New Research from Braze Reveals Critical Insights on Craft of Customer Engagement and How that Helps 85% of Top Brands Surpass their Revenue Goals
February 27 2024 - 9:00AM
Business Wire
Braze Customer Engagement Review shows how top
brands are embracing AI, new channels, and data agility
Braze (Nasdaq: BRZE), the leading customer engagement platform
that empowers brands to Be Absolutely Engaging™, today released its
fourth annual Global Customer Engagement Review, examining customer
engagement trends over the past year. The report dives into the
evolving world of customer engagement, uncovering what marketers
need to know—from the rise of new AI tools, to the challenges
associated with supporting truly cohesive experiences across
platforms and channels. Also included is the Braze Customer
Engagement Index which assesses the maturity of brands in terms of
their customer engagement activities—showing that 85% of brands
that successfully embrace the craft of customer engagement to power
first-party relationships exceeded their revenue goals in 2023.
“Today’s marketers are facing growing expectations from an
increasingly connected consumer, who expects value in exchange for
their attention,” said Astha Malik, Chief Business Officer of
Braze. “Marketers are utilizing the power of AI to ignite
creativity and craft personalized experiences that resonate with
today’s consumer. And by tapping into valuable first-party data and
fostering cross-functional collaboration, marketers can transform
this data into captivating campaigns that build loyalty and
growth.”
This year’s report uncovered key trends, including:
Marketers are embracing AI, but can use it to more
effectively bridge the gap between creativity and ROI:
- Nearly all surveyed marketers (99%) are using AI in some
capacity and are interested in further exploring its full
potential. However, research found that marketers are also
struggling with many areas where AI can help, particularly when it
comes to creativity and strategy.
- Separately, a majority of marketers—98% to be exact—reported
issues that prevent them from being more creative and strategic,
with 41% of respondents claiming they lack the appropriate
technology to execute creative ideas, and 40% citing difficulties
demonstrating the ROI impact of creativity.
- The primary obstacles cited are spending excessive time on
routine execution and tasks (42%) and an overemphasis on KPIs which
restricts a focus on creativity (42%).
- Promising to see, many marketers recognize the promise of
AI—79% of respondents applaud AI’s ability to automate routine
tasks and free up time for creative thinking. Bridging the gap
between creativity and ROI with AI can help marketers push
boundaries while gaining a clearer view of their campaigns’
impact.
Creating personalized experiences requires a unified customer
view and first-party data agility:
- While new technologies have opened up engagement opportunities,
many brands lack a strategy that truly grasps who their customers
are by leveraging first-party data for personalization. Only 24%
are mapping customer behavior and sentiment and even fewer brands
(6%) apply customer insights to their product and brand
approach.
- However, there are signs that marketers are beginning to
improve the way first-party data is leveraged to better understand
customer behavior and use data to drive business outcomes, as 54%
of marketers aim to boost both upstream and downstream (e.g.
retention, monetization) metrics.
- With personalization more important than ever in driving
customer loyalty, marketers must have the necessary tools to
immediately access rich first-party data, understand where
customers are in their journey, and then quickly act on that data
to craft truly meaningful experiences at scale.
Consistent cross-channel messaging is the key to long-term
loyalty and retention
- The rapid global expansion of new channels also means marketers
have a big opportunity to focus on experience consistency and
cohesion. Only 37% of respondents say their brands have made
consistency a top priority, and 33% rely on multiple, isolated
point solutions to manually piece together a multi-channel
experience rather than a seamless cross-channel experience.
- Today's most successful brands are diversifying their channel
investments and prioritizing personalized, consistent messaging as
a way to build retention. By transitioning to cross-channel
customer journeys, brands can see a 6.5X uplift in purchases per
user compared to solely in-product messages (such as in-app
messages), according to Braze customer data.
The 2024 Global Customer Engagement Review also shares findings
across five different industries—financial services, health and
wellness, media and entertainment, QSR and delivery, and retail and
e-commerce—and case studies featuring e.l.f. Cosmetics, Joe &
the Juice, Second Dinner, Sonder, and Wealthsimple. Each industry
breakdown also features insights and tactics for how marketers can
uplevel their customer engagement strategy to drive retention and
business value.
Notable industry findings include:
- Top-performing financial services brands are 20% more likely to
sync across teams at least once a week and 25% more likely to use
multiple data sources to shape user campaigns. That puts them at
the forefront when it comes to collaboration and data agility and
contributes to overall performance in the financial services
sector, which was 25% more likely than other industries to greatly
exceed revenue goals last year.
- Retail and eCommerce brands rank highest in multiple channel
usage, relying especially on out-of-product channels like email and
SMS. These brands will have more resources for growth and
innovation in 2024 as retail and eCommerce brands are 75% more
likely to have their marketing budgets increase significantly this
year (the highest of any industry).
Read the full report and download the 2024 Global Customer
Engagement Review.
Survey Methodology
The Braze Customer Engagement Review survey was conducted by
Wakefield Research among 1,900 marketing executives with a minimum
title of VP, working at B2C companies with an annual revenue of
$10M across three global regions: The Americas (Brazil, Mexico, and
the US), APAC (Australia, Indonesia, Japan, New Zealand, Singapore,
and South Korea), and EMEA (France, Germany, Spain, the UAE, and
the UK). The survey was conducted December 5–15, 2023, using an
email invitation and an online survey. Global quotas of at least
100 respondents were set for each of the following industries: CPG,
financial services/FinTech, health and wellness, media and
entertainment, retail and eCommerce, and QSR and on-demand
food/beverage delivery.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding the anticipated performance of,
and benefits from, certain customer engagement strategies,
including those powered by the Braze platform and products. These
forward-looking statements are based on the current assumptions,
expectations and beliefs of Braze, and are subject to substantial
risks, uncertainties and changes in circumstances that may cause
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Further
information on potential factors that could affect Braze results
are included in Braze’s Quarterly Report on Form 10-Q for the
fiscal quarter ended October 31, 2023, filed with the U.S.
Securities and Exchange Commission on December 7, 2023 and the
other public filings of Braze with the U.S. Securities and Exchange
Commission. The forward-looking statements included in this press
release represent the views of Braze only as of the date of this
press release, and Braze assumes no obligation, and does not intend
to update these forward-looking statements, except as required by
law.
About Braze
Braze is the leading customer engagement platform that empowers
brands to Be Absolutely Engaging.™ Braze allows any marketer to
collect and take action on any amount of data from any source, so
they can creatively engage with customers in real time, across
channels from one platform. From cross-channel messaging and
journey orchestration to Al-powered experimentation and
optimization, Braze enables companies to build and maintain
absolutely engaging relationships with their customers that foster
growth and loyalty. The company has been recognized as a 2024 U.S.
News Best Technology Companies to Work For, is a 2023 UK Best
Workplace for Women by Great Place to Work, and was named a Leader
by Gartner® in the 2023 Magic Quadrant™ for Multichannel Marketing
Hubs and in The Forrester Wave™: Cross-Channel Marketing Hubs, Q1
2023. Braze is headquartered in New York with 10+ offices across
North America, Europe, and APAC. Learn more at braze.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240227698557/en/
Simone Illsley, Communications Manager press@braze.com
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