Philosophically, this is the era of digital abundance. End-user companies not only have the choicest picks of digital tools, but they also have the luxury to build a Tech Stack that intelligently automates their digital marketing efforts end-to-end, with a dash of AI/ML thrown in for good measure. But with each quantum leap in Martech capability, CMOs and their teams have to make increasingly nuanced choices when they decide the optimal investment for their marketing dollars.
Consider the specific use case of data management. Not so long ago, in the digital past, the options presented were a Data Mart, a DMP and/or a DSP. Enterprise-level reservoirs like Data Warehouses or MDM solutions simply did not lend themselves to ready leverage for marketer-led KPIs. We have only had CDPs as a technology to reckon with at enterprise scale for a little over five years now. Given the multi-pronged strategy that a Digital marketer ought to use in today’s chaotic marketplace, is there sense in looking at a harmonized utilization of a CDP and a DMP to drive Digital ROI? Can a Digital Duet serve it’s orchestral role and create an equal music for Service Provider and End-user alike?
A DMP, at one time, seemed to be a panacea for the digital marketer. Here was a tool that made third party data and anonymized first-party data into a veritable gold mine. Look-alike targeting gained currency and DMP vendors hyped their wares as THE silver bullet to digital marketers globally. But as much else in the industry, there were lacunae- PII data, for instance, wasn’t mined for it’s true worth. Privacy concerns combined with mindless third-party-cookie- inspired-advertising threatened to forever destroy customer experience as a valuable metric of true sophistication in digital business.
Enter the CDP. A tool that gives the marketer the keys to the holy grail of a Customer 360 view. A full-stack CDP, like FirstHive for instance, provides a full-fledged Customer Experience platform. From ingesting and stitching data (including unstructured and PII data) to creating customer identities (via Non-deterministic algorithms) to activating and orchestrating Martech and Adtech channels, a full-stack CDP drives home the value of fully exploiting existing data from data silos at enterprises.
The power of the CDP in today’s tech stack cannot be overstated. Savvy marketers recognize that the CDP in effect functions as the ‘Heart of the Digital Marketing Stack’. Historically, enterprises have suffered from having disparate data sources (data silos) providing incomplete customer intelligence to different stakeholders. A CDP’s primary role is to ingest data from these disparate sources, stitch them to create a ‘Customer 360 view’ through intelligent Identity Resolution and enable analytics, reporting and downstream digital activation at scale via native channels that a Full-Stack CDP can provide (such as browser push, app push and in-app notifications). Additionally, being able to ingest data from the digital pulse of customers today, i.e. social media, and to intelligently use customer behavior to target them on the right channel at the right time is a CDP value-add that directly (and positively) impacts brand equity.
A CDP used in conjunction with a DMP, therefore, gives free rein to the modern marketer who can utilize these complementary solutions to provide a strong, meaningful customer experience, while simultaneously increasing the scope and quality of audience outreach. Used wisely thus, Digital Marketers can play the digital duet and create an equal music.
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FirstHive is a comprehensive Customer Data Platform that enables consumer marketers and brands to take control of their first-party data from all sources, both online and offline, and enables highly personalized campaigns that drive conversions.
We are world’s first CDP to use Machine Learning for building unified customer identities and layer it with actionable campaign targeting recommendations to deliver disproportionate jump in Marketing ROI. FirstHive is a privacy by design, GDPR compliant product & also delivers a cross channel campaign orchestration capability on the unified customer data set.
With FirstHive, enterprises have experienced upto 6X jump in their Marketing ROI metrices. FirstHive has customer deployments across Indo-Pacific and US regions today including in some of the leading BFSI, FMCG & Manufacturing enterprises.
Lastly, an important point to note is that FirstHive is a resilient product backed by Amazon Web Services (AWS) to strengthen its architecture. Besides Amazon Elastic Compute Cloud (Amazon EC2) that offers highly scalable infrastructure, FirstHive also uses Amazon Relational Database Service (Amazon RDS) that stores billions of row of data with an above industry uptime, AWS Transcribe service to convert voice data of customer interactions into searchable & analyzable digital content and Amazon Sagemaker platform to train machine learning models & generate the intelligent inferences. The Hyper-personalization functions run on Amazon Elastic Container Service (ECS) that is capable of elastically auto-scaling based on the varying business needs, while image recognition capability of Amazon Rekognition is leveraged in different types of sentiment analysis.