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2023 state of the CDP: How innovative brands deliver value with a CDP
A new report indicates that 74% of companies with a CDP saw ROI and value within the first year.
For the fourth edition of Tealium’s State of the CDP 2023 report, we surveyed over 1,200 professionals worldwide in B2B, B2C, and B2B2C industries through an independent firm. The responses revealed that Customer data platforms (CDPs) have proven critical to organizational growth during demanding times, especially as we see a global tightening of the collective purse strings. In addition, brands with a CDP have been more easily able to navigate economic or industry challenges, recession-proof the organization, and unlock new opportunities by breaking down internal silos and streamlining customer communications.
And all of these benefits coming out of long-term and short-term CDP usage have led to one definitive truth: companies that invest in a CDP vastly outperform those that don’t and their usage has led to tremendous success across the board. In fact, the most experienced CDP users showed greater confidence in their decisions, better ability to manage spending, healthier budgets, and, most importantly, a bigger return on their marketing dollars than companies with little or no CDP experience.
For example, the survey showed that 74% of companies with a CDP saw ROI and value within the first year. On top of that, three-quarters of respondents realized the value in their CDP in less than one year, and 89% within the first 18 months. That said, the study only emphasizes that investing in a CDP not only helps companies achieve their goals and find stability during unstable times but it pays off quickly.
Additionally, in today’s landscape, customer experience is the new currency. And companies must have a plan for collecting and organizing the data necessary to create relevant experiences, as well as the functionality to activate the data in a meaningful way. The study revealed that a CDP is the way forward. Companies with a CDP (93%) are more satisfied with their ability to create relevant customer experiences through their customer data than those without a CDP (49%). Not only that, but the study also revealed that brands with a CDP are twice as satisfied with meeting marketing objectives (90%) vs. those without a CDP (44%).
However, these findings don’t mean brands that have a CDP aren’t being impacted by the challenges facing companies worldwide, like unstable economies, broken supply chains, and growing regulatory requirements for how companies use customer data. It does mean that companies who use a CDP are better prepared to address all these challenges and have bypassed the major side effects and jet streams being felt by companies without a CDP.
Take a closer look at the report to see more insightful stats and how brands like yours are leveraging this powerful tool.