International Data Corporation (IDC), a premier global provider of IT market research and consulting services, recently released the IDC MarketScape: China Customer Data Platforms 2023 Vendor Assessment (Doc# CHC50498823, December 2023). IDC comprehensively assessed customer data platform (CDP) vendors from two dimensions: strategies and capabilities, and placed Tencent in the Leader Category among Chinese CDP vendors in 2023.
Rapid Market Growth: Global and China CDP Market Outlook
The latest IDC survey shows that the global CDP market is developing rapidly, and China is ushering in real market growth. IDC predicts that the global CDP market will reach USD 5.72 billion by 2026, and China's CDP market will grow faster than the global market. Compared with 2021, China's CDP market grew by 36.1% in 2022, reaching CNY 1.64 billion, and is expected to have a compound annual growth rate of 27.7% in the next 5 years.
Tencent Marketing Cloud CDP: Comprehensive Integration and Scale
In 2021, Tencent entered the CDP market. Based on the integrated product suite and industry solutions provided by Tencent Marketing Cloud, Tencent CDP, serving as a data base, connects with various products of Tencent Marketing Cloud to maximize product collaboration efficiency and data value, helping enterprises address marketing challenges such as data access and management, agile analytics and decision-making, and full-journey intelligent marketing in a one-stop manner. So far, Tencent Marketing Cloud has connected more than 350 million users and covered more than 80 industries.
- Connected more than 350 million users across all touchpoints
- Coverage across more than 80 industries
- Integrated product suite for maximum collaboration efficiency
- One-stop solution for data access, analytics, and intelligent marketing
- Strong revenue growth demonstrated in 2022
IDC Recognition: Comprehensive Application Performance
IDC pointed out that Tencent Marketing Cloud CDP has obvious advantages in comprehensive application performance, demonstrating strong revenue growth in 2022, and has project accumulation advantages in many industries, such as automobile, transportation, retail, cultural tourism, and government affairs. Tencent, based on its data processing and AIGC capabilities, is actively investing in the development of AI/ML technologies for CDP products to optimize the user interface and workflow experience of these products. In addition, Tencent Marketing Cloud is helping more Chinese companies go overseas and providing professional services in Southeast Asia and North America markets for better customer conversion.
Advanced Capabilities: ONE ID and Real-Time Analytics
Tencent Marketing Cloud provides label creation and profile insight capabilities based on compliant data of enterprises, helping enterprises continuously accumulate customer data assets, mine their value and apply them in marketing. ONE ID supports unified customer identification across multiple media touchpoints and multiple brands and business forms within group enterprises. Simultaneously, based on the integrated application of NLP technology and big data analysis technology, it supports Ad-hoc queries of hundreds of millions of detailed data and returns audience calculation results within minutes.
IDC pointed out that Tencent Marketing Cloud CDP provides customers with more dimensions to support in-depth operations of user groups in terms of product basic functional attributes, especially data quality, identity authentication, and all-scenario visualization analysis. In addition, it also has excellent performance in cross-channel real-time interaction and marketing campaign analysis.
- ONE ID for unified customer identification across touchpoints
- Ad-hoc queries of hundreds of millions of data points
- Real-time audience calculation results within minutes
- NLP technology and big data analysis integration
- Excellent data quality and identity authentication
- Cross-channel real-time interaction capabilities
AI-Powered Innovation: Analysis·AI Assistant
In the process of fully embracing AI large models, Tencent Marketing Cloud has also been continuously building its intelligent product power. In June last year, based on analysis large models, Tencent Marketing Cloud Analysis·AI Assistant was launched. The assistant covers four major scenarios: conversational analysis, auxiliary data configuration, intelligent conclusion extraction, and intelligent attribution prediction, enabling every enterprise employee to easily possess professional data analysis capabilities. It accelerates data running and provides decision-making support for the frontline business. The assistant has already been implemented and validated by multiple leading clients in retail and other industries.
Success Story: LYFEN in Consumer Industry
In the consumer industry, LYFEN, a leading snack food chain brand, has built a global user operations management platform based on Tencent Marketing Cloud CDP. This platform realizes the interconnection of more than 3,700 specialty stores and more than 45 million user data across all channels nationwide, connects global user data and touchpoints, and creates One ID and a 360-degree profile for individual users. LYFEN has also established a comprehensive user tag system based on consumer lifecycles, consumption characteristics, and category preferences to provide data support for refined user operations. Additionally, relying on the MA capabilities of Tencent Marketing Cloud, LYFEN has implemented 11 automated marketing scenarios, empowering front-line shopping guides through data analysis and SCRM tools to provide users with personalized membership services. After the project was implemented, LYFEN has seen continuous improvements in its member acquisition and retention efficiency, along with rapid growth in its first-party member base. The marketing conversion rate, coupon redemption rate, and overall average revenue per user (ARPU) have all increased by 5–10 percentage points, compared with those of extensive marketing methods in the past.
- 3,700+ specialty stores interconnected nationwide
- 45 million user data unified across all channels
- 360-degree individual user profiles with One ID
- 11 automated marketing scenarios implemented
- 5-10 percentage point increase in conversion rate, coupon redemption, and ARPU
Success Story: Hampton in Hotel and Tourism Industry
In the hotel and tourism industries, Tencent Marketing Cloud helped Hampton develop a full-journey digital service solution for its guests, providing all-scenario and full-chain digitization for its guests. Relying on Tencent Marketing Cloud CDP, Hampton has interconnected service touchpoints from multiple channels before, during, and after their guests' stay. This interconnection enables Hampton to gain insight into their guests' potential needs and enhance guest experience through personalized services. This application has helped Hampton significantly increase the proportion of direct hotel bookings and improve the repeat purchase rates of existing followers, while driving the growth in non-accommodation business.
Comprehensive Impact: Serving 1 Million+ Enterprises
Tencent Marketing Cloud is committed to providing enterprises with efficient digital marketing and service tools, constantly refining high-quality products from three dimensions: connection intelligence, data intelligence, and business intelligence. It has now served more than 1 million enterprises, with sales growth in medium and large customer segment exceeding 100% year-on-year. It has provided marketing service solutions for more than 80 industries, such as finance, retail, exhibitions, and industrial sectors, stimulating new momentum for continuous growth of enterprises and helping all sectors achieve digital upgrades.
"Tencent Marketing Cloud CDP provides customers with more dimensions to support in-depth operations of user groups, with excellent performance in data quality, identity authentication, all-scenario visualization analysis, and cross-channel real-time interaction."
— IDC MarketScape Assessment
