Twilio’s State of Customer Engagement report 2023 finds that…Real-time personalization is key!!!
Ok, so it’s no surprise that Twilio’s customers would want real-time personalization, this is after all their business model….. but their report does shed more light on how customers are spending their time online, how they are operating in highly transactional, “instantaneous” types of behaviors. They found that the future is bright for businesses that have a forward-looking plan to make the most of a highly personalized landscape without compromising on data safety and privacy.
- Consumers’ patience for impersonal experiences hits a low
66% of consumers say they will quit a brand if their experience isn’t personalized. - Real-time personalization improves customer lifetime value
86% of consumers say that personalized experiences increase their loyalty to specific brands. - Consumers want a faster transition to a cookieless future
95% of consumers want more control over their customer data, placing top priority on “identity data.” - Consumers trust brands less than brands realize
98% of consumers want brands to do more to guarantee the privacy of their data, as well as be more transparent about how their data is used. - Balancing security and customer experience is vital
42% of brands say that their top customer engagement challenge in 2023 is finding a balance between security and customer experience.
Brands and consumers agree: personalization is essential.
When leveraged well, precisely, and in real time, personalization delivers a better customer experience, changes consumer behavior, and builds loyalty. The result? Steadily increasing customer lifetime value (LTV). However, there is still a gap between what consumers and brands perceive as good personalization.
At its core, this is about how brands move beyond personalization itself and truly individualize customer engagement experiences — not just personalized product offers, but an end-to-end experience that is tailored to the individual.
Customer expectations around personalization are changing rapidly. What they considered “good” before 2020 no longer suffices. As consumer brands transition to a world where they are now direct-to-consumer (D2C) companies, bypassing retailers and other middlemen, a deep understanding of customers is essential.
Focusing on customer retention and loyalty is a smart way of doing more with less in a challenging economy.
To read the entire report click here: https://www.twilio.com/en-us/state-of-customer-engagement/
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