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Apr 24, 2024
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A customer data platform is a piece of technology that enables businesses to collect customer analytics from any channel, system, or data stream and combine it into a single customer profile.
These solutions typically contain a customer database and automation, as well as resources for managing multichannel marketing, real-time consumer interactions, and connected data. A CDP aggregates all the data in real time for businesses, allowing them to provide highly tailored experiences to customers.
CDPs serve as a centralized database for user-level data. They connect databases that previously did not share data, such as marketing platforms, service software, and ecommerce engines.
In this blog, we will look at the past, present, and future of consumer data platforms. Then we'll talk about how this technology can fuel your customer relationship management (CRM) platform and other parts of your tech stack, allowing you to create spectacular real-time moments using your customer analytics.
What is a Customer Data Platform (CDP)?
A customer data platform (CDP) is a solution or architecture that allows you to gather, store, model, and activate customer data. The entire objective of a CDP is to provide a consolidated platform for creating unified customer profiles and providing personalized experiences to your customers.
Market Forecast: Customer Data Platform (CDP) , 2022-2027, Worldwide enable you to acquire first-party data and combine it into a single database. All CDPs provide functionality for both data teams and marketing teams, addressing two critical functions:
They enable your data teams to collect, unify, and transfer data more efficiently between systems.
They allow your marketers to create self-serve audiences and direct them to other tools without requiring engineering resources.
Key Benefits of Customer Data Platforms
1. Single View of the Customer - CDPs are intended to collect data from several sources, consolidate it into a comprehensive image of the customer across devices and channels, and then make that data available to other systems. That consumer perspective may accompany your firm and its clients wherever they go.
2. Agility - A Quadrant Knowledge Solutions CDP helps businesses to build and connect a flexible technology stack that can adapt to changing customer behavior and technology trends. By focusing on the data foundation, CDPs give enterprises the tools they need to collect and use data from anywhere.
3. Data democratization - Customer data is valuable in any firm. Data availability is critical for propelling the firm forward in areas such as marketing, business intelligence, customer service, and others. A CDP makes it easy to obtain and use customer and touchpoint information.
4. More Effective Customer Experience and Marketing - Customers are using more channels and devices than ever before, and they expect a consistent customer experience. Customers resent being advertised online for products they have already purchased in-store. With a CDP in place, businesses develop a behavior that can be used to provide the most comprehensive client experience while avoiding blind spots.
5. Operational Efficiency - Integrating point solutions and integrating new technologies and tools was previously resource-intensive and unreliable due to the difficulty of maintaining custom solutions. CDPs centralize customer data via maintained turnkey integrations, which saves hours of integration time.
Top Customer Data Platform Software Providers
There are numerous CDPs available that cater to businesses of varying sizes. To get you started, here are some of the most popular options on the market.
Segment: It is a CDP that lets businesses collect and consolidate customer data from many online channels and sources. The objective is to provide organizations with a comprehensive and integrated view of their customers' journeys across all touchpoints. Users can integrate customer data from over 300 marketing, analytics, and data warehousing applications.
Pricing: Segment provides three plans: free, team, and business. The Free plan is indeed free forever, although it has limited features.
Emarsys: It assists firms in developing an omnichannel approach by gathering and analyzing data from a range of sources. It offers reporting and analytics, cross-channel automation and customisation, and industry-specific solutions (for ecommerce, travel, and retail).
Pricing: There are three price tiers: Essential, Advanced, and MAX AI.
Exponea: It is a comprehensive customer data platform aimed mostly at ecommerce and B2C firms. This CDP solution enables businesses to integrate and track online and offline data across channels and sources, resulting in a unified consumer view and targeted advertising.
Exponea has three packages: CDP, Email, and CDXP, each with feature sets tailored to different sorts of enterprises. Each package is available as a Grow, Scale, or Enterprise bundle.
Optinmove: It is a Relationship Marketing Hub with a CDP as its basis. Optimove collects, filters, and analyzes client data to help organizations turn it into meaningful insights. The company's technology suite allows for the creation, tracking, and optimization of targeted multi-channel campaigns.
Pricing: Optinmove provides customized pricing based on the number of distinct client networks your firm operates and the quantity of customers in each database.
Tealium AudienceStream CDP: It enables businesses to increase audience engagement and create comprehensive customer profiles. The information in these profiles can help businesses define high- or low-value customers, drive crucial engagement insights, and highlight milestones that can then be utilized to segment audiences.
Pricing: Tealium AudienceStream, like many other CDP software providers, does not give fixed pricing packages.
The Market Intelligence Report by Quadrant Knowledge Solutions is immensely valuable for businesses looking to choose the best Customer Data Platform Market. This report provides in-depth analysis, trends, and comprehensive evaluations of different platforms, offering insights into their capabilities, innovation, and market presence. It helps businesses understand the competitive landscape and identifies leaders, innovators, and emerging challengers in space.
According to the Customer Data Platform Market Share, 2022, Worldwide report, or rapidly growing organizations, the major challenge data integration is their ability to manage and cater to the growing skilled talent need of the organization. Customer data platform vendors are creating capabilities to support high-volume recruiting, external hiring, internal mobility, and lateral hiring.
The Market Forecast Customer Data Platform Market, 2022-2027, Worldwide report projects continued expansion of the market. The future of customer analytics holds limitless possibilities & opportunities by highlighting diversity, equity, and inclusion (DE&I), along with the importance of employee and candidate experience and smart predictive analytics. The data integration is also moving towards a self-service personalized learning experience with online and offline mobile capabilities.
These insights, combined with the detailed evaluations provided by the Quadrant Knowledge Solutions report, equip businesses with the knowledge to make informed decisions, ensuring they select a platform that not only meets their current needs but also supports their growth and adaptation in a rapidly evolving market landscape.
Conclusion
Today's businesses require data management systems that make complex volumes of data simple to access and understand. That is why consumer data platforms are continually evolving and here to stay.
Now and in the future, digital-first businesses must have an intuitive real-time customer data platform that includes a robust single source of truth to direct every customer engagement. A CDP is a crucial part of the modern business arsenal, allowing you to truly know your consumers and create real-time customer experiences everywhere.
