To determine if customer data platforms are affordable, will depend on who you are and who you are talking to. But if you are a typical large US enterprise then a reasonable cost for a CDP could be around $1m per annum.
Not many UK companies would be happy to pay that much, even if it did only amount to a few pence per customer.
We are concerned that there is a perception that CDPs are like private jets, the preserve of the very rich. In reality, CDPs come in many shapes and forms and to some extent this affects what they cost.
How much does a customer data platform cost?
We would like to feel that our cloud-based customer data platform is both functionally very rich, and at the same time extremely affordable. For instance, if you have 100,000 customers, would paying 27p per customer per annum be too much?
But more importantly than the cost, CDPs, if deployed well are a great investment. For instance, if your average margin on goods you sold was £20, then you would only have to sell one extra item for one in every 75 of your 100,000 customers to pay for your CDP.
Our clients have given us feedback on their returns from investing in our CDP, and they are seeing an increased contribution of between x4 and x8 the cost.
We offer a free business evaluation service where we help you identify the use cases for a CDP, and then quantify the results.
Would you like to arrange a chat with us about this? Just email us and we can arrange a Zoom meeting.
UniFida is the trading name of Marketing Planning Services Ltd, a London based technology and data science company set up in 2014. Our overall aim is to help organisations build more customer value at less marketing cost.
Our technology focus has been to develop UniFida. Our data science business comes both from existing users of UniFida, and from clients looking to us to solve their more complex data related marketing questions.
Marketing is changing at an explosive speed, and our ambition is to help our clients stay empowered and ahead in this challenging environment.