The Best RFP for CPG Manufacturers Choosing a Customer Data Platform (CDP)
Leaders in the consumer packaged goods (CPG) industry have spent months shifting strategies in response to the global pandemic. For some brands, that meant quickly launching direct-to-consumer (DTC) websites. Others have focused on unifying vast amounts of customer data siloed across brands and geographies to create a “golden record.” And some are building out capabilities to gather consumer insights via first-party data in anticipation of a cookieless world.
Regardless of your approach, a Customer Data Platform (CDP) is a critical component of the CPG technology stack. And like any major technology investment, choosing one should not be taken lightly. You don’t want to miss critical features that could impact your marketing ROI. And you want to make sure whichever CDP you choose can handle your specific use cases with ease while delivering support to your team.
Based on Treasure Data’s extensive experience with the request for proposal (RFP) process, we’ve designed a CDP RFP template to help you ask the right questions, at the right time—before you’ve committed scarce resources to any one CDP vendor.
Finding the Right CDP for Your Brands’ Unique Needs
The CDP RFP template addresses what many CxOs have learned the hard way: needs are different, and you have to find the right CDP fit with your organization.
“Probably the biggest myth is that CDP is a one-size-fits-all solution,” says David Raab, founder and head of the CDP Institute.
“Companies have different needs, and there are different CDP products that fit those needs. So it’s important to find the CDP that’s right for you, not look for some mythical CDP that’s best for everything,” Raab says.
CPG Interest in CDPs Is Growing, But So Is Confusion
In another recent conversation, David Raab of the CDP Institute noted the “sheer speed and scale of CDP’s growth is something of a surprise in itself.”
That growth has meant new players entering the market—often each defining CDPs in their own unique terms—and creating confusion about what a CDP actually is and does. For CPG manufacturers to evaluate and choose the best CDP, it’s important to have a method for understanding and measuring the requirements that are critical for your business.
Studies by McKinsey and others have shown that up to 75 percent of consumers have changed their shopping behaviors because of COVID-19. Within those consumers, 60 percent that had switched brands said they intend to continue. Clearly, the need to engage and recover trust with your consumers is critically important. A CDP can be the key for CPG brands focused on driving personalized consumer engagement and increased loyalty.
Answer the Most Critical CDP Questions with This RFP Template
This complimentary RFP template (now also including our CDP RFP Guide) includes more than 200 questions to help give you a comprehensive view of any CDP vendor, including:
- The vendor’s financial strength, history, and potential for growth
- Marketing and advertising technology expertise
- Detailed capabilities and limitations for data management, identity resolution, ML-based analytics, reporting, segmentation and activation
- Security profile and privacy program management for ongoing system and data protection
Taken together, these questions are a smart way to help all of the decision-makers and stakeholders in your organization understand the relative merits of the many different CDPs now offered, as well as the fit with their own departments and organization.