Customer engagement should be of interest to all businesses, regardless of the sector in which they operate. Therefore, it is worth knowing the latest trends on this subject, what the general situation on the market looks like and what bodes well for success in this field. Braze prepared a report on this one powered by their experience. The report was also based on data from a survey in which B2C companies with annual revenue of +$10m answers some questions. They are from different global markets such as Australia, France, Germany, Indonesia, Japan, Malaysia, Singapore, Thailand, the UK, and the US.
Below you will find some of the most interesting highlights from this report. If you are interested in the full piece, check this site.
- Customer management tools are in need
Businesses finally realized that marketing expenses are not money down the drain, but an investment that will pay off. Therefore, it is assumed that as many as 60% of companies will increase their marketing budget for 2021.
There is still a pandemic time around the world, and it is precisely this factor that proved that digital is important. Most customer experience is transferred to these channels. That is why companies saw the potential in the digital market and decided to invest in tools to measure customer satisfaction, customer engagement, and solutions that will support mobile optimization.
Regardless of the size of the business, meeting customer expectations is the main goal of marketing investments. Nearly 50% of tenured companies prioritize investment in customer engagement technology.
- Customer engagement is crucial to business growth
You can see a simple relationship – those who rate their customer engagement as “poor” are much less likely to invest in this segment. On the other hand, companies that describe this aspect as “excellent” see the sense in such an investment and go for it. Because it can always be better.
It is also worthwhile noting that more than 80% of brands have exceeded their financial goals with plans to increase the budget for customer engagement.
- Communication is valuable
Despite the belief that today’s world allows unlimited communication, there are brands that have not yet developed a convenient communication strategy with their clients. This is a huge mistake. A customer who is in communication with the brand is about 7 times more likely to purchase and almost 10 times more likely to spend more. Doesn’t that sound great?
Another common mistake is to use only one channel. It is important to focus on multichannel. After all, synergy is a powerful force in business and has worked wonders for a long time.
- Engagement drives revenue
A cross-channel strategy can drive customer engagement significantly. However, the key aspect is to properly define benchmarks. According to the report, brands that properly define benchmarks are more likely to surpass their revenue goals.
Benchmarks are described as follows:
- Health and wellness have gained importance
When the pandemic rolled on, gyms, fitness clubs, and psychotherapists were closed. It greatly affected the well-being of many people. This supports the rule that many things are more valuable when we lose them. This is also the case for this sector. However, the apps came with help.
This was the time to use the cross-channel strategy. How it influenced the health and wellness industry in digital. The results are very optimistic. Customer lifetime value increases 3 times and 90-day retention increase 2.3 times. It shows firstly that this topic was on fire and secondly cross channel strategy works.
- Brand loyalty counts more than money
For e-commerce, a COVID-19 pandemic was an unexpected moment of glory. People discovered the power of online purchases and started doing it more and more. The demand was huge, and thus it was essential to focus on the customer and encourage them to be back, even after lockdown. As the numbers below show more than 60% of retail brands are about to increase their marketing budget for this year and 44% plan to invest in fields like customer engagement, satisfaction, and its measurement.
And here comes cross-channel engagement. It influenced customer lifetime value more than 3 times and almost 60% of customers were more likely to do some shopping.
To sum up
Customer engagement is the key issue. This is beyond doubt. When it comes to caring and observing the performance of this aspect, communication, preferably cross-channel, may be helpful.
The transition to digital is also an important matter in terms of measuring customer engagement. The above report shows that regardless of the sector, digital has strengthened its position and the development of these products is more and more visible. This position was also strengthened by the pandemic, which forced us to transfer many aspects of our lives to the Internet.
Hope you find these few highlights interesting, to dive into this topic feel free to download the full report.