A staggering 96% of companies have adopted or plan to adopt a “digital first” business strategy, with CDPs cited as a critical part of marketers’ technology portfolios. The surge in demand has been largely due to privacy changes and the pandemic accelerating online activity. Businesses depend on CDPs to connect real-time data across technologies and various customer touch points so they can understand buyer behavior and deliver trusted and relevant experiences.
Companies are seeing a measurable business impact from CDPs. The study shows that 70% of marketers reported a quick ROI on their CDP investments, with a positive ROI within six months, and 96% reported a full ROI within 12 months.
“CDPs are becoming a fixture due to the massive changes in online behavior and the increase in privacy regulations that we have seen over the past year. The types and sources of customer data are only growing and we are seeing the adoption of CDP evolve rapidly to ensure that data is collected, optimized and activated in a secure manner, ”said Tealium Marketing Director, Heidi bullock. “We were delighted to see that the research also affirms that CDPs consistently generate significant ROI within one year of implementation. ”
Tealium surveyed more than 1,000 marketing and business leaders in the financial services, healthcare, media, retail and technology industries in the United States, Europe, and Asia Pacific to better understand why global companies have implemented their CDP, customer data management priorities and next steps in the data age.
Many external factors disrupt business. CDPs are seen as a fundamental change agent for data-driven businesses, as evidenced by 91% of those surveyed who cited digital transformation as the primary driver behind their adoption of CDPs.
Budgets are rebounding. After suffering budget cuts in the first months of COVID-19, between 50% and 60% of marketers increased their spending in eight of the nine critical tech categories last year.
Technology spending continues to rise. 87% of marketers plan to increase their technology spend in 2022, and 40% anticipate significant increases, up from 32% last year.
The era of intelligence is dawning. Illustrating the value of extracting actionable insights from data, 97% of executives said artificial intelligence capabilities are important to meeting their marketing priorities.
CDPs generate a tangible return on investment. CDPs are increasingly defined, as are use cases, to see a real return on investment. More than half of marketers said ROI was achieved within six months, and four in five saw positive ROI within 12 months.
Customer confidence is king. While 93% of those surveyed said their solutions came from a single vendor, the main criteria for selecting a CDP were customer service (cited by 61%) and compliance (57%).
The combined impact of the pandemic, the depreciation of third-party cookies and increased regulation of privacy and data security has restarted the way businesses interact with their customers. The importance of collecting, analyzing and activating quality data has never been greater. As companies face a complete overhaul of their business plans, CDPs have emerged as the proven solution to carry companies’ customer experiences into the future.
The entire “Report on the state of the CDP in 2022” can be consulted here.
Tealium connects customer data across the web, mobile, offline, and IoT so businesses can better connect with their customers. Tealium’s turnkey integration ecosystem supports more than 1,300 integrated connections, enabling brands to build a comprehensive real-time customer data infrastructure. Tealium’s solutions include the most trusted customer data platform with machine learning, tag management, an API hub, and data management solutions that make customer data more valuable, actionable, privacy compliant and secure. Over 850 leading companies around the world trust Tealium to power their customer data strategies.
For more information visit www.tealium.com.