MarTech Mumbai: 'Customer Data Platform is not a new platform but just a new breed'
Sandeep Prakash Head, India Business, Quaero and Vishal Sukheja VP, Products, FirstHive, shared insights on Customer Data Platforms and how it helps brands understand their customers
The e4m MarTech Mumbai 2019, saw industry experts take part in sessions to share insights on enhancing marketing through technology. The sessions focused on building traffic, expanding brand awareness, improving customer service and gaining insight into today’s latest digital tools.
Sandeep Prakash Head, India Business, Quaero and Vishal Sukheja VP, Products, FirstHive delved into "Demystifying Customer Data Platform – Buyer & Vendor Perspective" in their respective sessions.
"Customer Data Platform (CDP) is not a new platform but just a new breed," insisted Prakash while demystifying this new term.
As a concept, it has evolved from mature markets such as the US. According to Prakash, the term, "Customer Data Platform," was coined in 2013. “With CDP, platforms like JustDial, Naukari.com, Nykaa, Myntra came in existence and marketers started tracking each activity of customers”. Prakash said that brands that trust Quaero CDP include ZEE5 India, Disney India, PayPal IN and more.
He also talked about the three V’s of data that are Variety, Velocity and Volume. “With the help of these three Vs, Quaero helps its customers to grow,” he said.
This session was followed by Vishal Sukheja VP, Products, FirstHive. Beginning his presentation, Sukheja highlighted that FirstHive is a platform that helps brands take better control of their marketing. He described how marketing channels and tools have exploded in the last decade. "A while ago, marketing was considered as an art which demanded a lot of manpower. But today, there are more than seven thousands tools available that help you to take marketing to a whole new level," said Sukheja.
According to him, in spite of the humongous number of available tools, still it marketing has so many evident challenges. “Marketers believe that the more you know about an individual, the more you're able to connect. And that is where Customer Data Platform or CDP comes in the picture. CDP is just another tool to know what your customer wants, so it is a must for marketers to evaluate their requirements,” he said.
Sukheja also talked about the major types of CDPs including Data CDPs, analytics CDPs, Campaign design CDPs etc. He concluded his session by recommending management practices such as defining needs based on the goals, working with MarTech experts and addressing organisational issues etc.
