Tealium Releases 4th Annual State of the CDP Report
Findings reveal 90% of companies investing in CDPs outperform marketing objectives and are better positioned to navigate market uncertainty
SAN DIEGO, Jan. 10, 2023 /PRNewswire/ -- Tealium, the largest independent and most trusted customer data platform (CDP), today launched its fourth annual State of the CDP report, which comprised a global survey of 1,200 IT, operations, marketing, and data and analytics leaders across industries, including financial services, healthcare, retail, government, and more.
“This year’s survey told us a lot about the performance of organizations that have adopted CDPs in contrast to those that have not,” said Heidi Bullock, CMO at Tealium. “Those with a CDP have been able to achieve significantly more and remain more nimble with access to real-time, data-based insights, despite today’s market uncertainty.”
This year’s report found that 90% of businesses investing in CDPs are two times more likely to outperform in their marketing objectives. Additionally, 93% of companies were satisfied with their ability to create the most relevant and personalized customer experiences, with the top reasons businesses adopting a CDP in 2022 being customer retention, privacy and regulatory compliance, and customer acquisition. The fourth edition of the annual report also discovered:
- Businesses will continue to zero-in on compliance: 95% of seasoned CDP users are confident in their CDP’s ability to support compliance, and 93% feel they can quickly adapt to new and evolving privacy regulations. With third-party cookie deprecation, signal loss, and other industry shifts as a result of strengthening global privacy regulations, businesses also reported to have heavier focuses on first party data and identity data strategies.
- Despite market uncertainty, marketing budgets are expected to increase: In 2022, most marketing budgets increased across the board by over 50%. More tenured CDP users reported the largest overall increases in marketing spend, suggesting a greater ability to predict spending. Those without a CDP stated cost savings as a top priority in 2023, focusing on retention, while more tenured CDP users focused on growth.
- CDPs are proven to get better with time: About 74% of companies with a CDP saw returns on investment (ROI) within the first year of usage. The survey also showed a vast increase in the number of data sources being utilized the longer a CDP was adopted, which offers more opportunities to enhance experiences at every customer touchpoint. The survey also revealed that companies with the longest CDP tenure were the most confident with their ability to use data in a trusted way (93%), as opposed to those who haven’t adopted a CDP.
From creating memorable customer experiences to improving overall operational efficacy, the customer remains at the heart of any business. That means the need to better manage customer data is critical. Companies already utilizing a CDP are reporting to outperform companies that have not, and are continuing to be more proactive with a hyper-focus on growth vs. retention; having a greater ability to predict marketing spend, ramp up customer-centric objectives, and remain agile in a complex world. To read the full report, download the fourth annual State of theCDP.
To keep up with the latest company news, visit Tealium’s Newsroom.
Tealium connects customer data across web, mobile, offline, and IoT so businesses can better connect with their customers. Tealium’s turnkey integration ecosystem supports more than 1,300 built-in connections, empowering brands to create a complete, real-time customer data infrastructure. Tealium’s solutions include a 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. More than 850 leading businesses throughout the world trust Tealium to power their customer data strategies.
For more information, visit www.tealium.com.
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