MessageGears, the leading data activation and engagement platform for enterprise brands, announced the release of its 2024 CDP report: What’s next for the customer data platform? The report, produced in partnership with Hanover Research, provides insights into the current enterprise perceptions of customer data platforms (CDP), what the feature set of CDPs looks like today, specific problems enterprise organizations are trying to solve with CDPs, and what CDP functionality is the most important.
“Enterprise brands are making huge investments in data, and they are justifiably looking to get a bigger return out of those investments,” said Will Devlin, Vice President of Marketing for MessageGears. “This report provides insight and perspective into what enterprises are doing – and trying to do – when it comes to customer data management.”
Key findings include:
- Enterprise brands are juggling tons of tech – but it’s still not meeting needs. Only 1% of those surveyed believe their current CDP is viable for future requirements.
- Packaged CDPs are losing steam. More than half of enterprise organizations (56%) prefer a composable CDP when purchasing a new solution.
- Composability is already here. 86% of enterprises are satisfied using a composable setup.
- Composable CDPs are more flexible, cost effective, and drive better results. Enterprises say composable CDPs help meet consumer demands (72%) and improve performance and efficiency (71%).
- Enterprise brands use their CDPs in multiple ways: for real-time customer engagement and personalization (40%); for cross-departmental collaboration and data sharing (39%); to manage and optimize the customer journey (38%); and ensure data privacy and compliance (37%).
“As a champion of the approach for more than a decade, it’s exciting to see the continued favorable trends toward composability and warehouse-native tools by enterprise brands,” added Devlin. “We’re excited to share these insights to continue to move the industry forward.”
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