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“A CDP is a marketer-managed system that creates a persistent, unified customer database that is accessible to other systems,” according to David Raab, founder of the Customer Data Platform (CDP) Institute. A CDP is created by pulling customer information from many different sources, cleaning the data, and then combining the data into a single aggregate customer profile.
Tony Byrne, founder and CEO of the Real Story Group, said that “it took a while for a core set of capabilities to coalesce and kind of come of age. But when it did, it happened pretty quickly. That’s what’s so impressive. There’s an enormous amount of customer interest and also investor interest.”
Three reasons why CDPs are important include:
- Ensures accuracy and completeness of customer data
- Provides real-time refreshed customer data
- Provides consistent presentation and formatting of data