(CDP Vs DMP) and SFMC
In the world of Marketing Intelligence there is always a confusion between CDP and DMP, moreover most of Marketing companies hire a Architects to define a best fit for CDP or DMP for their business.
Although CDP and DMP both provide marketers with crucial insights about their audience, they collect different types of data and target to make a Optimal use of it.
Let is make a deep dive into the platforms and pick a best fit for our Business.
What is a Data Management Platform (DMP)?
A data management platform (DMP) is a tool that consolidates data from a variety of first, second, and third-party data sources, and further allows organizations to segment their audience to deliver an ultra-targeted display ad experience.
What Is a Customer Data Platform (CDP)?
The Customer Data Platform Institute defines a CDP as, “a marketer-managed system that creates a persistent, unified customer database that is accessible to other systems.”
The three key functions of a CDP are:
Collecting all customer data in one place.
Allowing external systems to use the data.
Making data management easy.
Now, What is the Difference between CDP and DMP in one statement?
CDP data is generated directly from customers through CRM, past transactions, company website, mobile app sign ups, etc.
DMP captures data from cookies, IP addresses, and device IDs. But DMP doesn't rely on style of data how CDP does.
So,Which one do you recommend for a Business?
If your business is Customer specific if its Small scale and Medium scale business CDP is sufficient.
For a large scale applications on combination with CDP and DMP will help.
CDP is Cheaper compared to DMP.
Can you explain me what is CDP and Suggest me a best CDP fit for SFMC?
If you take CDP for SFMC then it is a good choice to go for Tealium because it has a SOAP based inbuilt Marketing Cloud connector which will make the things simpler.
How Tealium helps us?
Tealium is a CDP which stores two kinds of data: 1. Event data in EventDB and Audience Data in AudienceDB.
EventDB will have a stream of data on how Audience behavied on our website.
AudienceDB will have the contact information of Customer which is helpful for in our scenario.
How do we connect to SFMC?
Please whitelist the IP address provided by tealium in SFMC.
Make one dedicated User(Tealium_User) in SFMC used to connect Tealium.
Enable API as 'Yes' in User settings in SFMC.
Make all the changes in SFMC as shown in below screen.
Since our target is to fetch Audience data from Tealium,
Log in into Tealium, Go to AudienceDB tab as shown below.
Find for Marketing cloud connector and establish the connection as shown below.
Once the connection is established, Add the action to 'Add Multiple records -Data Extension' as shown in below diagram.
Select the source as in Telium,
Select Business Unit from SFMC,
Select Target Data Extension,
Map all the fields of Tealium to the fields in SFMC.
So this will stream the data in scheduled batches into SFMC Data extension.
Now we know how to best use the data, We can go for Journey builder and can write a Cart Abandonment functionality for every customer or we can find any other best way to grab the customers.