The Top 4 Integrated Customer Data Platforms
Integrated customer data platforms are becoming more and more important in organisations as marketing and sales teams find it a struggle to take advantage of growing amounts of data from separate sources. Although they are not yet extremely common, product options are diversifying. The CDP Institute reported a 65% growth in the industry in 2018 and there were revenues of more than $1 billion last year.
Implementing customer data platform software marks substantial changes and tells how software is bolstering broad goals of CX across organisations. Up until recently, CRM’s were the ideal way through which companies could build and maintain strong relationships with both suppliers and customers. They provide essential data for purchasing predictions, augmented support and campaign planning however, CRM platforms are restricted to actual customer contacts which limits its capabilities.
CRM is taken to the next level now though, with the advent of Integrated Customer Data Platforms software. These platforms also draw data from various other sources, allowing organisations to identify a customer’s purchasing patterns and peripheral interests, going so far as to be able to track even those who are anonymous. CPDs can bring together various offline and online sources and integrate the data into a unified profile that can be used across the whole business.
Just like with other customer-focused software, CDP doesn’t need to be a standalone entity. It is already making an appearance as a set of add-on features on CRM systems. Due to the growing demand for pure-play CDP, the big CRM platform providers are rolling out increased functionality to compete better with stand-alone CDP providers.
Microsoft has recently released its Dynamics 365 Customer Insights CDP, but although late it hopes that its strong features and deep integration with the existing Dynamics platform with bring market share quickly. Not only does it offer data unification utility, which encompasses cross-channel multisourcing and persistent storage, it also offers self-service, extensive data ownership, data-driven analytics, identity resolution and governance features. On top of all that, it also includes leader boards and goal tracking for sales professionals.
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