2020 Gartner Market Guide For Customer Data Platforms

2020 Gartner Market Guide For Customer Data Platforms – The Hype Cycle highlights digital marketing technologies that have the ability to change how marketers respond to changing circumstances.

Personalization can sometimes feel scary, and we all know it crosses the line into scary. But what do consumers think about privacy and consent when it comes to their data? In 2017, Netflix drew fire for tweeting that it knew exactly who watched what and when. Although the tweet was meant to be light and funny, many users found it offensive, starting a debate about digital marketing and the use of customer data. In 2018, privacy once again made headlines after reports emerged that the consulting firm Cambridge Analytica gained access to Facebook user data, putting the privacy of tens of millions of users at risk. These and many other incidents reported in the media have raised consumer concerns about how organizations collect and use customer data to provide personalized deals. “Marketers and their brands have responded by establishing ethical frameworks for how they use customer data,” said Mike McGuire, VP Analyst. “Over the next five to 10 years, we will see increased demand for ethical customer data management as consumer trust declines.”

2020 Gartner Market Guide For Customer Data Platforms

2020 Gartner Market Guide For Customer Data Platforms

Not surprisingly, customer data behavior makes its first appearance in the Hype Cycle for Digital Marketing, 2020. Among the 21 marketing technologies in the Hype Cycle, it is one of the five technologies most important to leaders in marketing. More:  Real-time Marketing Artificial Intelligence (AI) for Marketing Personalization Engines Location Intelligence

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The need for customer data ethics stems from two factors: The concentrated market power of a few digital technology giants that control vast amounts of customer data Deep consumer concerns about how data is collected and use their data Focusing on customer data ethics is not the seller. about everything. must stop collecting data or avoid using advanced analytics or AI. It is seen as a phase that begins to adapt, move to mitigate risk, and trust becomes more than a buzzword. Customer trust increases when vendors communicate customer data ethics and demonstrate their commitment to complying with legal requirements in a clear manner.

Real-time marketing describes an organization’s ability to capture, monitor, analyze, and act on information in real time using tools, technology, and processes to interpret and respond to real-time opportunities. time to provide business benefits. Companies that adopt real-time marketing tools and techniques throughout the larger value chain will outperform competitors in operations and deliver faster, more relevant offers to customers. . Organizations with real-time marketing skills use instant response to gain share from major competitors. Large organizations clinging to older, slower ways of doing things due to rigid hierarchies or business processes are particularly vulnerable to competition from agile organizations that use speed to respond faster. customer needs at many stages of the life cycle.

Artificial intelligence for marketing involves systems that change behavior implicitly programmed and based on collected data, usage analytics and other observations. Marketing benefits include faster, more accurate and more efficient forecasting. AI techniques have already found their way into many marketing systems. However, AI for marketing presents a long and steep learning curve, with marketers having to overcome many challenges before adoption, including data availability and gaps in team skills. Read more: How AI is driving the transformation of marketing

Personalization engines are commonly used by marketing, digital commerce, merchandising and customer experience teams to optimize content and campaigns, commercial experiences and recommendations. It can also be used for interactions at customer touch points such as call centers, chat and digital kiosks. Brands and marketers new to personalization should test personalization with available resources (data, talent, technology, content) to prove results and justify the budget. More information: Answers to frequently asked questions about personalization

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Location data for marketing allows marketers to provide accurate information about the physical locations they control to search engines, app publishers, review sites, and other social networks. Location intelligence also includes technologies that allow marketers to collect consumers’ location history (usually through mobile apps) to improve customer profiles to provide better matches or offers. Despite its potential, the promise of location data is hampered by tensions between consumers and brands over how consumer location data is used. marketers must comply with applicable regulations such as the California Consumer Privacy Act (CCPA) and the EU General Data Protection Regulation (GDPR) in their organization’s customer location data collection policies recommend ensuring compliance.

Other clients may find more information on the report: The Hype Cycle for Digital Marketing, 2020 and Stay up to date with the latest research on this topic by visiting Digital Marketing Strategy and Execution Initiative.

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2020 Gartner Market Guide For Customer Data Platforms

Expert Research Expert Research 2020 Hype Cycle for Digital Marketing. Digital Marketing Hype Cycle 2020. Learn more. By prioritizing skill development, marketing and analytics leaders allow analytics teams to complement rather than be threatened by automation.

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Marketers spend a lot of money on analytics, but many don’t get the benefits they expect. The Marketing Data & Analytics 2020 survey shows that analytics only influence 54% of marketing decisions. The main reasons for this are poor data quality, impractical results and unclear recommendations. However, marketing managers see great potential for analytics. 85 percent of those surveyed said that by 2022, “more” of their organization’s marketing decisions will be based on marketing analytics. But to get more value from analytics, marketing leaders need to focus on building skills that address the reasons why analytics is seen as underperforming and focus on incremental activities. the value of analytics. “It’s critical to invest more time and resources in developing your analytics team to have a broader impact on the bottom line and adapt to new automation trends,” said Lizzy Fu Kune, Senior Director Analyst.

Today’s marketing analytics teams spend a lot of time on low-value tasks like data integration and formatting, custom questions and surveys, and creating reports and dashboards—activities that are ripe for automation.

More than half (56%) of marketing executives expect the size of their analytics teams to stay the same or shrink, but this likely reflects the perceived value or lack of value of current analytics teams. Only 23 percent of marketing leaders consider skill development a top priority for their marketing analytics teams, up from 39 percent in 2018. And marketers who say their analytic teams have no expected impact three times more likely to plan. reduce the number of these teams in the next two years. The three most cited barriers to success for analytics teams are manual data preparation, linking analysis to business value, and linking insight analysis. Automating manual and repetitive tasks allows analytics teams to focus on more value-adding activities, such as developing actionable insights from data.

Analytics teams looking to grow with automation should prioritize skill development in value-added activities such as advanced modeling, consulting, and persuasive communication. This allows analytics teams to expand the breadth of their impact and the depth of their impact. “Prioritizing your analytics efforts to complement automation elevates marketing analytics into a high-value function that serves as a critical strategic partner to the CMO,” says Foo Kune. The transition to automation is well underway. In a data and analytics survey, 43 percent of respondents said their “reporting needs are always or almost always met by an automated dashboard.” Additionally, half of respondents now have a customer data platform (CDP) to help automate first-party data collection and profile integration. 79% of respondents expect CDP to be installed within the next three years. By using their existing capabilities to support analytics automation, analytics teams can achieve the return on investment that marketing leaders expect.

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Connect with CMOs and marketing leaders for the latest information on marketing technology, trends, innovations and more.

Some customers can learn more in Marketing Data and Analytics Survey 2020: Optimism Remains When Results Don’t Meet Expectations.

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2020 Gartner Market Guide For Customer Data Platforms

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