There is a lot of buzz around Customer Data Platforms (CDPs) for 2019. They are at the top of the Gartner Hype Cycle and also top of most marketer ‘wish lists’ for this year, but will they really deliver on the promises?
Gartner says, “A CDP (or Customer Data Platform) is a marketing system that unifies a company’s customer data from marketing and other channels”.
Does this sound familiar? For many years, marketers reached for the elusive holy grail of a Single Customer View. That is, they have tried to incorporate every scrap of information known or inferred about their customers and prospects with the goal of holding that data in a single repository.
The industry seems to be littered with large scale enterprise-wide SCV projects. These always seem ‘a year away’ from completion, or have been stalled or even abandoned. Blame for these failed projects always seems to fall on the previous CMO. Meanwhile, the new CMO is going to be successful by replacing these failed projects with a shiny new technology. This year, for the mid-market at least, that will often be the implementation of a new CDP! But is this the new “Emperor’s clothes” of the customer technology world?
The Value and Challenge of CDPs: Real-Time Omni-channel Data
There is value in the key capabilities that should be delivered by a CDP. These capabilities range from customer profiles linked across channels, up-to-the-minute data to support real-time decisioning, and orchestration of next best experiences for all customers and prospects. Companies that can get these systems implemented will undoubtedly reap the benefits of improving their customers’ experiences.
In order to be successful with a traditional CDP, companies will need to move or connect all existing siloed data. This will mean taking it from the myriad of technologies that are in place and hold them in the CDP. In order to get a full picture of consumer data throughout the business cycle, companies will need to incorporate Sales, Marketing and Customer service data together in one system. The CDP needs to make decisions on what actions need to be taken for each individual customer or prospect. Then it must advise the outbound or inbound channel what to do. All of this needs to happen in real-time to satisfy the demands of the modern “omni-channel consumer”.
The Winning Alternative – a “Virtual CDP”
Surely, something can be done that will save companies from moving data across systems and also creating yet another database?
What if the data stayed where it currently resides? Could it be used to make decisions across existing technologies and channels?
Think of this solution as a “Virtual CDP”. A tool with all of the power of a normal CDP but saving time, energy, and coordination by integrating this approach.
This is exactly the type of solution that Kitewheel can provide. We connect your existing technologies in real-time. This allows you to make decisions and take actions based on the latest state of your customers or prospects. As the data stays in its current location, companies are seeing benefits within weeks rather than months or even years as the time to CDP project completion shrinks dramatically.
To learn more about the power of this solution, request a demonstration today.