Common Data Platform for Your Centralized Database

While not new, shared common data platform are more important than ever. The infinite enhancements and potential of artificial intelligence, machine learning, and real-time analytics have made centralized, available, and accurate data a core business asset.

What is a common data platform?

A common data platform CDP is a software package consisting of a centralized database that can collect, manage, and enable data from multiple sources to impact the digital customer experience (CX).

Common data platform collects and integrates all types of customer semi-structured data to create one customer profile in one customer view (SCV) over time. This unified view can then align all business data efforts with a single source of customer truth.

Customer data platforms collect different data structures to provide actionable insights and instructions fed back to other technology platforms to personalize the digital customer experience.

Common data platforms may collect user behavioral, demographic, and transaction data to track and analyze customer interactions with your business.

A common data platform was created to manage and aggregate first-party data from several different channels centrally and to brand the ability to centrally manage semi-structured data to meet emerging data protection regulations such as the General Data Protection Regulation (GDPR) and California Comply with the Act. -Consumer Privacy Act (CCPA).

How does a common data platform work?

A common data platform combines enterprise customer data from all channels and sources, including transactional, behavioural and demographic data. A common data platform is a business-centric system that creates a unified and persistent customer profile accessible from other systems such as analytics, marketing, advertising and customer engagement platforms.

Business applications can directly access and use standard common data platform data to facilitate various actions, including segmentation, web personalization, trip optimization, marketing campaigns, next best actions, recommended products/services, churn detection, sentiment analysis and case resolution.

Why do I need a common data platform?

Organizations have a lot of data. The challenge is that the data is in silos, collected from systems that were never designed to be integrated. To add to the complexity, these systems often store stored data instead of interpreting it.

To understand the benefits common data platform CDP can bring to your business, it’s important to understand how different systems with unconnected and inaccessible customer data are holding you back.

The proliferation of channels and data types has led to an explosion of customer data. Customer data includes anonymous ad impressions to known purchases, product use, and customer service interactions. There are three types of customer data, which are main:

1. Behaviour: Generated by customer interactions with businesses using internet-connected devices. This data type tracks what pages were visited, downloaded apps, or played games. The behavioural data structure can also provide insight into your customer interactions’ frequency, frequency and duration.
2. Demographic: Socioeconomic information such as age, gender, population, race, income, education, interests, and occupation. Demographic data may also include personally identifiable information (PII) such as customer name, date of birth and address.
3. Transactional: Usually has a commercial or legal meaning and can include transactions such as purchases, returns, payments, registrations, orders, and subscriptions. Transactional data documents exchanges, agreements, or transfers between organizations and individuals.

The problem with confidential customer data is that it is difficult to understand who your customers are, what they do, and what they want. Without data-driven insights at the core of your business, decision-making is limited and less effective.

All types of customer data can be used to enhance interactions with new and existing customers. However, for customer data to be useful, it must be integral, unified, enriched, and accessible.

A common data platform is designed to analyze data from multiple sources and provide insights, recommendations and holistic views from each customer based on data from every stage of the buyer journey.

How common data platform can help your customer retention team

Customers demand a personalized experience, and the only way to deliver that is by increasing your understanding of what your customers want and need. Common data platform CDP provides a single, accessible, and useful source of customer data that can be leveraged across multiple departments.

It provides the only source of real truth you need to drive growth at critical customer touchpoints:

• Marketing: Provide a targeted and personalized approach across all online and in-person channels with relevant content and campaigns that increase the likelihood of conversions, increase marketing ROI and provide a competitive edge.

Identify loyal customers and reward them with meaningful offers that increase their brand affinity. Design a retention strategy based on insight into sentiment and possible drawdowns.

• Sales: Build detailed segments and customize sales conversations with contextual information such as loyalty status, customer age rating, purchase frequency, spending and recent purchases to optimize every sales opportunity.
• Service: Provide customer service representatives with a 360-degree customer profile to provide proactive, consistent omnichannel support that makes customers feel understood and valued. Use detailed profiles to direct high-value customers or customers with unique support needs to specialized agencies.

