by Marketing Charts
Some 75% of marketers experience a reduction in time managing customer data as a result of their customer data platform (CDP). This is just one of the many benefits to be gained from CDPs as established in a new report [pdf] from Advertiser Perceptions and Treasure Data. The report also takes a look at ways in which marketers might be limiting their use of CDPs.
Based on interviews with about 100 B2C martech decision-makers involved in the selection and use of CDPs, these latest figures lay out some of the top improvements to success metrics they’ve experienced. Nearly half (45%) reported significant improvement to their online sales as a result of using their platform, with similar numbers saying the same about ROI/return on ad spend (43%), engagement (41%) and cross-sell/up-sell (41%).
At the other end of the spectrum, fewer respondents saw significant improvements in offline/in-store sales (33%) as a result of CDPs, with a sizable share (22%) of respondents experiencing no improvement in this metric.
However, the data suggests that marketers aren’t taking full advantage of CDPs when it comes to pulling in key data. While respondents indicated that they are bringing in CRM (76%) and transactional data (65%), far less are unifying product use (46%), social media (40%), app (32%) and offline data (25%) with CDPs.
More positively with regards to data, three-quarters of respondents enjoyed a reduction in time spent managing customer data and reporting. Not only that, but the study found CDPs to be an important player in organizations’ avoidance of GDPR/CCPA fines, with 92% of respondents claiming that their CDP is important to their privacy compliance efforts.
In previous research from Advertiser Perceptions, top objectives for marketers’ CDP use included creating marketing campaigns that better speak to customer needs, driving sales and improving ad campaign impact.
Article originally appeared on Marketing Charts.
Interested in learning more? Download V12’s Customer Data Platform Success Kit – full of blogs, articles, resources and webinars to help you better understand Customer Data Platforms, how they can provide competitive advantage, and videos showing practical applications of how to use a CDP for a variety of marketing initiatives.