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Customer Data Platform (CDP) is a marketer-based management system that creates a persistent, unified customer database that is accessible to other systems. Data is pulled from multiple sources, cleaned, and combined to create a single customer view. This structured data is then made available to other marketing systems. CDP provides Real-time segmentation for sophisticated personalized marketing.
CDP is currently a $300 million industry and projected to reach $1 billion by 2019.
Several commonalities for CDPs:
A Data Management Platform (DMP) collect anonymous web and digitally based data. CDPs collect data tied to an identifiable individual. Users of CDP can leverage the intelligence to provide more personalized content and delivery.
A data warehouse or data lake collects data, usually from the same source and with the same structure of information. While this information can be manually synthesized, neither type of system delivers the sophisticated identity resolution needed to build a single customer view. Also, Data warehouses are often updated at scheduled intervals whereas CDPs ingest and make available data in real time. In practice, most CDPs use the same technologies as data lakes; the difference is the CDP has built-in features to do additional processing to make the data usable, while a data lake may not.
A Customer Data Platform is fundamentally different in design and function when compared with marketing automation systems, though CDP provides some of the functionality of marketing systems and customer engagement platforms. CDP tools are designed from the ground up to talk to other systems. They also retain details from other systems that the engagement or automation tool does not. This is valuable for trend analysis, predictive analytics, and recommendations that can leverage large amounts of historical data.
This article needs additional or more specific categories. (January 2018)