Last Updated on November 2, 2022

A Tool to Forge Tight Bonds with Customers 

Lower costs and improved quality were the cornerstones of corporate marketing and sales teams more than a few decades ago. No longer is it the case. The factors that encourage online browsers to make actual purchases are undergoing a sea change. Traditional metrics are being phased out in favor of gauging how well your product or service fits in with a customer’s underlying worldview. 

Companies, now more than ever, need intimate knowledge of what drives their clientele. To facilitate customer modeling and enhance the timing and targeting of messages and offers, businesses can benefit from a customer data platform, which centralizes all customer data collected by the business across all marketing and other channels. CDPs are the most recent solution that holds the promise of releasing such ability. This piece will allow you to gauge the capabilities of CDP to enhance your current business operations. 

What is Customer Data Platforms(CDP)?

In a society that always seems to be adding new acronyms, there is no need to worry if you find yourself a little befuddled by one of the most recent ones. The following is an excellent explanation of what a customer data platform (CDP) is: “CDP stands for “customer data platform.” Simply put, a customer data platform (CDP) is a prebuilt software system that collects, assembles, organizes, and centralizes customer data to build comprehensive customer profiles. Marketers who seek to develop hyper-personalized consumer experiences have long wanted comprehensive customer profiles covering the entire customer journey.

How a Customer Data Platform Can Transform Your Business?

Each solution within a single channel needs data and rules of engagement, like consent and preferences. As soon as another business process is added to the customer’s journey, the CDP can combine data from that source with many other sources. This means that information about a customer from different channels can help e-commerce.

For example:- looking at a customer’s in-store shopping habits can help make an eCommerce experience more personalized and relevant, leading to a successful online sale.

Does Salesforce have CDP?

Following Salesforce’s core message, Salesforce CDP (previously known as CA360) is the company’s CDP. It integrates marketing, sales, commerce, and service data into a single platform. Salesforce CDP was formerly known as CA360. The Salesforce “Cloud” products, such as the Marketing Cloud, are the primary data sources for the Salesforce Customer Data Platform (Salesforce CDP). Within the Salesforce Marketing Cloud, valuable data is saved in its data extensions, such as SalesWings lead scoring and lead website activity data. The Sales Cloud and the Service Cloud will have a substantial amount of critical first-party data. In addition, CA360 can connect to Amazon AWS and will very soon make public announcements on other data sources.

Salesforce And The CDP Market

customer data platform market cdp

The events of 2020 tested marketers’ ability to adapt to near-constant change. Years of digital transformation were compressed into a few months as the pandemic forced a rapid shift to digital channels. The global Customer Data Platform Market is expected to reach USD 15.3 billion by 2026 at a CAGR of 34.6%. In 2021, the market for customer data platforms was estimated to be worth USD 3.5 billion. Increased enterprise spending on marketing and advertising activities, a changing customer intelligence landscape, and the proliferation of customer channels are the major factors driving the global Customer Data Platform Market.

Report MetricsDetails
Market Size Available for Years2015–2026
Base Year Considered2020
Highest MarketNorth America
Growth Rate34.6%
Market DriversIncreasing spending on marketing and advertising activities by enterprises
Customer Data Platform Market OpportunitiesAutomated smart machines to drive customer experience
Forecast Period2021–2026
Segments CoveredComponent, Deployment Mode, Organization Size, Application, Vertical, and Region
Geographies CoveredNorth America, Europe, APAC, MEA, and Latin America
Companies CoveredOracle Corporation (US), SAP SE (Germany), Adobe Inc. (US), Salesforce.com, Inc. (US), Microsoft Corporation (US), SAS Institute (US), Teradata (US), Nice Systems ltd. (Israel), Dun & Bradstreet (US), Leadspace (US), Zylotech (US), BlueVenn (US), CaliberMind (US), Celebrus (UK), Tealium (US), AgilOne (US), BlueConic (US), Lytics Inc. (US), IgnitionOne, Inc. (US), and Amperity, Inc. (US), Optimove (US), Totango (US), Insider (Singapore), Segment (US), Listrak (US), Simon Data (US), Ometria (UK), Treasure Data (US), Salesmango (US), ActionIQ (US)
Customer Data Platform Market: marketsandmarkets

What Can You Do With Customer Data Platform?

Unifying a user’s customer data from marketing and other channels is the primary function of a software application known as a customer data platform (often abbreviated as CDP). This platform is designed to assist marketing and customer experience use cases. CDPs allow for the individual-level study of consumer behavior over time and optimize the timing and targeting of messages, offers, and customer engagement activities. CDPs can also target specific customer segments.

Digital Sources Include:

  • Data pertaining to a user’s behavior, which may consist of actions carried out on a website, within an application, or through other channels, such as live chat or a digital assistant, as well as the number of interactions, the length of those interactions, and the frequency with which they take place.
  • data from e-commerce or point-of-sale systems relating to transactions, such as purchases and refunds made by customers
  • Information on the customer’s demographic characteristics, such as their name, birth date, month, and address

What Are the Types of CDPs?

type of cdps
Source: Salesforce

A) Insights CDP [insights]

Creates a “single perspective of the consumer” by integrating data from various sources, managing integration and data, and enabling analytical and activation capabilities.

c) Engagement CDP

Users are assisted with real-time customizing of, for example, websites and mobile apps. This feature also powers real-time next-best offers and active engagement.

