Summer is over. It's time to go back to CDP school!
It can be easy to get caught up in the happenings with "open season on CDPs" e.g. TreasureData being bought by Arm & Datorama by Salesforce. Our lovely area of martech is in an all out growth stage right now, and most acquisitions should only equate to more benefits... though certainly some extra red tape. Have fun with that!
To kick off September, we lay out some groundwork that will hopefully make everyone feel at home. Upcoming content will focus on the many possible paths to implementing and making great use of a CDP. We'll isolate some of the variables that lead to these many possible paths, and talk about getting near-term value while focusing on long-term benefits.
For today, some background on what is going on with CDP buyers.
Who is buying customer data platforms?
It's almost 2019. The first "year of the CDP" was nearly two years ago. Every organization needs at least some combination of features that customer data platforms provide, though not all organizations will solve their problems with a CDP. Organizations that will are likely to be:
- Organizations improving upon or creating a data strategy where the CDP will act as a platform for data that are already warehoused/laked
- Organizations improving upon or creating a data strategy where the CDP will act as a platform for data that are in silos
- Organizations improving upon or creating a data strategy where a CDP is already in place but needs to be extended through advanced configuration, which may include <gasp> bringing in a second (or a different) CDP
- Innovation teams within organizations that understand the importance of taking advantage of the latest technology and bringing it into the data strategy over time as it is better understood by the wider organization
- Martech buying teams that have an immediate need for the technology to solve a specific problem, or that otherwise like to buy new marketing technology
The keyword of interest above is "data strategy." Without one (Hello, #5!), the customer data platform is not even a hammer, but the nail. The implementing team is the hammer. Look out!
How are decisions about CDP technology being made?
In the best situations for organizations with a data strategy, decisions about CDP technology are being made centrally. Plans for the technology are centralized to some degree for efficiency and mutual internal benefit... even if the plan is simply to check back later.
In other situations, customer data platforms are being purchased by an innovation team directly, with or without centralized understanding of what is happening. Continue reading