Customer Data Platforms (CDP) Statistics


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Customer Data Platforms (Cdp) Statistics 2023: Facts about Customer Data Platforms (Cdp) outlines the context of what’s happening in the tech world.

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Top Customer Data Platforms (Cdp) Statistics 2023

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Customer Data Platforms (CDP) “Latest” Statistics

  • According to 2030 Today, 56.8% of respondents felt that the CDP’s ROI has significantly improved by 5-10 times.[1]
  • 51% of respondents stated that AI would be critical or crucial to their marketing performance, according to AI Institute.[1]
  • 58% of those surveyed who had a CDP in place thought that it had significantly increased value.[1]
  • Although contact centers, supply chains, inventory management, and product teams now utilize more than 40% of the customer data that marketing and sales departments claim to use heavily.[1]
  • To visualize customer journeys and customize digital ads, 63% of marketers utilize a CDP.[1]
  • In order to standardize data collecting and create a unified data environment, 65% of company executives think these are their top priorities.[1]
  • A CDP will be essential to businesses’ attempts to improve customer experiences, according to 73% of them.[1]
  • 74% of C-suite executives think that having high-quality data offers them an edge over other companies.[1]
  • Data assembling is the most frequent job (66%), followed by analytics (42%) and predictive models (35%).[1]
  • According to the CDP Institute’s prediction, as of July 2022, CDP industry revenue would be 2 billion, up 25% from 2021.[1]
  • Greater efficiency is provided by centralizing customer data, which also promotes company development (64%).[1]
  • According to Unified Data Operations and the Customer Experience in 2022, 33% are dissatisfied with their capacity to engage clients using data.[1]
  • 96% of businesses have plans to use a “digital first” business strategy, according to IDG 2021 Digital Business Study.[1]
  • 56% of CMOs’ total marketing spending will be spent on digital platforms, with social media being the most expensive.[1]
  • 10% of these businesses deployed a CDP in 2017, but according to a 2021 CDP Institute user survey, 24% did so.[1]
  • People support the use of AI by businesses to customize suggestions by 81%.[1]
  • Less than 50% of marketers have combined data from offline sources, third-party social media sites, and product use.[1]
  • According to 26% of CMOs, the largest competence gap is in marketing data and analytics, followed by 23% in customer understanding and experience management and 22% in marketing technology.[1]
  • By 2027, the size of the Global Customer Data Platform market is projected to reach 20.5 billion, growing at a market development rate of 34% CAGR.[1]
  • 65% of workers and 83% of financing come from the top 25% of CDP suppliers listed by employment.[1]
  • While 85% of businesses make an effort to abide completely by privacy laws, the percentage of businesses that go above and above what is required by law has decreased from 28% in 2020 to 22% in 2021.[1]
  • Unstructured and unstructured data depend on the CDP, such as social media feeds, product images, and barcodes, and may make up as much as 80% of all data by 2025, according to IDG.[2]
  • By the end of 2021, 90% of B2C brands are expected to have an app. If you are used to the area, you could notice a noteworthy missing.[3]
  • More than 1.5 times as many respondents participated in this poll at the time, 29% of respondents said they had already installed a CDP in 2020.[3]
  • 47% of respondents in a poll of 4,684 consumer data decision makers stated they would increase by more than 25% during the next five years.[3]
  • To better comprehend the whole client experience, over 6% of segments’ customer base imported data from SendGrid.[3]
  • According to 33% of top marketers, knowing clients best requires having the correct technology for data collecting and analysis.[4]
  • Customers believe they are willing to spend extra if it means having a better customer experience 86% of the time.[4]
  • Businesses with a designated leader for Data Governance or Data Management have 42% more confidence in the quality of their data than those without.[4]
  • Companies who have a Data Governance program in place see an increase in data analysis time of 2% and a 31% increase in trust in the quality of the data.[4]
  • IBM data quality and completeness are cited by 54% of firms as their biggest marketing data management challenges.[4]
  • When it comes to how company executives use data, they spend 70% of their time finding information and just 30% of their time really studying it.[4]
  • As a consequence of reading data incorrectly, 57% of marketers are seeing diminished outcomes.[4]
  • Businesses that prioritize enhancing customer experience see an 80% boost in revenue.[4]
  • Fantastic office after having a wonderful personalized personal encounter with a company, 49% of buyers admit to making impulsive purchases.[4]
  • Every two years, customers produce twice as much data, yet only 99% of that data is ever utilized, analyzed, or altered.[4]
  • With Acquia CDP in Action, Moosejaw saw an increase of 125% in conversion rates.[5]
  • According to projections, the size of the worldwide market for Customer Data platforms would increase at a CAGR of 15% between 2022 and 2028, from 1,905.7 million in 2021 to 5,110.6 million.[6]
  • According to Deloitte, a third of mid-market businesses invest at least 5% of their overall sales on technology.[7]
  • Marketers that have mastered personalisation improve sales by 5% to 15% and marketing spend efficiency by 10% to 30% .[8]
  • Revenue for the CDP market is expected to reach two billion dollars in 2022, up 25% from the reported value of 1.6 billion in the previous year.[9]

