Philosophically, this is the era of digital abundance. End-user companies not only have the choicest picks of digital tools, but they also have the luxury to build a Tech Stack that intelligently automates their digital marketing efforts end-to-end, with a dash of AI/ML thrown in for good measure. But with each quantum leap in Martech capability, CMOs and their teams have to make increasingly nuanced choices when they decide the optimal investment for their marketing dollars.
Consider the specific use case of data management. Not so long ago, in the digital past, the options presented were a Data Mart, a DMP and/or a DSP. Enterprise-level reservoirs like Data Warehouses or MDM solutions simply did not lend themselves to ready leverage for marketer-led KPIs. We have only had CDPs as a technology to reckon with at enterprise scale for a little over five years now. Given the multi-pronged strategy that a Digital marketer ought to use in today’s chaotic marketplace, is there sense in looking at a harmonized utilization of a CDP and a DMP to drive Digital ROI? Can a Digital Duet serve it’s orchestral role and create an equal music for Service Provider and End-user alike?
A DMP, at one time, seemed to be a panacea for the digital marketer. Here was a tool that made third party data and anonymized first-party data into a veritable gold mine. Look-alike targeting gained currency and DMP vendors hyped their wares as THE silver bullet to digital marketers globally. But as much else in the industry, there were lacunae- PII data, for instance, wasn’t mined for it’s true worth. Privacy concerns combined with mindless third-party-cookie- inspired-advertising threatened to forever destroy customer experience as a valuable metric of true sophistication in digital business.
Enter the CDP. A tool that gives the marketer the keys to the holy grail of a Customer 360 view. A full-stack CDP, like FirstHive for instance, provides a full-fledged Customer Experience platform. From ingesting and stitching data (including unstructured and PII data) to creating customer identities (via Non-deterministic algorithms) to activating and orchestrating Martech and Adtech channels, a full-stack CDP drives home the value of fully exploiting existing data from data silos at enterprises.
The power of the CDP in today’s tech stack cannot be overstated. Savvy marketers recognize that the CDP in effect functions as the ‘Heart of the Digital Marketing Stack’. Historically, enterprises have suffered from having disparate data sources (data silos) providing incomplete customer intelligence to different stakeholders. A CDP’s primary role is to ingest data from these disparate sources, stitch them to create a ‘Customer 360 view’ through intelligent Identity Resolution and enable analytics, reporting and downstream digital activation at scale via native channels that a Full-Stack CDP can provide (such as browser push, app push and in-app notifications). Additionally, being able to ingest data from the digital pulse of customers today, i.e. social media, and to intelligently use customer behavior to target them on the right channel at the right time is a CDP value-add that directly (and positively) impacts brand equity.
A CDP used in conjunction with a DMP, therefore, gives free rein to the modern marketer who can utilize these complementary solutions to provide a strong, meaningful customer experience, while simultaneously increasing the scope and quality of audience outreach. Used wisely thus, Digital Marketers can play the digital duet and create an equal music.
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