If you're looking for some solid statistics to help convince your company's directors that businesses with Customer Data Platforms (CDP) perform better than those without, then look no further. In 2019, BlueVenn and London Research surveyed close to 200 businesses with revenue of $50 million or above to find out how companies are using CDPs to improve their performance and customer journey. Arguably, the most interesting finding is that CDP owners are 2.5 times more likely to outperform their company's marketing goals than their peers.
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Respondents at organizations with CDPs are also at least three times more likely than those at other companies to agree firmly that they have the following attributes:
- A Single Customer View.
- Ability to execute multi-channel campaigns from a single platform.
- Use attribution beyond first/last-click to improve paid media performance.
- Use machine learning for data analytics and real-time decisions.
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Whether this improved capability is due directly to the use of the CDPs, or whether especially tech-savvy firms are more likely to have a CDP than their competitors, is debatable, but the message is clear. A CDP is a sign of data maturity in a company, and companies who recognize the true value of customer data are likely to have one.
Using data to improve the customer experience
The survey showed that organizations with a CDP have a better idea of how customers interact with their brand and how they can best be engaged. In particular, they are 8 times more likely to have a full view of both on and offline customer interactions and 5 times more likely to have multi-touch attribution - in other words, to be able to understand when and why conversions are achieved.
A growing trend, for good reason
There is certainly no doubt that CDP use is growing in popularity, with our study discovering that over half of the surveyed companies have one already, while 35% more are planning to get one, suggesting 86% of the companies surveyed are fans of the technology. Why? The CDP Institute's 2018 survey found that 4 out of 5 organizations reaped significant benefits thanks to their CDPs, so it seems that organizations that fail to deploy one will soon not only find themselves in the minority, but outclassed by their more tech-savvy competitors.
Still need extra proof that getting a CDP is the way to go? Download the full BlueVenn and London Research Customer Data Excellence report now to find out more about the survey results and how they represent the changing face of the marketing sector. It's an illuminating read that will help you to argue to case for getting a CDP, clearly and convincingly.