A Customer Data Platform (CDP) is a powerful tool that enables companies to create a unified view of a customer profile. This can help businesses drive better results by connecting with customers across channels, identifying customers' journeys.
But what is a Customer Data Platform (CDP)? Why should you use such a platform? And how can engineers benefit from this technology? In this post, we'll explore all this in deeper detail.
There Are Way Too Many Types of Data Platforms Out There
All of these jargons may confuse you.
What's a Data Warehouse? What’s a Data Manipulation Platform? How is a CDP different from a Customer Relationship Management (CRM) tool? And what does it have to do with marketing automation?
These tools are solutions that help companies make better use of data. They combine multiple tools into one, so you can manage all your customer experience efforts in one place. This makes it easier to track your customers’ behaviour and build more personalised experiences for them.
One of those tools that we’re going to explore is the Customer Data Platform or CDP. A CDP can be so powerful that you might want to include it in your stack.
What is a Customer Data Platform (CDP)?
CDPs are made to help companies organise, manage and leverage their customer data. It merges real-time data into one single source of truth. This will tell you about your centralised customer profile and help in identity resolution. Customer Data Platform CDP helps understand what a visitor has done within your company’s digital space.
With this approach, you and your organisation can make better decisions and stay ahead of the competition. Understanding customer behaviour, managing data collection, and translating it into actionable insights drives better business decisions.
A unified customer profile from a variety of data sources can help drive better business results. Data is the new currency, and a Customer Data Platform (CDP) will enable you to leverage your data to be competitive in today's market.
Harnessing the Power of Customer Data with CDP
This is where Open Source Customer Data Platform (CDPs) comes into play. They mark a significant shift in how businesses manage customer identities and optimise marketing campaigns.
Open Source CDPs are platforms built on transparency and community-driven innovation. They provide unrestricted access to their source code, enabling businesses to customise and extend functionalities to suit their unique needs.
Machine learning, the backbone of Open Source Customer Data Platform (CDPs), empowers organisations to unlock actionable insights from vast datasets. These platforms analyse customer behaviours, preferences, and interactions to create comprehensive customer profiles. This invaluable information facilitates hyper-personalised marketing campaigns, enhancing customer engagement and loyalty.
With the flexibility to integrate with various marketing tools and systems, they streamline data management, empowering businesses to make data-driven decisions.Leveraging machine learning and open-source principles, they empower businesses to unlock the full potential of their customer data, revolutionising marketing campaigns and driving sustainable growth.
Organize Your Data with CDP for Accessibility to All Teams
CDPs are able to collect data and handle all of the information that comes from different sources. From social media posts, website interactions, behavioural data, or even purchase history . It combines all those data points into one place so you can see what's happening across all channels at once.
Moreover, you can also push relevant data that you’ve obtained inside your CDP into different tools. Different tools may be relevant to different teams. This way, you can push different information depending on the needs of a business unit.
For example, you can push customer data who have purchased a certain product inside your digital platform to other platforms. This could be a certain marketing automation tool or advertising platform of your choice. All without the hassle of manually querying from your customer databases. CDPs has done the heavy lifting for you to create relevant customer profiles.
Streamline Data Flows with CDP Management
CDPs are also able to help manage and streamline data that flows in and out from the CDP itself. You are able to control things which you want to track and not to track.
At Devhaus, our favourite Customer Data Platform (CDPs), Segment, has a feature called Protocols. This feature helps us to enforce data governance across all of our channels. Protocols helps us tremendously by enforcing rules and keeping our data clean. Especially, with the vast amount of data coming in and out from our CDP.
Moreover, Segment also has a pre-made consent manager plugin. This helps in abiding to data privacy regulations.
See Your Customer Behaviour Like Never Before
CDPs are designed to collect real-time first-party data from various sources. You can ingest these data to your product analytics tools. This allows related stakeholders to gain a deeper understanding of customer behaviour and experience. The organisation can identify areas for improvement and make better decisions to drive better results through data analytics
CDP will help your organisation to scale faster by having the right source-of-truth — which is your own customer. Moreover, it will be easier to identify how customers interact with your digital environment.
Implement Customer Data Platform into your tech stack with our Solution Architecture Services. With a portfolio that boasts of emerging SMEs and established enterprises; Our team can help you build a custom plan that fits your specific needs.
Using Grants to Subsidise Your Next Digital Marketing Project
If you're new to the concept of growth we'd strongly advise to work closely with subject matter experts. From start ups to scale ups and enterprises, exploring Growth services is a recommendation from Devhaus!
Moreover, grants for digital marketing projects can get your project subsidised by up to 70 or 80% (for certain industries). Dom, our VP of Advanced Services, has taken the time to explain grants in this short video. Watch the overview video below:
Our Top Grant Picks
We would highly recommend the following grants to help with your business growth:
- EDG Automation Grant: Allows you to adopt cutting-edge technology and automation. This can result in tangible benefits, significant growth and resource efficiency.
- EDG Product Development Grant: Help your company develop innovative technology and products with the end goal of commercialisation.
Expanding Your Business Internationally? Consider Singapore's Market Readiness Assistance Grant
The Market Readiness Assistance (MRA) Grant is a program offered by Enterprise Singapore. It helps small and medium-sized enterprises (SMEs) based in Singapore to expand into overseas markets. The grant provides funding support of up to 70% of eligible costs for activities such as market assessment, market entry, and overseas promotion.
This initiative also offers access to a range of in-market services such as business matching, market intelligence, and networking opportunities. The MRA grant is designed to help Singapore based businesses become more competitive in the global market. And to encourage them to explore new opportunities beyond their domestic borders.
If you're an SME looking to expand your business internationally, the MRA grant could be an excellent opportunity for you to take advantage of.
You can book a quick discovery call with our team today to understand how a Grant can impact your business revenue and growth!