What Are the Benefits of A Customer Data Platform? 

benefits of a Customer Data Platform

1. Smart Targeting, Quick Segmentation, and Real-Time Automation Save Time and Money.

a) Connect Salesforce and Outside Data.

Use has the choice to Ingest and unify data from various sources to reconcile consumer identities and build full profiles.

b) Segment Faster and Smarter.

Use unified data to build high-value audiences across email, mobile, advertising, and the web.

c) Use Real-Time Insights.

AI-powered customer insights and analytics let you make smarter decisions faster.

d) Open an Ecosystem’s Power.

Extend your data with trusted partners to better understand customers, personalize at scale, and automate.

2. Use a Single Source of Truth to Learn About Each Customer.

a) Leave No Data Behind.

With scalable data ingestion services and the power of MuleSoft’s APIs and partner connectors, you can collect and combine data from anywhere.

b) Match Data to A Person.

Using flexible matching rules and AI to improve customer profiles on any device, you can figure out who a customer is.

c) Deliver True 1-To-1 Personalization.

Use your data across all engagement platforms to send and receive personalized messages and experiences one-to-one.

d) Build Trust with Customers.

Monitoring how consent and preferences are managed when building segments and activating data.

e) Make Your Data Smarter.

You can improve audience segments with Calculated Insights by adding modeled data like propensity and LTV metrics.

f) Make Better Decisions Faster.

Share with analytics tools like Marketing Cloud Intelligence and Tableau to ensure that your spending and segmentation are always at their best.

3. Experience a Customized Customer Data Platform 

a) When Your Data Is All Together, Treat It Better.

Create a single source of truth for patient or healthcare provider data while adhering to HIPAA requirements to inform cohesive experiences across all touchpoints. Marketers can unify data, segment consumers, and power campaigns for commercial launches, virtual selling, education, patient support, and more using a single, user-friendly interface.

b) Gain an Understanding of Your Customers from A Single Source of Truth.

Increase your customer knowledge by combining commerce, loyalty, and consumer data into a single view to identify key audiences. Increase purchase frequency through 1-to-1 personalized communications, recommendations, and promotions delivered through customers’ preferred channels.

c) Develop Stronger Bonds with Your Clients and Customers.

A customer data platform assists you in increasing market share by connecting data to ensure that the right prospects are targeted at the right time and through the right channel. Marketers can tailor digital offers that improve customer acquisition rates at a lower cost using a contextual view of customer data. Campaigns based on micro-targeted segments outperform in terms of lead generation and conversion rates.

You Have A Vision

We Have The Means To Get You There

What Are the Key Features of A Salesforce CDP? 

The top features included on salesforce CDP are:

1. Enhanced Segmentation

This is one of the essential parts of Salesforce CDP because it lets users divide their customer base into groups. In other words, segmentation is an excellent way to divide customers into different groups.

2. Real-Time Data 

Salesforce CDP wins over many customers by making real-time post schedules and community insights easy to see. It does this by using dashboards and data visualizations.

3. Calculated Insights 

Customers of CDP can get things like e-commerce insights from features like Commerce Cloud, Interaction Studio, and Loyalty Management.

4. Multichannel Campaign Management 

Once your customer data is unified and you have a complete profile of each customer, you can use your CDP to optimize marketing campaigns across all online and offline channels.

5. Customer Database 

Unifying data about customers is probably the most common way to use a CDP. The first step in making a data-driven customer experience is to build a 360° view of your customer, and this can be hard if your data is spread across different systems and teams. It gathers first-party customer data from different sources and combines it into a single, coherent, complete view of each customer. It then gives that information to marketers so they can make marketing campaigns that are more targeted and personal.

How to Build a Customer Data Platform with Salesforce?

Before settling on a Customer Data Platform, investigate this suggested checklist.

Step 1: Confirm Your Team to Get Ready for The Customer Data Platform

In the initial stages of the plan, the team should hold a strong command over the following aspects: 

  • Guidelines and limitations impacting billing 
  • Review organization structure and brand management in CDP 
  • Formulate a data strategy after reviewing data model concepts 
  • Evaluate existing data sources and data 
  • Find an admin for setting up a CDP 
  • List users and needed permissions 
  • Choose segmentation goals 

Step 2: Plan Your CDP Data Strategy

In the initial phases of the plan, a firm must apprehend CDP data concepts and their alignment with existing organizational data. 

Step 3: Set up And Maintain

After provisioning the Customer Data Platform, the business has the choice to segment, unify, activate and capture customer data. In some cases, the user can inherit several permission sets to carry out responsibilities. 