In addition to those listed above, a common data platform can offer several benefits to your business:

• Greater Efficiency: Collect data from multiple sources together. It is more reliable than a dedicated system and easier to update. Centralize audiences and business rules to be applied to all your tools, saving you time and reducing ongoing IT efforts to maintain and update.
• Flexibility and Agility: common data platform gives you more flexibility to respond to consumer behaviour and evolving technology trends. A good common data platform provides a solid data foundation that works seamlessly with other systems you already use. Common data platforms should be easy to integrate with your existing data and decision-making and business processes, with the data they store easy to access and share.
• AI and Machine Learning: Make more accurate predictions based on insights that would otherwise go undetected. Unless you have a dedicated in-house team of AI experts, advanced data platform AI and machine learning capabilities are built into common data platforms, such as continuous.
• Privacy, Consent, and Compliance: Help your team meet customer consent and privacy without creating additional workflows. Gain complete control over your customer data and minimize the effort caused by data clustering between systems.

Build customer trust by complying with existing and emerging privacy regulations and industry standards such as the General Data Protection Regulation (GDPR), HIPAA, and FedRAMP

• Advanced data platform Analytics: Gain real-time insights to drive meaningful action. Increase your marketing agility by identifying opportunities based on preferences, geography and other factors. Combine customer data with operational and IoT data to further enrich customer profiles and proactively uncover customer needs.

Use inventory status and past purchase behaviour to provide predictive recommendations to customers that maximize campaign ROI.

What is the difference between common data platforms?

While the Customer Data Platform videos are similar to other customer data solutions, it is important to understand how the common data platform differs from other systems you may already be using.

Common data platform extends the functionality of Customer Relationship Management (CRM) and Data Management Platform (DMP) solutions by integrating data from first, second and third sources.

This means CRM and DMP information is included to provide a comprehensive view of each customer so you can find all the necessary information in one application.

The most common use cases of customer data platforms

For the use cases of customer data platforms there are two common cases for the personalized customer experiences and targeted advertising. A common data platform allows you to develop a comprehensive, unified view of your customers and understand your relationship with them.

It enables you to achieve targeted personalization at scale, leveraging AI, machine learning and marketing automation. With a common data platform, the right message reaches the right customer at the right time, both in your store and on the website. Some of the most common use cases of common data platforms are:

• Profile Aggregation: Customer records can be combined into a single 360-degree view of customers, allowing you to personalize more effectively and reduce advertising waste.
• Segmentation: common data platform allows marketers to easily drag and drop attributes, user behaviour (web, mobile, POS, social) and other segments.
• Personalization: Marketers can personalize the digital customer experience across all channels.
• Data Collection: You can associate multiple IDs with each customer by unifying a persistent identity that lasts forever.
• Predictive Score: Marketers can predict customer behaviour, e.g. B. which ads are likely to drop out, be purchased, clicked, or converted shortly.
• Retargeting: Customer data platforms can improve retargeting accuracy by linking customer data to advertising data for structured and unstructured, creating optimized audience segments, and automating the entire process.
• Customer Journey Optimization: Apply results to customers and perform real-time optimization across all channels.
• Customer Journey Orchestration: The process of delivering a personalized experience along the customer journey leading to the optimal next step. This process relies on trusted customer data, deep analytics, and artificial intelligence (AI) to predict the next best move as part of intelligent travel design.
• Predictive Modeling and Analysis: Determine purchase probability, churn tendency and customer lifetime value (LTV).
• Programmatic advertising: common data platform allows you to better target customers with programmatic advertising.
• Similar marketing: Advertising on social media and the open web to audiences that match your best customers.
• Measurements and Insights: Detailed customer and business reports.
• Customer Loyalty: Measure and predict customer loyalty, churn, and repeat purchases.
• Marketing Automation: Customer data platforms can be used to increase the effectiveness and efficiency of your marketing campaigns.

How to do CDP client download

You can have the CDP client download with a common data platform client via pip on Linux, macOS, or Windows. The common data platform client works with Python version 3.6 or higher.

For more information, see the instructions below:

• For the latest information on CLI changes, see the API change log.
• Install common data platform client on Linux
• Install the common data platform client on Linux and verify that the typical CLI client is working.
• Install the common data platform client on macOS
• The versions of Python and Pip installed with macOS are older than the common data platform client requires. You must install the latest version of Python before installing the common data platform client.
• Install common data platform client on Windows
• You must install Python and Pip before installing the common data platform client.

Example Enterprise Data Platform (EDP)

Enterprise Data Platform (EDP) offers centralized access to enterprise data.

