Business
Global Customer Engagement Review from Braze Finds Marketers are Prioritizing Increased Investments in Customer Retention
Research shows that 99% of marketers say they will shift their customer engagement strategies as consumers tighten their everyday spending NEW
About this update from Braze, Inc.
[{"type":"text","content":"\n Research shows that 99% of marketers say they will shift their customer engagement strategies as consumers tighten their everyday spending\n\n NEW YORK--(BUSINESS WIRE)--\nBraze (Nasdaq: BRZE), the comprehensive customer engagement platform that powers interactions between consumers and the brands they love, today revealed findings of its third annual Global Customer Engagement Review. The report examines customer engagement trends over the past year, as customer acquisition costs have soared to unsustainable highs while cost-conscious consumers are faced with more choices than ever in a volatile environment. Findings from this year’s report indicate that even more marketers are investing in tools and strategies that drive activation and loyalty to meet consumers’ demands.\n\n“Consumers today have high expectations for real-time, personalized communication, seamlessly choreographed across the channels and platforms they prefer, in a way that feels relevant and human. At the same time, marketers are under tremendous pressure to deliver greater return-on-investment, often with smaller teams,” said Bill Magnuson, Cofounder and CEO of Braze. “More than ever, it's important for brands to invest in effective tools that enable teams across an organization to combine efforts to quickly reach shared goals. With the right tools, strategies, and expertise, brands can create meaningful experiences that delight consumers, drive value and loyalty, and drive long-term revenue growth.”\n\nKey findings from the report include:\n\nThe rise of retention as a strategy for marketers to defend their base\n\nThe report shows that brands are increasingly focused on defending their base, which is no surprise given the current environment. By pivoting to a retention-led strategy, marketing leaders acknowledge that delivering customer value helps build brand value and loyalty over time — and marketers are prioritizing their spend accordingly. In 2022, 45% of brands said they spent more than half of their marketing budget on retention, up from 33% in 2020. Over the past three years, Braze has seen a 36% rise in the percentage of surveyed companies that are investing the majority of their marketing budget in connection with customer retention. And overall, data shows 83% of the surveyed global companies say that their marketing budgets will actually incr...