Report: In the Face of the Recession, 67% of Companies Ignore Customer Acquisition and Turn to Customer Retention

Report: In the Face of the Recession, 67% of Companies Ignore Customer Acquisition and Turn to Customer Retention

Check out the on-demand sessions from the Low-Code/No-Code Summit to learn how to successfully innovate and gain efficiencies by improving and scaling citizen developers. look now.


According to the latest Twilio Segment Growth Report, businesses are adapting to the uncertain macro landscape by shifting their priorities from a “growth at all costs” mentality to long-term customer retention. 67% of marketers said they are focused on retaining current customers rather than acquiring new customers right now.

Since marketing budgets are often the first to be cut in a downturn, marketers focus on efficiency and profitability. In fact, 93% of businesses are taking action to adapt to current macroeconomic conditions and prepare for a recession. The most common step is to focus on customer retention (43%). Additionally, 57% noted that their companies spend money on inefficient tools. It’s no wonder, then, that 83% of marketers plan to consolidate their marketing technology stack in the next year. The solutions that will make the difference will be those that have proven themselves. 69% of marketers lean into channels with proven ROI.

First party data for customer retention

Part of optimizing the marketing technology stack for profitability is making the most of existing customer data. This is especially important when you consider that 49% of marketers believe that quality customer data is one of the most essential elements for driving growth. To gain a better understanding of their customers and help their business grow, 71% of companies are working to better capture and use first-party data. (First-party data is data that comes directly from customers with their consent.)

Marketers anticipating Google’s 2024 ban on third-party cookies are already reaping the rewards of first-party data. One in three organizations using customer data platforms (CDPs) to manage first-party data are seeing faster revenue growth and twice as high customer satisfaction levels.

Event

Smart Security Summit

Learn about the critical role of AI and ML in cybersecurity and industry-specific case studies on December 8. Sign up for your free pass today.

Register now

Reducing customer acquisition costs and increasing customer lifetime value are the cornerstones of long-lasting marketing. Succeeding with this playbook requires the right technology and the right customer data.

Twilio Segment conducted this research through a survey developed by Method Research and distributed by Cint. She surveyed 1,300 marketing and CX managers from the US and UK.

Read Twilio’s full report.

VentureBeat’s mission is to be a digital public square for technical decision makers to learn about transformative enterprise technology and conduct transactions. Discover our Briefings.

Leave a Reply

Your email address will not be published. Required fields are marked *