Financial assets. Typically, EDP exists in the local or hybrid world and consists of traditional data sources.

EDP can, for example, include OLTP databases, data warehouses, and data lakes. EDP also includes tools and processes for data collection, preparation, and analytical reporting.

What is a provider Lifecycle Management Platform?

The provider Lifecycle Management Platform is a complete solution providing supplier recruitment, online application, proof of eligibility, contracts, supplier data management and supplier procurement services. The vendor lifecycle management platform helps payers provide vendors with a better Uber experience and member care.

Difference between common data platform and CRM

Common data platforms and CRM solutions collect customer data. Common data platform helps you manage customer data, improve marketing effectiveness, and make informed business data decisions about customer touchpoints.

They generate unified customer profiles and segments that can be shared with other marketing tools or business systems in your stack and used to personalize customer engagement.

CRM only stores first-party data – information about your customers’ direct interactions with your company. Most data entry in CRM is done manually; The sales team enters call records, support tickets, etc.

While CRM can help you organize and manage information about customer interactions, it is usually most useful for employees who manage individual customer relationships.

Difference between a common data platform and DMP

Common data platform helps you create a personalized customer experience by combining first, second, and third-party customer data, which may include personal information such as names, mailing addresses, email addresses, and phone numbers of unknown and unknown individuals.

DMP usually only works with anonymous or unidentifiable customer data. The main data sources for DMP are data from second and third parties. The primary use of DMP is to segment and categorize your customers for advertising purposes anonymously.

At the same time, a common data platform helps you create repeat customer profiles that can be shared with marketing, sales and service teams to inform and drive customer retention for improvement.

DMP can’t just work with first-party data, so second-party data can be used to complement and scale your first-party data. Third-party data is used to supplement first and second-party data to add depth and accuracy to customer profiles.

Difference between common data platforms and marketing automation solutions

Common data platform pulls data from all sources – including online, offline, operations, and IoT – to create and use insights for your customers.

You may be able to drive single-channel engagement like targeted email with marketing automation, but achieving true one-to-one personalization requires the deep insights that a common data platform provides.

Marketing automation systems help marketers organize customer journeys to nurture leads, attract more customers, and increase customer retention.

They rely on data and insights to drive campaigns and often work closely with other MarTech and AdTech systems. However, marketing automation systems are not designed to frequently use data from multiple sources to create and serve omni channel campaigns.

A common data platform is a smart data source that, when shared as a robust 360-degree customer profile, can provide a consistent experience across the omnichannel customer journey.

Marketers with unified customer profiles can optimize their automated campaigns by successfully targeting the right customers at the right time with the right message.

Common data platform vs DMP vs CRM

There may be some confusion about the differences and benefits of a Customer Data Platform videos (common data platform) versus a Data Management Platform (DMP) versus a Customer Relationship Management (CRM) platform.

While they manage all customer data in several ways, they are all designed for different purposes and have some significant differences.

The Customer Data Platform (common data platform) is a centralized customer database that uniformly profiles the data it collects across several data silos.

The common data platform then sends the aggregated data-driven to other solutions in the technology stack to impact the user experience. Common data platforms usually focus on first-party data.

A data management platform (DMP) is software used by marketers to improve advertising, retargeting, and media buying for programmatic advertising.

The data that DMP uses are typically anonymous, comes from cookies, devices and IP addresses, and is only stored for a limited time. DMP will share its data with a common data platform to enhance the customer profile developed by the common data platform.

A customer relationship management (CRM) platform tracks and manages interactions with customers and prospects. You will mainly support the sales team for content management and sales management.

Marketing data can be entered into a CRM system via connectors but is more often entered manually when a sales representative enters the data.

Common data platform has a wider range of applications and sits on top of DMP and CRM solutions in your technology stack.

Customer data platforms can receive second and third-party data from DMP and CRM to make the unified profiles they create more complete. But DMPs can also benefit from common data platforms, as they can ingest data to improve ad targeting.

Conclusion:

A customer data platform may be the right choice for your business data if you want to improve the overall customer experience with data-driven insights and make your marketing efforts more agile and efficient.

Common data platforms can collect customer data from across your channels and different silos to create a single customer view of a customer that can serve as a single truth profile that can share across the organization.

This unified view lets your marketers analyze customers more easily and identify critical segments to deliver more relevant, contextual, personalized, and consistent messages.