3 Trends Driving CDPs in 2020
Martech Outlook | Wednesday, March 04, 2020
The road ahead for Customer Data Platforms (CDPs) is lined with new opportunities, as is evident from significant trends.
FREMONT, CA: If 2019 was a vital year for CDP, 2020 is poised to be a better one. Investments, as well as revenue figures, are maintaining the upward trend, and opportunities for CDP vendors are growing continuously. The growth can be attributed to the relevance and need for CDPs in the current marketing ecosystem. Marketing is largely data-centric and intelligence-driven now. Since a CDP facilitates unique customer profiles by accumulating data from various sources, marketing teams are counting on it to enhance personalization and carry out effective segmentation. The following list mentions three significant trends that can speak about what can be expected of CDP in 2020.
• CDP Offerings from Big Vendors
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While many leading technology vendors have already stepped into the domain of CDP solutions, many others are busy announcing new offerings. Vendors have recognized the demand for effective CDPs. In order to cater to this demand, big players are developing advanced platforms that will empower marketing teams with integrated customer data.
• More Demand for Niche CDPs
With the opportunities in CDP becoming apparent, the number of CDPs are growing rapidly. Marketing teams now have to pick and choose between CDP vendors after considering all the features offered. Thus, the alignment of a CDP with marketing models is attaining priority. In such a situation, it is expected that vendors will come up with distinguishable products and niche offerings. Only with targeted CDPs, vendors will be able to attract clients.
• Better Customer Experiences
CDP is poised to become the key driver of customer experience improvement. By equipping marketing professionals with high-quality customer data, CDAs will help businesses enhance every aspect of customer interaction. Subsequently, even smaller companies can afford personalization.
In the age of omnichannel and digital marketing, where overcoming data silos is mandatory, CDPs have proved to be the latest value addition. In 2020, CDPs are thus, well-placed to see extensive levels of adoption.
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