Customer Data Platform

**Customer Data Platform**

Marketers know that customer data is very crucial to deliver a great customer experience (CX) and is full of insights just waiting to be gleaned. It is the foundation of winning the loyalty of today’s demanding customers. Marketers are increasingly trusting Customer Data Platform (CDP), and the pandemic has boosted this adaptation of CDP. According to Markets and Markets, the Customer Data Platform market is expected to grow at a very high pace over the next 5 years, from USD 2.4 billion in 2020 to USD 10.3 billion by 2025. Investments are already on the rise and CDP investments have grown sharply in 2020, perhaps as a way to get ahead of the uncertainty caused by COVID-19. In 2019, deployments were at 17%, in 2020, this number jumped to 29%.

As research firm Gartner puts it, a CDP can fill in as the keen center point of your martech stack. Different apparatuses go about as the “idiotic spokes,” pulling client information from the CDP to convey the correct promoting substance to the correct client at the opportune time.

Contrasted with individual martech stack tools (otherwise known as the “idiotic spokes) for example, site personalization instruments, CDPs with machine learning have the smarts to give bits of knowledge into past and in addition potential future of the client practices and consumer behavior.

Customer Data Platform or CDP has become a word that we all are hearing very frequently in the marketing space. One of the reasons behind this buzz is the growing importance of marketing data in marketing strategies and increasing recognition of established CDP Vendors. Also the ability it provides to the marketing team to transform their work and the ways in which customers interact with brands.

A CDP also helps in keeping your customer data accurate, reliable, and secure by constantly cleaning, translating, and updating data after some time. With round-the-clock access to this up-to-date data, you can rapidly improve the quality of your customer interactions.