“Marketers need to adopt an open-garden approach that enables them to integrate data across silos and orchestrate engagement from that unified customer view.”
Between CDPs (consumer data platforms) and DMPs (data management platforms), it would seem there are enough acronyms in the world of data management, but here’s a new one: MDM, or master data management. With new platforms emerging to gather and make sense of customer data, there is now a need for a single point where these platforms can come together. Dale Renner, CEO of data management company RedPoint Global has several points about why an MDM may be the tool brands need now.
Why are CDPs considered a vital part of brands’ marketing stacks?
Dale Renner: The customer journey has shifted from linear, brand-directed pathways to dynamic engagements that are now real-time, multistage, omnichannel and increasingly driven by the consumer. Most marketers lack the capabilities to consistently engage customers through this new journey, with internal data silos being a major impediment. [CDPs] eliminate this barrier by providing a customer "golden record" that is always-on, always-updating and continually available across the enterprise.
What are some of the challenges associated with integrating online and offline customer engagements?
Renner: Integrating online and offline customer data is a substantial challenge because most marketing technology stacks were built piecemeal over time. For many companies, their marketing stack started with point solutions that excelled at one thing, like email, and then slowly added select functionalites or channels over time. This has led to a distributed set of data, business processes and decisions that are ill-coordinated and contribute to unsatisfactory customer outcomes.
What can brands do to overcome this challenge?
Renner: Customers have come to expect a seamless, frictionless experience as they engage with brands throughout their journey and across all touchpoints. To effectively meet this need, marketers need to adopt an open-garden approach that enables them to integrate data across silos and orchestrate engagement from that unified customer view without the extensive re-platforming that’s often required with a traditional marketing cloud.
How are data management platforms maturing and evolving to enable marketers to achieve this level of integration?
Renner: This is where MDM comes in. While the term master data management has been around for a while, many solutions are onerous to implement, time consuming or complicated to use, and still result in too many data errors. The key to a good master data platform is putting the control over data in the hands of the business. MDMs should automate all data quality tasks to free up data stewards for more strategic tasks, and make data immediately available to business applications and users.
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Jay & Julia Taylor own and operate Caney Creek Studio. Caney Creek Studio is a video production, digital marketing, and social media management agency.