Asked one time about the staying power of the Grateful Dead despite the band never having had a No. 1 single (and only one Top 10), singer and guitarist Jerry Garcia likened the deep, lasting devotion of the “Deadheads” to …. licorice. “Not everyone likes black licorice,” he said. “But the people that do really, really like it.”
The quote captures the sentiment of companies that have deployed a customer data platform (CDP), at least according to the results of a recent survey from the CDP Institute. While not every company has a CDP, those that do are very happy about it. Like discovering a great new band before it becomes popular, a CDP seems to fall into the hidden gem category.
In the survey, the percentage of companies that have deployed a CDP saw a slight drop (to 25 percent, from 31 percent in 2022) but of those that have deployed a CDP, 80 percent said that it delivers “significant value.”
But the drop in deployments is a tad misleading, as 62 percent of survey respondents said that they have either already started to deploy a CDP, or have plans to do so. And, as the survey acknowledges, other surveys show a continued growth in CDP deployment, including one market analysis that expects the global CDP market to reach $19.7 billion in 2027 – up from $4.8 billion in 2022.
How a CDP is Like Licorice … Wait, What?
Asked to select the top three benefits from their CDP, the runaway winner was a unified view of customer data (77 percent), followed by analysis (62 percent) and orchestration (57 percent).
Delivering a high-value unified customer profile as the foundation of a personalized customer experience (CX) that drives revenue is the bread and butter of the Redpoint customer data platform. Why do users of the Redpoint CDP really, really like it?
- How about because it combines data from 100 different siloed sources, giving a travel + hospitality brand new ways to monetize customer data through unique travel experiences?
“Redpoint has helped us manage the guest experience from beginning to end. … Having that comprehensive view and putting an optimized campaign or journey in place has significantly helped deliver a better guest experience,” says Andrew Heltzel, Director of Marketing and CRM, Xanterra Travel Collection.
- Or because its advanced identity resolution capabilities feature both probabilistic and deterministic matching, ensuring a unified customer profile is precise, allowing a renowned public media company to significantly reduce the number of duplicate accounts and lower costs.
“The siloes that existed for years are now gone for us; we can have a single campaign and really measure the effectiveness of that campaign no matter how we reach the donor. … When you find a tool that allows you to find identity resolution as quickly and seamlessly and easily as Redpoint does, you hold onto that and you don’t let go,” says Cate Twohill, Senior Director of Strategic Solutions, Community Development Partnership.
To learn more about what customers are saying about the Redpoint CDP, or to see how the platform can help you meet your unique business needs, click here.
Editor’s Note: The CDP Institute acknowledges that the pool of survey respondents labeled users (79 organizations) and vendors is not statistically significant to draw far-reaching conclusions.
