Customer Data Platform (CDP) market is forecasted to reach USD 19.7 Billion by 2027, encouraging technology partners to innovate their CDP tools. We’ve gathered some of the best innovations from top CDPs in 2023.
As data becomes increasingly abundant, harnessing its power is no longer a luxury but a necessity for staying relevant in the market. CDP plays a critical role in transforming how businesses understand, engage with, and retain their customers. In fact, according to a survey, the global market value of the Customer Data Platform is forecasted to reach $19.7 billion by 2027.
Although CDP provides the necessary competitive edge, enterprises are skeptical when choosing the best CDP solution to incorporate into their marketing funnel.
To help C-suite leaders make the right decision, we have shortlisted the top 8 innovations in CDPs contributing to enhanced marketing efforts. Before unveiling the golden nuggets of these innovations, let’s explore a few things businesses need to consider while choosing a CDP solution.
Things to consider while choosing a CDP
With so many CDP players across the globe, creating a fit-to-needs checklist for your business goals is an ongoing juggle of picking suitable consideration factors. Enlisted below are a few questions you must ask yourself before picking a CDP solution:
- How well does the CDP solution fit into your technical requirements?
- Is the solution compliant and adhering to data privacy laws?
- Does it offer automated data export into the existing marketing tools?
- Can the system support real-time data streaming and batch processing to keep all channels operating with updated customer data?
A Recap of The Top 8 CDP Advancements in 2023
1. Blueshift’s Free CDP Starter for Cross-channel Engagement
Blueshift’s Free CDP Starter innovation came as an optimistic development for all the data-savvy marketers. Its recent update enables users to unify their customers’ data for cross-channel engagements in a matter of minutes.
Besides that, it features capabilities to ingest real-time events clubbed with relational data from various sources, streamlining them into unified customer profiles. For instance, it can automatically build up to 10,000 unified profiles, enabling marketers to do personalized targeting.
2. ActionIQ’s Integration with AWS Cloud to Support Precise View of Customer Profiles
As an initiative to enable a precise and comprehensive view of customer profiles, ActionIQ integrated AWS Entity Resolution into its existing identity offering solution. This solution focussed on developing data pipelines that enabled identity resolution and enrichment.
In return, it offers more flexibility to marketers, further modernizing their customer data stack for enhanced and tailored user engagement.
3. Adobe’s Innovation For Precise Personalization
Precision plays an essential role when it comes to bringing personalized experiences for end customers, and thus Adobe innovated its CDP technology. Enters the Adobe Real-Time Customer Data Platform, entailing the following key features:
- Predictive insights based on real-time customer profiles, fueling personalization across industries
- Evaluation of real-time data of 30 trillion audience segments, enabling brands to test contents and message variations, boost conversion rates, and customer retention
4. GrowthLoop’s Collaborations for Seamless Adoption of Composable CDP
The Zero to CDP solution by GrowthLoop empowers businesses to rapidly integrate a composable CDP on their Data cloud. With a core focus on speed, flexibility, and efficiency, it’s helping organizations to seamlessly lap up the 100% potential of their customer data.
For example, its accessible data cloud integration empowers businesses to streamline their marketing goals by giving them a consolidated view of their customers’ data streaming from various sources.
Besides that, this integration comes with Generative AI capabilities, letting marketers derive AI-driven insights from target audiences without compromising accuracy and data integrity. Other features include self-serve marketing access, enabling marketers to effortlessly build audiences into their existing martech tools for data-driven marketing campaigns.
Also Read: Top 15 Customer Data Platforms in the US
5. Syntasa’s Data-ready Capability For Seamless Collaboration
One of the biggest challenges that most marketers face is segmenting and reaching their target audiences with reduced time-to-value and operational costs. Here is where Syntasa’s latest data-ready innovation comes into the picture.
This innovation reduced the time-intensive process of coordinating data requests for scaling CDP projects which was initially a castle to achieve. It enables seamless collaboration between data and marketing teams to address data quality issues, further enhancing CDP operations.
6. Zeotap’s Non-Customer Entity Data Tool For Insights Beyond Traditional
In December, Zeotap launched its “Non-Customer Entity Data” feature, enabling businesses to integrate both customer and non-customer entity data with utmost ease. This transformative tool broadens the scope of data integration beyond the usual customer-centric-identifier approach, accelerating the effectiveness of marketing strategies.
Unlike other CDPs that require data to be tied directly to a user identifier, Zeotap’s recent update enables the integration of both customer and non-customer entity data. Consequently, it helps marketers to have a holistic view of a unified customer profile with rich and diverse data points for personalized targeting.
7. Capstone’s Audience-intelligent Integration with First-party Customer Data
In a world where engaging with new-in-market audiences without compromising their data is paramount for brands, Capstone introduced its audience-intelligent platform. This audience management platform enables marketers to ingest and normalize their existing customer data to craft result-driven marketing campaigns with maximum ROI.
Compared to other data platforms offering assumption-based data, it provides marketers with more certain and deterministic records of over 14 billion customers. Utilizing these records, brands can create privacy-compliant and personalized campaigns that are essential for marketing efficacy.
8. Twilios’ Upgraded CDP To Club Real-time Customer Profiles for B2B Marketers
Coming as a favorable update for B2B marketers, Twilios debuted Segment B2B Edition with Linked Profiles. It groups B2B customers from similar industries in real-time, enabling marketers to create effective and relevant customer engagement materials.
For instance, it can club the LinkedIn profiles of leaders working in retail or similar industries together, allowing marketers to communicate with them in an interactive and personalized way.
Wrapping it up,
Innovative CDP tools have helped marketers for good reasons. It is deemed indispensable for businesses, shedding light on its key roles in enhancing customer experiences, optimizing marketing strategies, and ultimately driving sustainable growth in the digital era.
