To thrive, businesses today must rely on data to better understand customers and personalize new products, services and experiences based on the information that data provides as a reusable and transferable asset. Data allows a business to better target market activities across channels and share actionable intelligence throughout the enterprise. The challenge is that many lack the tools necessary to integrate online and offline customer data rapidly enough to generate insight before it becomes irrelevant. Perhaps this is why estimates show the global Customer Data Platform market size growing from $903.7 million in 2018 to $3,265.4 million by 2023—at a CAGR of 29.3%.
Customer data platforms (CDPs) collect and store information related to customers as unified data to reveal deeper insights and intelligence quickly enough to surpass broad-scale marketing. Beyond enabling an enterprise to thrive in an omnichannel and privacy-conscious marketing world, CDPs represent exactly what enterprises need to truly transform their businesses: a way to proliferate customer-centricity throughout their business. However, there are a few things they need to get right: