Necessity Of Business Is Either Maintaining Existing Customers Or Acquiring the New Ones?

A new report from the Twilio Segment claims that businesses are expected to keep focusing on their current clients instead of adopting new customers.

Considering all the consequences of an unpredictable financial situation, 67% of marketers are way forward to reform the approach from growing the number of customers at any cost to fostering prolonged client loyalty. In short, they tend to be more concerned with maintaining their present clients than finding new ones.

This concern is associated with the frequent marketing expenditures that seem to be reduced firstly when a recession period occurs. Due to this reason, marketers are over-focused on two business factors of utmost importance; efficiency and profitability.

To combat the macroeconomic conditions that currently exist, 93% of firms are making preparations and sighting the required actions to take for the sudden upcoming recession. Firstly, 43% of them are concentrating on consumer retention. Secondly, through analysis, they have found that their companies waste money on useless equipment. Therefore, without any surprise, 83% of marketers intend to integrate their marketing technology revenue in the forthcoming year. 69% of marketers favor the platforms with the highest Return on Investment.

Making the most of current client data is one aspect of profitable marketing tech stack optimization. Since 49% of marketers agree that valuable and standard customer data is the basic driving force to accelerate the development of businesses, about 71% of companies are aiming to acquire and utilize first-party data to fully understand their consumers.

Many of you might be unaware of the phrase first-party data and its importance, so let’s discuss and examine it in detail. First-party data is information that your company personally obtains, maybe from customers or via cookies on your website. This type of data has to be collected and operationalized by businesses to adhere to rising privacy requirements. First-party data is crucial since it has the potential to significantly lower corporate expenses. Furthermore, it has a more reliable source of information for refocusing social media users, demographic segmentation, and even analyzing past purchases. The foremost important piece of data a company possesses is first-party consumer information. It enables you to develop more targeted marketing that develops close bonds with your target market. Additionally, it improves the power of your brand and the effectiveness of your company's operations.

In Conclusion, 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, one in three businesses claims quicker revenue growth and twice as the upper level of satisfaction with customers.

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by Arooj Ahmed via Digital Information World