2022 has been a key year for Customer Data Platforms. According to data provided by Deloitte, high growth brands are leading this change, with 61% moving to a first-party data strategy, while just 41% of low-growth brands are doing so.
The prohibition of third-party cookies and the obligation to use own data or customers who demand increasingly personalized experiences are some of the reasons that have driven this growth, which is expected to continue in 2023.
But what else can we expect? Here are 4 trends that will shape CDPs in 2023:
1. Increased adoption of CDPs by companies
The arrival of COVID-19, the new ways of buying (ROPO, Showrooming), or the constant raise of online buying, are some of the causes of the increased need of companies to develop omnichannel strategies, in order to unify their channels and their customer data through the whole brand.
Customers demand a better customer experience
Communication and generalized customer treatment is a thing of the past. Customer experience has positioned itself as a key factor for customers to stay with a brand or abandon it to the point where 86% of consumers would be willing to pay more if it meant a better and more personalized customer experience.
Obtaining relevant insights from Customer Data
Personalization and digital transformation also means receiving much larger amounts of data from our customers. Therefore, it becomes necessary to have a system that stores, organizes and processes data properly.
2. The Customer Data Platform (CDP) concept takes hold and is divided into subcategories.
While it is true that there are markets such as the U.S. where this type of platform is already well established, there are others where CDPs are just beginning to gain momentum.
At the moment, according to the CDP Institute’s Member Survey 2022, more than 60% of clients understand that the main functionalities of this type of platform are unified views of clients and the loading of data from different sources.
The year 2023 is expected to serve as a turning point and leave behind doubts about what these platforms are, what they do and how they can help a company. In the same way, it is estimated that a greater expansion of the knowledge of these platforms and their benefits will help the implementation in companies to understand how they can fit them into their MarTech strategies.
It is also expected that vendors will begin to differentiate into subcategories (pure data, analytics and campaigns) to help customers quickly identify capabilities and benefits.
3. Increased concern for data privacy
41% of consumers globally say their trust in digital service providers’ ability to keep personal data secure has decreased. By storing data in a Platform regulated under the strict GDPR protection will ensure a much safer environment for Customer’s Data.
We know how important it is to protect your customers’ data. That’s why at FLYDE we comply with legal and data protection obligations. You can find out how here.
4. Easy to use CDP platforms
The complexity of analyzing large amounts of data from different sources and processing them has made most of the CDP platforms on the market very technical. While it is true that there are companies with large IT teams, we can also find others in which the burden of these actions falls on teams with little technical knowledge that make it very difficult to use these tools properly.
Some suppliers are opting to facilitate some of the tools that make up their platforms, although there is still a long way to go as these changes require time and investment. However, it is still important: CDP platforms are becoming more and more transversal to all company departments. Sharing unified profiles, sharing data, cross-referencing and processing them in real time or generating strategies from them are just some of the common processes that we can find in any company on a daily basis.
For this reason, marketing and sales professionals, among other departments, are looking for greater autonomy when generating campaigns, cross-referencing data, etc., and thus avoiding funnels and waiting times.
Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximize the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.
Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.
Start taking control of your data today.
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