Some things are clearly DIY projects: setting up a home theater system, building a stone wall or designing your own webpage. Other tasks, though, require the professionalism, knowledge and tools of an expert: most car repairs, electrical work and consumer data analytics.
Your organization won't blow up the office or court physical harm if you rely on an internal customer data platform (CDP) for ecommerce initiatives, but it will be lucky to have anything even close to a complete view of your customers. That's because an internal CDP most likely will lack the capability to provide a complete view of the products customers need now and in the near future.
A DIY solution will more likely than not curb your efforts from the start; it can analyze and leverage only the data your company collects. A traditional CDP available from a vendor is also limited: some CDPs handle only database building, while the ones that focus on analytics probably aren't unifying all data sources. To recap: Build your own CDP and your analytics funnel is narrow. Rely on a conventional CDP and you'll end up buying more services, stacking technologies and expenses – and the funnel will still be narrow and the data will still be far from enriched.
An advanced CDP solution, on the other hand, accomplishes everything you want a CDP to accomplish but can't – and it won't cost a fortune. It's all one solution. There's no need to purchase additional technologies.
For instance, a CDP platform like Zylotech is driven by AI, allowing businesses to fully understand their customers in real-time. This is one of many features of an advanced CDP. Specific to Zylotech, we use a data layer to identify, unify, cleanse, and enrich your customers' personal, behavioral and transactional data. Zylotech's data engine pulls all customer information – whether it's spread across sources such as email, social posts and text messages, or if it's buried in silos – and then standardizes all that data, removing duplicate information and enhancing it.
The analytics layer then takes all the data and builds customer profiles that offer rich behavioral insights on customers, such as who's about to buy and who's about to drop out of your marketing funnel. The data shows what course of action you should take: up-sell, cross-sell or promote something else.
Stick to the backyard if you want to DIY. Don't entrust something as valuable as customer data analytics to yourself or a typical CDP that only gets half the job done.
Albert McKeon is a Zylotech contributing writer.
If you liked this post, check out our recent blog post on why ecommerce is a goldmine for customer data tracking.