New Report Helps Marketers Navigate a New Era in Customer Engagement and Highlights Opportunities for Improvement and Growth
Braze, a comprehensive customer engagement platform, today announced key findings from its inaugural “2021 Global Customer Engagement Review.” The review examines macro trends, defines what successful customer engagement looks like and identifies opportunities for brands to improve their strategies. The findings break down tactics that drive business goals—and revenue—across industries such as financial services, health and wellness, media and entertainment, QSR and delivery, and retail and ecommerce. In addition, each industry breakdown features a case study from a leading brand, including GOAT, Grubhub, Headspace, Payomatic, and the National Basketball Association (NBA) demonstrating the tangible success that comes with industry-leading customer engagement strategies.
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“Through the tumultuous environment of the last year, the leading factor that separated the brands that merely survived from those that thrived was the ability to nurture and strengthen their customer relationships through contextualized engagement,” said Bill Magnuson, Cofounder and CEO of Braze. “We now have the data to back up what we always knew intuitively–that excellent customer engagement directly results in higher customer lifetime value and lower acquisition costs, driving efficient and durable business growth.”
As part of the review, Braze also developed the Customer Engagement Index, a framework assessing brands against 12 competencies across two key axes—technology and teams. Braze then indexed each brand based on these factors to distribute them across three maturity stages, putting forward a model for best-in-class customer engagement. The findings revealed two notable areas that companies with mature engagement practices had mastered: experimentation and channels. In order to succeed, these brands embrace a culture of experimentation across a wide variety of channels.
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The review uncovered several key findings:
More Brands Will View Customer Engagement as Critical to Business Growth
Most brands understand that providing excellent customer experience is critical to building loyalty and retaining customers. However, the review also found that there is a direct correlation between the level of customer engagement a brand provides and business growth. Marketers who rated their own practices as “excellent” were more likely than those who rated it as “poor” to hit their revenue goals. Mirroring this trend, 56% of brands who earned the highest ranking in the Braze Customer Engagement Index surpassed their revenue goals as well.
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