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According to the latest Twilio Segment Growth Report, businesses are adapting to the uncertain macroeconomic landscape by shifting their priorities from a “growth at all costs” mentality to driving long-term customer loyalty. 67% of marketers said they are focused on retaining current customers over acquiring new ones right now.
Because marketing budgets are often the first to be cut when a downturn hits, marketers are laser-focused on efficiency and profitability. In fact, 93% of businesses are taking steps to adapt to current macroeconomic conditions and plan for a recession. The most common step being taken is to focus on customer retention (43%). In addition, 57% noted that their companies are spending money on ineffective tools. So it’s no wonder that 83% of marketers are planning to consolidate their marketing tech stack within the next year. The solutions that make the cut will be the ones that are tried and true. 69% of marketers are leaning into channels with proven ROI.
First-party data for customer retention
Part of optimizing the marketing tech stack for profitability is making the most of existing customer data. This is especially important when you consider that 49% of marketers believe quality customer data is one of the most essential elements for driving growth. To gain a deeper understanding of their customers and help their business grow, 71% of businesses are working to better capture and use first-party data. (First-party data is data that comes directly from customers with their consent.)
Marketers who are getting ahead of Google’s 2024 third-party cookie ban are already reaping the rewards of first-party data. One in three organizations using customer data platforms (CDPs) to manage first-party data are reporting faster revenue growth and two-times higher customer satisfaction levels.
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Lowering customer acquisition costs and increasing lifetime customer value are the playbook for future-proof marketing. Finding success through this playbook requires the right technology and customer data.
Twilio Segment conducted this research through a survey developed by Method Research and distributed by Cint. It surveyed 1,300 marketing and CX leaders from the United States and the United Kingdom.
Read the full report from Twilio.
