6April 2021Copyright © 2021 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Emaileditor@martechoutlook.comsales@martechoutlook.commarketing@martechoutlook.com APRIL - 12 - 2021, volume 07 - 04 (ISSN 2644-254X) Published by ValleyMedia, Inc. To subscribe to MarTech OutlookVisit www.martechoutlook.comManaging EditorDebra MorganEditorial StaffSalesAaron Pierce Alvina Rego Abhilash P. JoseRose DcruzJoshua ParkerPaul BarberVisualizerVincent Georgevincent@martechoutlook.com*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffDebra MorganEditorialDebra MorganManaging Editoreditor@martechoutlook.com Despite significant headwinds in 2020--a global pandemic, economic downturn, and technology budgets clipped--customer data platform (CDP) growth is booming. Businesses are charging full steam ahead on digital transformation efforts as their customers have dramatically moved toward online channels. A new survey from Segment (which was recently acquired by Twilio) suggests that the CDP is a must-have in your marketing/sales tech stack. The survey of over 4,000 customer data decision-makers suggests that the CDP is a "must-have infrastructure for any serious digital-first business."There is good reason for having a CDP. Digital transformation is happening much faster than expected--thanks in part to the pandemic and the necessity to be digital. But it's more than being on digital channels; companies need to find ways to reach their customers and stand out against all the competition--direct and non-direct. And that means it's critical to understand your customers as intimately as possible. In this study, 47 percent will increase their CDP budgets by over 25 percent in the next five years, and 73 percent believe a CDP is critical to customer experience efficiency. It's also important for customer privacy and insights and reporting (the top three reasons to use a CDP).Implementing a CDP will not necessarily come cheap. According to the Segment study, 62% will spend more than $100,000 on their CDP, with most (30%) spending between $100k and $500k. There are plenty of CDPs solutions available, some standalone, others as part of a digital experience platform and not all CDPs offer the same features; how much you spend will depend on the CDP itself. There are situations where a CDP isn't required, but that's typically for smaller businesses that only work with one or two channels. However, even if you think you need a CDP, it's important not to get caught up in the vendor pitches before you spend some time understanding what you may already have internally to manage your customer data. Let us know your thoughts.CDP: the technology of 2021?Asher Blake
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