Also Read

How Useful is Customer Data Platforms Cdp

At the core, a CDP is a system that collects and organizes customer data from various sources, such as websites, social media, mobile apps, and more, to create a unified customer profile. This unified view of the customer allows companies to craft more personalized and relevant marketing initiatives, ultimately leading to increased customer satisfaction and loyalty.

One of the key benefits of using a CDP is the ability to centralize customer data in one place. This centralized approach enables businesses to gain a comprehensive understanding of their customers’ behaviors, preferences, and interactions across different touchpoints. By having all this information in one location, companies can more effectively segment their audience, target their marketing efforts, and deliver tailored experiences to each customer.

Moreover, CDPs can help improve the overall efficiency of marketing campaigns. With the ability to track and measure customer interactions in real-time, businesses can quickly identify patterns and trends that can inform their marketing strategies. This data-driven approach allows companies to optimize their campaigns, allocate resources more effectively, and ultimately improve their return on investment.

Another advantage of CDPs is their ability to facilitate cross-channel marketing. By connecting data from various channels, businesses can deliver consistent messaging and experiences to customers regardless of where they interact with the brand. This seamless omnichannel approach helps build brand loyalty and establishes a strong connection with customers.

Moreover, CDPs can aid in improving customer engagement and retention. By understanding customers on a deeper level, businesses can create more meaningful interactions that resonate with their audience. This personalized approach not only enhances the overall customer experience but also strengthens relationships with customers, ultimately leading to increased loyalty and repeat business.

While the benefits of CDPs are evident, it is essential to recognize the challenges that come with implementing and utilizing these platforms effectively. One major hurdle is the sheer volume and complexity of data that companies must manage. With data pouring in from multiple sources, businesses must ensure data quality, accuracy, and security to derive meaningful insights and drive successful marketing strategies.

Additionally, businesses must invest in the right technology and expertise to extract value from their CDP. Without proper integration with existing systems, skilled workforce, and comprehensive data governance, the true potential of a CDP may not be fully realized.

In conclusion, Customer Data Platforms have the potential to revolutionize how businesses interact with their customers, drive marketing initiatives, and improve overall performance. By leveraging CDPs effectively, companies can gain a competitive edge, enhance customer experiences, and build long-lasting relationships with their audience. However, it is crucial for businesses to address the challenges associated with data management, integration, and expertise to maximize the benefits of CDPs and stay ahead in today’s highly competitive market.

Reference

  1. cdp – https://cdp.com/articles/basics/cdp-industry-statistics/
  2. martech – https://martech.org/martech-landscape-customer-data-platform/
  3. segment – https://segment.com/blog/cdp-report-2021/
  4. v12data – https://v12data.com/blog/customer-data-platforms-the-stats-you-cant-ignore/
  5. acquia – https://www.acquia.com/products/marketing-cloud/acquia-cdp
  6. globenewswire – https://www.globenewswire.com/news-release/2022/04/05/2416331/0/en/Customer-Data-Platforms-CDP-Market-2022-2028-Key-Business-Opportunities-Production-Revenue-Sales-Share-Trends-Business-Strategies-Top-Players-Key-Countries-Types-and-Applications.html
  7. insiderintelligence – https://www.insiderintelligence.com/topics/category/customer%20data%20platform
  8. oracle – https://www.oracle.com/cx/customer-data-platform/what-is-cdp/
  9. statista – https://www.statista.com/statistics/1293577/customer-data-platform-industry-revenue/

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