What is a Customer Data Platform CDP?
A customer data platform (CDP) is a “data unifying software”. Adding it on top of your MarTech stack helps manage your customer experience across every touchpoint — marketing, customer service, and product. It absorbs an enterprise’s data from all sources — batch, streaming, structured or unstructured, transaction or demographic — and makes it available 24X7 to all the enterprise users. The CDP Institute defines a Customer data platform as a persistent, unified customer database that is accessible to other enterprise systems, putting marketing indirect control of the data unification project. A CDP is not a CRM, a DMP, a data warehouse, or a data lake; the latter is where data is merely stored. A CDP is much more than that. It’s a sophisticated data hub where all things related to data converge — from data sources to customer information.
To cut a long story short, a customer data platform enables brands to make intelligent decisions around the right audience, giving them the right content at the right time using the right channel for the purpose.