What are data management platforms?
CDP stands for Customer Data Platform and a DMP is a Data Management Platform. These platforms can offer a comprehensive view of customers by integrating data from multiple sources.
You can use both DMPs and CDPs to do anything from collecting and organising data to to building audience specific campaigns. But what makes them different is how they collect and process data.
You might already be working with a DMP. Do you stay with it, or will moving to a Customer Data Platform work better for you?
What is a Data Management Platform?
Data Management Platforms (DMPs) are great at collecting data together from siloed sources. You can then use this to build audiences for specific campaigns and to target particular demographics: which is great for your strategic marketing campaigns. A DMP will give you a better idea as to who your customers are, what products they’re likely to buy and which channels they prefer to use.
The snag? DMPs usually work with anonymised data like cookies. Cookie data is collected when you click on a clothing website but don’t end up buying anything. Even though you haven’t directly engaged with the company, by browsing their site you’ve left a trail of data behind that can be picked up by a DMP. But what DMP’s won’t do is deliver Personal Identifiable Information (PII).
What is a Customer Data Platform?
Customer Data Platforms (CDPs) on the other hand can give you the identity of a specific person by relying primarily on deterministic identifiers (as opposed to probabilistic identifiers). CDPs are also able to store PII, which gives you an extra layer of detail on who your potential customers are and what their customer journeys look like.
When a CDP captures raw data, it does so with an incredible level of granular detail and with an unlimited capacity. Once it’s collected, the integrated data is then stored in one place – making it easy for marketers to have meaningful and valuable insights on their data. A single customer profile makes it far easier for you to personalise your marketing campaigns according to what potential customers will really engage with.
If you would like to see a technical comparison of a DMP and CDP, we’ve drawn up a detailed table here.
So, what’s your next step? If a CDP sounds like it would help you understand your customers better, Fospha can talk to you about how best to integrate it into your business. Fospha has been providing CDPs for clients like Direct Line Group, Allianz and the Financial Times for nearly 20 years. We know how to make it work for you.