Clip from CRM evolution 2018 on how marketers can leverage customer data platforms (CDPs).
Read the complete transcript of this clip:
Anand Thaker: If you’ve ever had the issue of some of your data is in one system, another set of customer data is in another system, and you have to pull that together, unless you know some SQL magic or you have to buy some third-party integration solution, you should be looking at a customer data platform, or CDP.
But the more important piece of CDP that I see is the idea that it’s your pot of gold. Every company, every organization’s data is going to be unique to itself. It’s going to be its own asset. And it’s not just having the data. Obviously, you’ve heard that. But there are a lot of intersections of data that are actually delivering a great deal of unique value to that.
For instance, there’s a company that we were working with that is in the FinTech space. And they have to be very, very careful about the data they use because of regulatory issues. A lot of the data they have, they know everything and they don’t know the people behind it. But they were using offline stored data to help, because they couldn’t just use the data themselves. But they were able to enable the retailers to use this extra piece of data to augment what they have.
Every store has a unique perspective on their customers within their locality. That’s not something everybody does. Could they have all that data in one place? Perhaps, but the idea would be that there’s an opportunity to mind this, nurture it, continue to build on it.
I literally spent 45 minutes talking to this guy about how incredible I think this idea is because now it decouples and depowers a lot of vendors in the space. The transition costs of having to go from one system to another, a lot of it, it has to do with the data.
What if you had a CDP or you had a solution that serves as your core platform, for being able to do customers experience as AI, market intelligence, and now you’ve decoupled that data from the system, and the system doesn’t hold as much value as it used to before. It’s something to think about.