SAN DIEGO, Jan. 25, 2022 /PRNewswire/ — Today, Tealium, the most trusted and largest independent customer data platform (CDP), released a global economic impact study conducted by Forrester Consulting on behalf of Tealium. The Forrester Total Economic Impactâ„¢(TEI) methodology provides a rigorous cost-benefit analysis of future technology and business flexibility alongside associated risk. Evaluating the business value enterprises may experience by deploying Tealium’s CDP, this study was fielded amongst a diverse, anonymous selection of the company’s participating customers.
Through interviews and financial analyses of five enterprise and mid-market customers, the Forrester study found that with real-time data access, a composite customer (global, multi-billion-dollar retailer) who deployed Tealium obtained benefits of $6.9 million and 363% ROI over three years, with a complete payback within less than six months of implementation.
One of the most significant benefits of Tealium’s CDP was highlighted through customer experience personalization, which was shown to improve consumer confidence and drive customer acquisition. One healthcare business intelligence lead who participated in the survey shared a use case of advertisement copy optimization as a result of insights garnered through their CDP — “This resulted in a 22.8% lift in sales. Just this small change of copy is responsible for many hundreds of thousands of dollars, and I’m confident that 90%+ of this impact is due to Tealium,” stated the executive.
Aggregated results of this study confirmed CDPs are effective and highlighted how businesses have turned to CDPs to navigate modern engagement with their customers. The study revealed quantifiable benefits achieved by the composite company using Tealium over three years, including:
- Campaigns increased engagement 8.5% by recapturing abandoned conversions
- Improved customer segmentation and personalization drove more than $1.8 million profit, including a 3% increase to average order value
- New revenue of $34 million due to real-time data access (e.g. sales representatives calling interested parties significantly faster)
- A $590,000 productivity lift for customer-adjacent teams, with up to 25% lift across digital advertising, web analytics, and database operations teams
- Technology stack optimization savings worth more than $782,000
- Right-time data access enabled more than $1.2 million increased revenue
- Composite organizations improved ability to reach customers up to 200% more than with stale data
“It’s never been more critical to know your customers, and we can do that with data,” said Tealium’s Chief Revenue Officer, Ted Purcell. “CDPs were much more broadly adopted last year to improve experiences and maximize marketing ROI, as well as stay competitive in a digital environment evolving with privacy regulations, the pandemic and third party cookie changes. Through this, I’m pleased to see the findings of the Forrester study prove Tealium’s CDP unequivocally delivers ROI and business value for our customers.”
Prior to using Tealium, key challenges reported by survey participants included stale data, inability to reach customers in real-time and manual data processes that were slow and error prone. Twenty-six percent of survey participants affirmed their customer insights teams were unable to deliver customer insights quickly enough, resulting in an inability to effectively develop and execute multichannel marketing strategies.
A financial services CMO who participated in the study shared, “We don’t know what the future will bring, and we need to be flexible to adapt to different situations that could happen in the future. Tealium is flexible and agile — it’s 100% cloud and 100% secure.” With Tealium, customers emphasized more ownership of customer data and more control over their tech stack.
In addition to the quantifiable benefits reported, the study found supplementary benefits to organizations using Tealium, including:
- Better data visibility, which led to data governance improvements
- Personalization, which drove better customer experience
- Targeting improvements with a positive impact on return on ad spend (ROAS)
The Forrester study showed that Tealium’s CDP helped organizations execute a data management strategy by allowing them to ingest omnichannel data, optimize a single view of their customers, and activate the strategy back out to their audiences. After evaluating several CDP vendors, participants stated they chose Tealium because it integrated well with their existing technologies, delivered real-time data collection capabilities, and incorporated robust functionality with flexible contracts and pricing.
About Tealium
Tealium connects customer data across web, mobile, offline, and IoT so businesses can better connect with their customers. Tealium’s turnkey integration ecosystem supports more than 1,300 built-in connections, empowering brands to create a complete, real-time customer data infrastructure. Tealium’s solutions include the most trusted customer data platform with machine learning, tag management, an API hub and data management solutions that make customer data more valuable, actionable, privacy-compliant and secure. More than 850 leading businesses throughout the world trust Tealium to power their customer data strategies.
For more information, visit www.tealium.com.
Contact:
Lauren Snedden
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Author Information
As a detail-oriented researcher, Sherril is expert at discovering, gathering and compiling industry and market data to create clear, actionable market and competitive intelligence. With deep experience in market analysis and segmentation she is a consummate collaborator with strong communication skills adept at supporting and forming relationships with cross-functional teams in all levels of organizations.
Sherril holds a Master of Business Administration in Marketing from University of Colorado, Boulder and a Bachelor of Arts in Psychology from Rutgers University.
