Customer data platforms (CDPs) are designed to provide customer data management capabilities across a range of enterprise applications and departments: CRM, marketing, customer service, and others. But the value of customer data depends on it being both timely and accurate, and many CDPs have difficulty delivering information that matches the speed of the customer and is comprehensive and accurate enough to drive first-class customer engagement.
The biggest requirement for a useful customer “golden record” is to quickly and accurately update and merge core identity data like address and phone number with behavioral, transactional, and social data like web search, purchase history, and Facebook conversations.
The Redpoint Customer Data Platform™ has included match, merge, and normalization capabilities for years, but today I’m excited to announce the extension of the platform with new master data management (MDM) capabilities. Redpoint MDM expands data stewardship to sales, marketing, and customer service so that the business people with the deepest customer insight can refine and update the core customer data for better engagement with customers, citizens, and clients. This improvement in customer data management will enable companies to significantly improve the customer journey and user experience.
Working on the identity side of the customer equation, Redpoint master data management provides the framework to match, merge, and manage changing customer details from different source systems while retaining an audit and change trail to meet privacy and compliance requirements.
The key highlights of Redpoint MDM include:
- Easy integration with existing applications. Redpoint MDM uses prebuilt APIs (REST-based web services) and data flows in Redpoint Data Management™ to make master data (customers, products, devices, and other business entities) available in existing apps (such as call center, product fulfillment, and onboarding solutions). Our clients can now handle master data across applications with greater speed, ease, consistency, and timeliness.
- Complete view of changes. Redpoint MDM includes a versioned master data store with tags for user changes and original lineage for auditability and accountability of customer data. Redpoint provides an audit trail and view of older data at the record level, so logs and change jobs are unnecessary.
- Workflow management. Redpoint MDM includes a browser-based UI and business processes for data stewards and business users to oversee changes to master data. Business-friendly master data processes mean IT doesn’t have to build separate applications for controlling and publishing master data.
Redpoint recently launched the Redpoint Customer Engagement Hub™ solution, which combines our market-leading CDP (providing rich, 360-degree customer profiles) with our real-time customer interaction platform to optimize customer engagement across all touchpoints. Redpoint master data management enhances the CDP and helps the Customer Engagement Hub drive real-time decisions and intelligently orchestrate engagement with their customers from a single point of control. With this single point of control, businesses can leverage their better understanding of customer behaviors and preferences to provide next best actions in the moment of need and close the gap between customer experience and expectations.
Frequently Asked Questions
The definition of a CDP has been changing rapidly over the past couple of years as other software providers have been pivoting to move into the CDP space. Customer data management has to be at the heart of any CDP – and that core functionality needs to include the ability to ingest real time and batch data, to cleanse and match that data and to resolve identities at multiple levels. Other functionality that might be part of a CDP includes audience selections; customer journeys; real time web personalization, etc.
How does a fully integrated customer data management solution differentiate or improve upon storing/archiving customer data in a data warehouse?
The key differentiator between a CDP and a data warehouse is the introduction of identity resolution to the process. This enables marketers to reconcile multiple records for the same individual from multiple data sources into one, central record, often referred to as a Golden Record or single customer view. This Golden Record provides ongoing contextual relevance as it is updated as soon as new data is made available through batch or streaming sources. This Golden Record becomes a strategically-critical asset for marketers looking to execute personalized, real-time campaigns, meet acquisition, CLV, or other key metrics, and make one source of customer truth available throughout the organization.
The idea underpinning connected data is a fundamentally simple one. It means that all data across the enterprise is connected into, and visible through, a central location with context and interrelationships determined as the first step toward building a “golden record” of an entity such as a customer, product, or service. A connected customer data strategy address particular challenges presented given the number of business functions that interact with customers, and given that the customers themselves often generate data through devices, digital channels, or other means.
- Optimization of targeting and media spend
- Orchestration of campaigns that span anonymous data
- More efficient digital advertising spend
- More effective acquisition through real-time customer engagement
- More scalable resources through closed loop digital marketing
- Orchestrate digital advertising campaigns
- Deliver personalized web content to first-time visitors
- Attribute and measure digital media spend
A golden record combines meaningful, reliable customer data from multiple sources into a single view that’s more accurate, more complete, and truer than the data from any single source.
The golden record serves as a complete record (as the best of the best, in simple terms) or as “the single source of truth.” In this case, the “truth” is a reliable reference collecting all relevant customer information across the organization that marketers can turn to when they want to be certain they have the most up-to-date data on a particular customer or prospect.
If I have 10-15 data sources, how can I attain the single customer view if I have batch process updates? How does a customer data management solution solve for this problem?
A CDP confronts this challenge by updating a customer’s Golden Record, or single cusotmer view, as new data becomes available. So, if you make batch data updates once a week, the Golden Record will be updated with this new data as soon as it processed. Once updated, the newly updated Golden Record can be used in marketing campaigns. For a more evergreen Golden Record, marketers should consider what streaming sources of customer data they have available to them and integrate them into their CDP.
A customer data platform is a marketing system that provides a single point of real-time control over customer data (batch and streaming), by unifying all types and sources, including first-, second-, and third-party data. The CDP serves up a unified customer view accessible across the enterprise to drive more contextually relevant interactions in cadence with the customer.
A purpose-built customer data platform is specifically designed for handling all customer data to provide the scalability, cadence, and flexibility needed to engage with connected customers. CDPs can quickly unify data and eliminate gaps and redundancies to help you overcome the growing complexity of engaging with customers in real time across multiple touchpoints in a fast-changing marketing environment.
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