Consumers expect good experiences and when they don’t get them they are likelier to decrease or cease spending with the brand (up six points YoY), based on a survey of over 20,000 consumers by experience management platform Qualtrics. They are also less likely to tell the brand about it (down five points). They are also unlikely to post about it on social media; indeed most just won’t tell anyone.
This Lotame study mostly promotes “data collaboration platforms,” which sound a lot like CDP but add third-party data and anonymous users. It also contains intriguing statistics on martech acquisition plans: 58% of respondents plan to buy a CDP, ranking it third behind marketing automation (64%) and digital experience platforms (60%). A much lower 19% plan to retire their current CDP, similar to the 18% figure for marketing automation.
Lytics has added new features and repositioned itself as an “Experience CDP” (xCDP), a change it believes will “finally solve the persistent challenges of Customer Data Platforms” by supporting CDPs’ “core mission” of “simplifying the complexity of personalization at scale.” Key capabilities include real-time data access, cross-channel orchestration, content integration, and a free personalization offering. See this CDP Institute blog post for additional comments.
With CDP vendors increasing their workforces by 3.4% in six months, compared with an average of 0.2% each six months over the prior two years, the sector seems to be growing again, according to our own semi-annual industry update. There is much talk of composable CDPs but they still employ no more than 5% of the sector workforce. What is a clear trend is the acquisition of independent CDPs by vendors interested in adding a CDP to a larger system (usually an activation system).