Utilizing CDP to obtain first-party data
Sr. Content Writer
The elimination of cookies has thrown a wrench in the years of hard work done by marketers. They are looking at creating and implementing a new customer data platform or relaunching the existing CDP after adjusting key features of the platform. Leaders in the domains of communications, analytics, and business applications are competing to build the most efficient platform and help brands build a closer relationship with their customers. Most marketers need first-party data to reach their goals effectively.
However, before investing or purchasing or developing a first-part CDP from the ground up, leaders need to first focus on shifting to a first-party data tactic. There will always be advantages and disadvantages regardless of whether they choose to adjust the current CDP, build a new CDP or invest in a first-party focused CDP- it doesn’t really matter. The main emphasis is on making the first-party data management work profitably for the organization.
With CDPs the door on opportunities is blown wide open, brands are looking at potentially finding acceptable and creative methods to harvest data required to provide their customers with the relevant experience. Organizations may even partner to share data, build digital twin-esque profiles that help construct customer silhouettes based on existing profiles. AI and machine learning will be heavily used in figuring out the most likely factors of potential customers, to be completely sure.
CMOs say that with an increased focus on privacy, organizations will be proactive about their Data and CDP investments. Brands are seeing a higher focus on completing the blanks that third-party data fill out via ML, AI, and other technology. It will be interesting to use a tech that allows brands to consistently deliver incredibly meaningful and rich content with reduced infringement of user data.
The type of CDP is rendered useless if a robust data strategy is not in place. Changing the way brands consider data collection and use is one of the critical points to consider when shifting to a first-party data strategy. Important pointers to be considered when selecting CDP vendors are:
1. Be creative while registering customers: Avoid bombarding them with pop-up questionnaires as soon as they visit the site, analyze the best timing to request information, and provide other methods to share it, for example, a free download.
2. Invest in the CDP with time and clear goals and not just money: As it is a holder of your data, it needs to be functioning part of the business strategy. Constant revision, focus, and fine-tuning are a must.
3. Reanalyze what can be inferred from the data: Bring in new loyalty programs, games, and content and analyze how it engages with the customers. New formats of interaction can alter the knowledge gleaned from the audience.
As a parting note, leaders must be aware that without a clear data strategy, succeeding in the current environment will be tough. Shifting their focus to first-party data collection and creating or buying a robust CDP that supports the focus will help ensure rich CX and a richer business.