer profiles. Features like sentiment evaluation enable you to discover opportunities to enhance customer experience.
Pricing: Microsoft Dynamics 365 Customer Insights offers multiple pricing tiers. More details can be found on their site.
Oracle Unity
Oracle Unity combines online, offline, first-party, second-party, and third-party data right into a single, real-time customer view. Identity resolution allows you to connect individual identities across various channels. Data models built for various industries enables you to get granular.
Pricing: Pricing is obtainable upon request.
Emarsys
Emarsys connects sales, product, and customer data to supply a holistic view of the shopper. The platform helps you synthesize historical and real-time data to supply personalized experiences in your customers.
Pricing: Pricing is obtainable upon request.
How one can Select Customer Data Platform Vendors
There are several things to think about when selecting a CDP. Considering the next can enable you determine one of the best CDP for your small business.
1. Determine your use cases.
So as to find one of the best CDP for your small business, it’s essential determine your use cases. Naturally, combining customer data and storing it in a single place is a top reason for using a CDP, but digging deeper can enable you get more out of it. Some uses cases can include:
- Gain a more comprehensive understanding of the shopper journey
- Provide a greater mobile experience for purchasers
- Create more targeted promoting campaigns
2. Discover crucial integrations.
The following step is clarifying which tools you’ll need to connect with a CDP.
For instance, your organization might use marketing tools like Looker, Instagram Ads, and Intercom or customer relationship tools like CRMs, payment processors, email platforms, or help desk systems. You’ll need to find out which of those tools must connect with a CDP, and which integrations are nice to have.
3. Determine your must-have features.
Depending in your needs, there are some CDP features that must absolutely be included. Defining those key features can be critical in helping you decide the suitable CDP. These features could possibly be:
- Advanced security measures like ISO 27001 or SOC 2 certification
- Identity resolution, which helps you discover users across different channels
- GDPR and CCPA compliance
- Real-time data
- Integration options with tools you utilize or plan to make use of
For a more in-depth guide on how one can select a CDP, try this blog post.
CDPs Can Help Your Business
CDPs are a strong tool in your arsenal. Uniting customer data is the muse for higher understanding your customers and learning how one can improve the shopper experience.
