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An estimated 2.5 quintillion bytes of data is created everyday. This includes staggering amounts of transactional and demographic data and infinite amounts of behavioral data. For many organizations, the problem lies not in the gathering of this data but in its organization, analysis and application.
It’s no surprise that there’s an uptick in the number of technologies aimed at turning this data chaos into data intelligence. And yes while some do actually improve the fragmented and disparate sources of data, only one solution-oriented technology has emerged into the market with the promise of delivering on the opportunities that data-centric marketing brings with it.
Customer Data Platforms (CDP) are this new and emerging technology that are helping brands improve the use, access and timeliness of data in order to fuel more exceptional experiences.
The CDP Institute estimates that CDP investments are expected to reach $1B by 2019.
Because CDPs are highly flexible and customizable, it is possible for organizations to create a solution that solves their unique business needs, integrates with legacy systems, maintains an ease of use for marketers to manage, and meets budget constraints.
When brands are looking at CDP’s there are 6 critical capabilities of a powerful platform that include:
- Data Integration: Unite standard data sources including CRM, social, DMPs and relevant databases to create a central customer ID
- Identity Management & Matching: Apply online event data to existing customer data to create unique customer IDs
- Online Event Tracking: Real-time monitoring and analysis of digital events, including web activity, campaign engagement, IOT interaction, and app usage
- Stitching & Aggregation: Process raw data to generate meaningful “sessionized” and aggregated data
- Real-time & Secure Access: Expose APIs for real-time data and insights access for marketing applications
- Reporting & Analytics: Generate standard insights & reporting, as well as advanced query capabilities, dashboards and visualization for marketers and data scientists
By ensuring your CDP of choice has these 6 key capabilities you’ll be well on your way to creating more timely, relevant and personalized experiences.
Wanting more information on how to take advantage of the opportunity that is the CDP? Download our Whitepaper: The CDP Opportunity today!