Step 4: Connect and Ingest Data

a) Connet Data  

Customer Data Platform has connectors for Marketing Cloud Email Studio, MobileConnect, MobilePush, Marketing Cloud Data Extensions, Salesforce CRM, Ingestion API, Interaction Studio, and for data outside of Salesforce through cloud storage providers. 

b) Ingest Data 

Customer Data Platform sees data management as having two separate steps: bringing in data and making sense of it. In the first step of managing data on a Customer Data Platform, you take data from different sources and put them together. During data ingestion, the source data is brought in as is, which means that the fields and their data types are not changed.

Step 5: Prepare and Model Data

The source schemas are harmonized during data modeling into an opinionated and extendable data model.

Step 6: Unify Source Profiles

Utilize identity resolution to combine data from several sources into a unified perspective of your consumer, known as a Unified Profile. Using matching and reconciliation procedures, identity resolution links data about individuals to Unified Profiles. Each Unified Profile has unique contact point values from all sources. 

Step 7: Enhance Data With Insights

a) Calculated Insights 

Calculated Insights enables you to build and calculate multidimensional metrics on your complete Salesforce Customer Data Platform-stored digital state.   

b) Streaming Insights 

To utilize real-time insights, metrics must be derived from streaming data originating from real-time data sources. Boost the value of insights by facilitating cross-functional coordination.

Streaming insights enable the intake of real-time data and actions. 

Step 8: Build and Share Functionality

CDP can be utilized by installing and generating data kits and packages. 

Step 9: Create and Activate Segments

a) Activation Targets 

After creating a segment in CDP, a segment can be published to an activation target. 

b) Segmentation 

Utilize segmentation to divide your client data into relevant parts to comprehend better, target, and analyze your customers.

c) Initiation

Customer Data Platform lets you see, modify, copy, and delete segment activations. Navigate to activation to examine its information and publication history.

Step 10: Act on Data

Create real-time data actions in the Customer Data Platform depending on business events. 

Step 11: Analyze Data

To analyze the data, users can use various tools and products such as: 

  • Load Data from Customer Data Platform into Marketing Cloud Intelligence
  • Using the JDBC Driver in the Customer Data Platform
  • Customer Data Platform Data in Tableau
  • Use insights from CRM analytics  

What Is the Cost of Salesforce CDP? 

There are three distinct Salesforce CDP pricing tiers:

  • The monthly fee for Corporate: is $12 500.
  • Large Businesses: $60,000 monthly
  • The cost of Enterprise Plus is $65,000 a month per company.

These packages support unified profiles, super messages, segment posting, and engagement events. Salesforce CDP requires an annual contract at any plan level.

Make Your Next Big Move With A CDP Before Your Competitors Do 

Salesforce Development services include several valuable capabilities and gives you access to the data you need to make intelligent business decisions if you’re interested in going the additional mile to better your company. If you properly incorporate Salesforce technology into your processes, your business will have a greater chance of standing out in a crowded marketplace. Emizentech offers services of the highest caliber. We recognize how difficult it may be to integrate new technology, so we’re here to help you by making the process as simple as possible and tailoring it to your needs. Contact us today for more information! 

Frequently Asked Questions On Salesforce CDP

1. What are the Supported Salesforce Editions and API Limits

Your organization must use Enterprise Edition, Corporate Edition, or Developer Edition to use CDP APIs. If you already use Salesforce and want to upgrade, you should talk to your account representative.
1. Rate limits for the API are enforced by:
2. Requests every day
3. Concurrent requests
The limits depend on which Salesforce Edition you are using.

2. What’s the Difference Between a DMP and a CDP?

CDPs primarily use the company’s first-party and some second-party data, and DMPs mainly use anonymized data obtained from third-party data platforms. Given the regulatory environment, DMPs will become less critical as third-party data becomes less acceptable for companies due to privacy concerns. As a result, CDPs will process nearly any type of personally identifiable information (PII), whereas DMPs will collect and focus on anonymized data. 

3. How to hire salesforce marketing cloud developers at Emizentech?  

We are prepared to offer you a solution right now. We make it possible for you to Hire Salesforce Marketing Cloud Developers who have a track record that is both proven and relevant. These developers will assist you in maintaining a constant connection with your customers across various channels, including the web, apps, mail, and even text. Our staff is comprised of the best remote Salesforce developers available. Our Salesforce marketing cloud developers will empower you with the precise technical caliber you need to provide a seamless multichannel experience for your customers by intelligently integrating social media marketing, digital campaigns, and automated marketing into your marketing strategy.
Specific Features of Cdp We Can Provide to You: 
1. Usability 
2. One Customer View 
3. Unifies Customer Data 
4. 3rd Party Data Access 
5. Custom Analysis 
6. Data Democratization 

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Author

With a decade of experience in eCommerce technologies and CRM solutions, Virendra has been assisting businesses across the globe to harness the capabilities of information technology by developing, maintaining, and improving clients’ IT infrastructure and applications. A leader in his own rights his teammates see him as an avid researcher and a tech evangelist. To know how the team Virendra can assist your business to adopt modern technologies to simplify business processes and enhance productivity. Let’s Talk.