Customer Data Platform (CDP) which vendor to choose?
1. Definition
A CDP (Customer Data Platform) is a marketing platform that combines customer data from any source and create unified customer profiles (Golden Records), model behavior, and share that data with any source that needs it.
2. Benefits
1. Combine all data sources into one repository
Each digital business uses various channels like emails, CRMs, mobile apps, web sites, scraped data and it takes ages to consolidate them. We use smart interfaces and deliver the results within a day without developers involvement.
2. Having a Single View of Your Customers
Single Customer View is the main ingredient for leveraging the customer experience by monitoring all customer interaction in one place and being able to go deeper by applying Data Science and Machine Learning.
3. Personalize Customer Interactions
Each customer has its preferences, interests and patterns, based on Catwing AI we are able to segment them based on their behaviour and create various personas, which can be targeted via different channels.
With CDPs, the possible personalized experiences you can craft for your customers are endless.
4. Giving data and environment to model your data
An online interface (Jupyter notebook) to access your data and build various models, make deep dive analysis, segmentations and clustering.
3. What is CDP(Customer Data Platform) periodic table
This table as chemical periodic table embrace all different variants and ingredients each modern CDP must to have. We like that approach and especially the part it is organized. Each element is described here and each color has its meaning in terms of main functionalities.
4. Selecting Vendors
Step 1. Review the various elements, look up the definitions and benefits.
Step 2. Print the table and circle the desired features in your marketing system.
Step 3. Use your selected elements as examples of requirements when talking to CDP vendors.
While it is a good start to know your basic requirements, there are other considerations that should be documented before approaching vendors. These include a summary of your marketing channels, marketing priorities (e.g. awareness, acquisition, customer value, retention, expense reductions, etc.), as well as your budget and industry focus. You will also need to complete a review of your existing marketing technology (e.g. Gap analysis) so that you are not overlapping existing technology.
All these details will widen or narrow the list of candidates when interviewing your prospective vendors. Ultimately, the requirements will make their way into an RFP (Request for Proposal).
If this sounds like a lot of work, it can be. Aside from the requirements documentation, it can be an enormous task to research prospective vendors and weed through their bloated marketing collateral. Subsequent hours of phone calls, meetings, demonstrations will cull the group of vendors down to those that have, and can, address your specific needs.
Another Way
Contact us for support and ideas. During the month of July 2020, ShopUp is offering 30 minutes of FREE, vendor-neutral advice from our expert consultants.
The Easier Way
Call the advisors at ShopUp to discuss your specific goals. +359 888 400290
ShopUp is a consultancy company with expertise in eCommerce and Retail and constantly is expanding its service and knowledge in the area of AI, Machine Learning and Data Science.
