We all know that modern marketing is based on data. If you have spent some time learning about marketing then you probably heard about CDP (Customer Data Platform). Let’s learn about the fundamentals of this system.
CDP is gaining momentum faster than any other marketing system or technology. However, many marketers aren’t familiar with this technology. CDP is a system that provides comprehensive and combined data of your customers.
Smart marketing campaigns simply can’t perform well without having combined data of the customers.
Distinct characteristics of CDP explain that why major brands focusing on it, instead of relying on any other data system such as CRM (Customer Relationship Management) or DMP (Data Management Platform).
What is a Customer Data Platform?
CDP concentrates on bringing all the data of customers, and stitch them together into an associated customer database that is accessible from the other systems. It organizes data across touchpoints, collects and structures real-time data into individual centralized customer profiles.
The customer’s data become the most important for business, and CDP exists because of the customer’s data.
Types of CDP (Customer Data Platform)
The collection of customer’s data is based on the use of the Internet and interaction with other companies offline and online, through blogs, websites, e-commerce portals, and others.
There are 4 main types of data that CDP collects:
This type of data allows businesses to identify each customer uniquely. Identity Data includes information such as:
- Name Information
- Demographic Information
- Location Information
- Contact Information
- Social Information
- Professional Information
- Account Information (such as company account information or userID)
Descriptive Data helps to get a fuller picture of your customer. Descriptive data vary based on the type of company.
For example, a baby product company would collect information like how many children you have. Whereas a car company would collect data about your lifestyle.
Descriptive data includes information such as:
- Lifestyle information
- Career information
- Family Information
- Hobby Information
Quantitative Data allows organizations to understand how each customer is engaged with their business through certain actions, reactions, or transactions.
Behavioral or Quantitative Data includes:
- Transaction information
- Email communication information
- Online activity information
- Customer service information
Quantitative Data collects any opinions, attitudes, motivations expressed by a customer. This type of data includes:
- Opinion Info
- Motivation info
- Attitude Info
Iron Funnel integrated CDP
Within Iron Funnel lives a CDP that is responsible for identifying and monitoring all your customers to help you automate your sales funnels and marketing actions.