Where Does CDP Stands in the Market Today?
Martech Outlook | Monday, October 19, 2020
Nearly seven years later, since launching AudienceStream CDO, the world looks very different.
FREMONT, CA: In several ways, the consumer, technological, and even regulatory changes have dovetailed together, driving companies to prioritize creating a trusted data foundation to meet all of these requirements. That has changed CDPs, once a nice-to-have technology specifically for a high-performing, silo-busting organizations, into a must-have technology for companies to compete.
Here are some reasons why a CDP is no longer a nice-to-have
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
[vendor_logo_first]Increased Online Activity and the Requirement for Real-Time
The impact of the Covid-19 pandemic has increased traffic and sales in particular sectors while slowing the others. Although the upswings and downturns will level out in the future, the long-term effects on consumer behavior will mostly encourage greater adoption of digital channels.
With online activity replacing the traditional in-store, face-to-face experience, brands will have to be able to collect, unify, and activate that data—preferably in real-time. With so many changes happening—store closures, travel restrictions, health advisories—communicating to the right customers quickly needs a customer data platform that works in real-time.
Personalization Is a New CX Standard
Consumers now demand experiences that are personalized to them. Last year, 63 percent of consumers expected personalization as a standard of service and believed they are regarded as an individual when sent special offers. With numerous companies competing for limited consumer attention spans on social media and email inboxes, delivering the right message to the right person is how companies will stand out.
The further benefits of a Customer Data Platform for marketers looking to achieve personalization at scale include reducing the time spent collecting and integrating customer data and offering a single point to disseminate a unified customer profile to the whole tech stack. This allows ensuring the right message gets to the right audience on every channel.
Machine Learning Widely Available, Not Widely Achievable
Machine learning will alter how people work, especially analytics teams, data-driven marketers, and data scientists. But they are still in the starting stages of machine learning, and the grandiose notion of machines turning unkempt data lakes into actionable insights is, well, wrong.
Today’s machine learning projects are struggling to get off the ground. That’s where the advantages of a CDP— especially a data-first CDP comes into play for machine learning. For the ML projects focused on using customer data, a CDP can ensure that data is clean and correlated, assuring that the AI is being trained with consistent data sets from the model to model.
See Also: Top Machine Learning Companies
More in News

