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Digital Customer Engagement Drives Revenue Amid Uncertainty
[April 11, 2023]

Digital Customer Engagement Drives Revenue Amid Uncertainty


TMCnet News
 

Twilio (News - Alert)'s State of Customer Engagement Report for 2023 has revealed that investment in customer engagement continues to drive revenue growth and help companies meet their financial goals despite economic headwinds.



According to the report, investment in digital customer engagement increased brands' revenue by an average of 90%, up from 70% last year, even amid constrained resources and economic uncertainty. The data also indicates that effective customer engagement strengthens brands' ability to adapt to shifting market conditions and evolving consumer preferences.

The report is based on a survey of over 4,700 B2C leaders across the world, a parallel survey of more than 6,000 global consumers, and data from Twilio's own customer engagement platform. Twilio's research explores essential consumer trends around personalization, data privacy, and trust, highlighting the need for brands to leverage zero- and first-party data to improve customer experience and increase customer lifetime value.


The stakes of using data effectively are high, with 66% of consumers claiming they will stop using a brand if their experience is not personalized. Meanwhile, brands continue to overestimate how well they are meeting consumer expectations for communication preferences, protecting customer data privacy, and transparency around customer data usage. The report also found that consumer frustration with inconsistent digital experiences is growing, with 51% of consumers reporting being frustrated with their interactions over the past year.

Twilio divided B2C companies into three categories based on their customer engagement maturity: customer engagement leaders, framers, and beginners. Customer engagement leaders reported enormous benefits and increased revenue growth compared to those who have less advanced customer engagement strategies. The report is available as a web report with data available from 18 countries worldwide and as a comprehensive downloadable white paper.

Twilio has also announced a new solution, Segment Unify (News - Alert), that enables businesses to deliver hyper-personalized experiences to consumers. With Segment Unify, businesses can merge the complete history of every customer into a single unified profile and activate these complete profiles in their customer experience tools of choice. Brands like CrossFit, Sanofi, and MongoDB are already using this solution to power cutting-edge customer engagement experiences.


Edited by Greg Tavarez

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