Thank you for Subscribing to Business Management Review Weekly Brief
I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info
Thank you for Subscribing to Business Management Review Weekly Brief
By
Business Management Review | Wednesday, November 23, 2022
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.
FREMONT, CA:According to the most recent Twilio Segment Growth Report, businesses are changing their goals from a growth costs approach to fostering long-term client loyalty as a response to the uncertain macroeconomic situation. 67 per cent of marketers reported that they are currently more concerned with keeping their present clients than finding new ones.
Because marketing expenditures are sometimes the first to be reduced when a recession occurs, these factors are of utmost importance to marketers. In actuality, 93 per cent of businesses are preparing for a recession and the current macroeconomic conditions. The most frequent action is concentrating on customer retention (43 per cent). Additionally, 57 per cent of respondents said their organisations waste money on useless tools. Therefore, it should be no surprise that 83 per cent of marketers intend to consolidate their marketing technology stack within the next 12 months. The tried-and-true solutions are those that will be chosen. 69 per cent of marketers favour the channels with the highest ROI.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
First-party Data for Customer Retention
One aspect of profitable marketing tech stack optimisation is making the most of current client data. This is especially significant given that 49 per cent of marketers think high-quality consumer data is one of the factors most crucial to fostering growth. 71 per cent of companies aim to better acquire and use first-party data to better understand their customers and support business growth.
First-party data is already paying off for marketers who are ahead of Google's 2024 ban on third-party cookies. When managing first-party data using customer data platforms (CDPs), one in three businesses claims faster revenue growth and twice as high customer satisfaction levels.
Future-proof marketing focuses on reducing client acquisition costs and raising lifetime customer value. Utilising this playbook successfully requires the correct technology and client information.
More in News