Marketing organizations are facing more challenges than ever. There are now more channels to target, higher levels of competition & much more fractionalized audience. The only way to truly have an edge over the competition is to deliver highly targeted, intent-based content & messages.
In order to personalize marketing for the customer, the marketing & operational systems need to talk to one another. With many organizations using 10-30 marketing technologies, the amount of data being collected is growing at an exponential rate. But there’s limited integration among the systems, causing data silos. Data resides with one system or organization, rather than being shared in a collaborative manner.
This results in data inefficiencies, inconsistencies, and a reduced ability to use it for insightful analysis. Marketers are starting to realize the data problems and the importance of implementing a comprehensive data strategy to better control the end-to-end customer experience.
That’s why Customer Data Platforms like ConnectLabs are gaining popularity as a highly valuable marketing tool that helps create a data platform for a marketing organization to enhance customer journey.
The industry is currently experiencing huge growth, with cdpinstitute.org stating that the number of CDP vendors and employment have both doubled in the past year, while funding has increased by $280 million (29%). The total revenue for CDP vendors is expected to exceed $1.2 billion by the end of 2019.
“86% of CMOs believe that they will be able to own a complete, end-to-end customer experience by 2020.”