More than half of marketers say their organization has adopted a customer data platform (CDP) in the past 18 months, and according to a report from Tealium, most marketers consider customer experience to be the most important area for their CDP to address.
Indeed, some 2 in 5 (41% of) marketing and business leaders surveyed identified customer experience as one of the most important solution areas for their CDP to address. Organizations also are looking to their CDP to help improve customer loyalty and retention (38%) and, to a lesser extent, to assist with growth and customer acquisition (33%).
While customer experience is the area most marketers want their CDPs to help with, their top reason for investing in a CDP is to protect customer data privacy and comply with security regulations. This is important considering that 4 in 10 respondents expect regulatory changes around customer data to be one of the external market factors that will have the most business impact in 2022.
In terms of investing in a CDP, other reasons given include to leverage real-time data collection to be more responsive, to improve capabilities across technology investments, to identify and target individual customers with predetermined messages, and to create a single source of customer data truth that is accessible across departments and technologies.
On average, more than half (53%) of respondents expect to see ROI from a new martech solution in 4 to 12 months. CDPs appear to be meeting these expectations. Some 7 in 10 say they have achieved positive ROI within 6 months, while nearly all (96%) report seeing a full return within 12 months.
Looking at the use of artificial intelligence (AI), expertise in the technology is what’s holding many organizations back from using it more effectively in marketing. This includes a lack of AI expertise within IT, as well as by marketers.
The full report can be found here.
About the Data: Findings are based on a survey of more than 1,000 marketing and business leaders in the financial services, healthcare, media, retail and tech industries.