Customer Data, Industry Trends

The Customer Data Platform Continues to Evolve

Customer Data, Industry Trends | June 15, 2020

Have you recently been looking into ways to improve your marketing personalization or customer targeting capabilities? Or perhaps researching the benefits of establishing a fully unified view of your customers? If you have looked into these topics (just to name a few), you’ve likely come across the phrase “Customer Data Platform” as part of your research. That’s because, over the course of the last five years, the CDP has gone from a niche tool to must-have technology.

But what exactly is behind this shift? Well, many marketers have realized that the unique features and functionalities CDPs offer – customer data segmentation, identity resolution, customer profile creation, reporting and analytics tools – are essential parts of successful data-driven marketing. But CDPs have also recently gained popularity outside of marketing teams for the customer data management capabilities, now making them organization-wide commodities. As such, more and more organizations are making the CDP a foundational part of their digital transformation efforts.

More CDP vendors has resulted in less CDP clarity

As the demand for CDPs has increased, so too has the number of vendors in the marketplace. Competition is generally good for buyers, but in the case of the CDP, it’s likely left those researching the technology or considering the addition of one to their technology stack a bit perplexed.

The truth is that many vendors claiming to offer a CDP simply aren’t doing so. Rather, they’re looking to capitalize on the popularity CDPs have gained and slapped the phrase onto their products in hopes of piggybacking on the keyword. As a result, the definition of what a “real” CDP is has been muddled, which has led to confusion among those looking to invest in a CDP for their organization and a buying process that's far more difficult than it needs to be. 

To clear up any confusion and help simplify the buying process, QuickPivot recently partnered with the CDP Institute – a leading authority on all things CDP-related – to investigate the state of the CDP industry and help prospective buyers separate true CDPs from imitators. We compiled this information into our latest paper, “The Future of the Customer Data Platform,” which includes details on:  

  • The features and functionalities that constitute the CDP Institute’s “RealCDP” criteria 
  • The history of CDPs and the reasons behind their rapid rise 
  • The current state of the CDP industry and vendor landscape
  • How CDPs continue to evolve to support marketing as well as other departments

The addition of a CDP to a technology stack is proven to be a worthwhile investment that delivers both near-term and long-term results, as many multichannel brands, including QuickPivot customer MacKenzie-Childs can attest to. But if you don't have a complete understanding of what a CDP is, and where the industry is headed in the future, you risk investing in a product that you may regret from day one.

Download "The Future of the Customer Data Platform" now to ensure you invest in the right CDP to help improve your marketing now and stay ahead of future trends.

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