Ever since 2020, the world has been muddling in this diverging chaos caused by the global pandemic. But it is a relief to see the CDP report rising without any hindrance. If you asked about how all this is still possible, that would be a great question.
You see, the reason why the CDP 2021 report seems to do good rounds, for the time being, is because of digital acceleration. Since digital business is a safer resort and promises to deliver more convenient results, businesses didn’t mind making the significant shift to see how it turns out for them. Surprisingly, the results have been blooming.
It didn’t matter whether a specific business was underserved or making less revenue. They were compelled to make their digital transformation and try out this new regular once and for all. That is why even when they had to make customer interactions, they had to do it online. From shopping to business appointments, each business had to go all out digitally.
The new customer behaviour has made enough room for new data as well. Such things have consistently proved that customer data platforms have become a powerful technology to take up during this time. In recent years, we have seen tremendous growth and analytics change that will help you understand more about this.
Customer Data Platform Report
- Last year, the customer data experienced enormous growth.
- Nearly 73% of businesses suggest that CDP will become essential for their client experience efforts in the long run.
- Each year, digital advertising apps are growing in popularity and are doing great by focusing on customer behaviour.
- In 2020, several businesses were engaged in creating their tech stacks. This was done to adapt to improved digitalization that was the product of the covid_19 pandemics.
Why Is Customer Data Platform Growth On The Rise?
The CDP Institute suggests that they have observed a massive spike in the number of businesses that deployed a CDP last year. This is in comparison to the latest years. When the survey was being conducted, around 29% of respondents were said to have deployed a CDP in the last year. This had surpassed the one from last year.
When you look at the customer data platforms, report that the new CDP investments are a bit late. However, those companies that have already undergone the deployment process for CDP observe it as a significant aspect of the infrastructure. In a recent survey where there were nearly 4,684 client information decision-makers, around 47% of respondents stated that they would encourage the boost in the CDP budget by more than 25% in the upcoming five years. Later, last year also observed the companies deploying more CDPs than ever. The main question here now is, what is making this happen?
1. The Ever-increasing Client Data
By 2020, each company across the globe was left muddling between making the digital transformation or falling into ashes. People decided to make the digital transformation happen for themselves. While some of them gradually saw an improvement in their sales, some businesses couldn’t deal with it properly.
As a result, they fell apart and eventually shut down. The initial three months of covid 19 were tough, but now e-commerce businesses are primarily geared up for the next few years. Even data engineering companies seem to be doing an excellent job without any second thought.
With the improvement in digital interactions, the customer data volume improved too. As a result, last year observed an exponential increase in the volume, variety and even velocity of data for all businesses. As a result, customer data platforms became the one-stop solution for several working businesses and continue to do so even today.
2. A Boom In Customer Expectations
We have been thinking that it was only the customer data that was doing the rounds last year. But when you look closely, reports will suggest that customer expectations were doing equally good. Sources indicate that nearly 60% of clients have better expectations of their digital experience than last year.
With the software growing to be more commoditized, product features are also being copied and prepared in this span. As a result, each company is highly focused on distinguishing between client relations significantly. However, you will observe quite regularly that it becomes nearly impossible to make quality client relations when there is room for inaccurate data management.
3. A Client And Company-centric Approach To Data Management
We have all observed how customer data management has tried hard to catch attention all this time. People were consistently collecting data and organizing it as per the channel where they were initially curated. Such a thing will include call centers and emails, respectively.
You will also see that e-commerce data lacks the potential to speak to data from retail. As a result, you will also notice that retail data further fails to talk to call-center data. So, instead of going for a channel-based approach, companies observed the integration of their data plans with the client last year. Such a comprehensive approach was beneficial for both companies and clients altogether.
So, companies could make the most of their data that was released in diverse departments inside the business itself. As a result, clients were able to leverage from all the informed communication and intellect.
What Sources Are Businesses Collecting Data From?
Any customer data platform is best when it allows you to gather and assemble customer data from multiple sources. That is how a good customer data platforms report can grow. When customers are scrolling through various platforms, they are focused on a specific app or website and connecting with diverse teams. This may occur via several social media like live chat features and even emails.
Facebook ads may also work potentially for this purpose. That is why businesses are getting a massive assortment of data into customer data platforms. This helps them to finish pictures of customer interactions.
The Bottom Line
The CDP 2021 report is sure to do great in the years to come. By far, the results seem to be pointing in the same direction. So, why keep waiting? Please make the most of it as you continue to read.