Report: 51% of Marketers are Now Using CDPs to Make the Most of their Data
In an effort to harness data and provide a more personalized, memorable experience to customers, new research shows that companies are turning to customer data platforms (CDP) or at least have plans to do so in the near future.
London Research recently published the “Customer Data Excellence” report in partnership with BlueVenn to gain a better understanding of how businesses are using CDPs to provide enhanced customer experiences. Statistics of the global survey showed that the majority of companies (51 percent) are already using a CDP, while 35 percent are not doing so, but plan to in the near future. Only 14 percent stated that they do not have a CDP with no plans to implement one.
Data from the report also showed that companies with a CDP are more than twice as likely as others to have significantly outperformed on their main marketing goal in 2018. About 24 percent of those with a CDP reported “significantly outperforming” their marketing goal in the prior 12 months, compared to just 10 percent of those without a CDP that could say the same.
Marketers Struggling to Wrangle Useful Data
CDPs are helping marketers reap the benefits of their data, but previous research suggests that many are still struggling to improve their access to useful information.
MIT SMR and SAS conducted the “2019 Data Analytics Report” and statistics indicated that in 2017, about 78 percent of marketers “somewhat” or “significantly” improved their access to useful data over the past 12 months. In 2018, however, this percentage dropped to 76 percent.
Approximately 44 percent of respondents reported “frequently” or “always” having the right data to inform business decisions in 2017. This percentage also fell in 2018 to 43 percent.