Empowering Marketers with Actionable Insights for Superior
Customer Engagement Strategies
Summary:
MoEngage released its Customer Engagement Benchmarks Report for
2024 today, focusing on the USA
and Canada. This comprehensive
analysis, derived from over 20 billion data points and insights
from thousands of consumers, marketers, and leading enterprise
brands reveals crucial trends and strategies for optimizing
marketing campaigns through personalized, omnichannel customer
experiences.
SAN
FRANCISCO, May 16, 2024 /PRNewswire/ -- MoEngage®, a
leading insights-led Customer Engagement Platform, has released its
annual Customer Engagement Benchmarks report - North America edition, for 2024.
After analyzing extensive data, the report offers vital insights
and benchmarks for VPs, CMOs, and marketing stakeholders aiming to
improve their marketing efficiency and Return on Investment
(ROI).
The report demonstrates the following:
- The significant impact of behavior-based and journey-based
personalization on the performance of channels such as email, push
notifications, and SMS.
- How personalized marketing can skyrocket delivery rates, open
rates, CTORs/CTRs, conversion rates, and overall campaign
performance across different industries.
- Best practices for brand marketers to optimize and personalize
their omnichannel strategy.
These insights are based on leading enterprise customers of
MoEngage such as Publishers Clearing House, Poshmark, Loblaw
Companies, Audiomack, Inc, Soundcloud, Payactiv, and Lendmark
Financial Services.
Key takeaways from the report include:
- 67% of consumers are comfortable with brands using their data
in order to offer a more personalized experience.
- Across industries, personalized emails based on customer
journey and behavior can achieve conversion rates (CVRs) of up to
93.3%, dramatically outperforming generic messaging.
- Behavior-based push notifications on iOS and Android devices
see up to 35.8% and 16.2% CVRs, respectively, marking substantial
improvements over non-personalized approaches.
- SMS personalized using customer behavior insights can lead to a
7.6% CVR, which is 1.3X of generic, broadcast SMS, showcasing the
effectiveness of personalized communication.
Aditya Vempaty, Head of Marketing for MoEngage, North America, explains that the report
showcases encouraging data to support the case for personalization
in customer communications.
"Our report, drawing on data from over 3,000 customers,
illuminates pivotal trends such as the impactful role of behavior
and journey-based personalization across vital channels like email,
SMS, and push notifications. Highlighting how personalized
strategies can lead to conversion rates up to 93.3%, we provide B2C
marketers with actionable insights and best practices to
significantly enhance their ROI and deepen customer engagement
through tailored communications." - Aditya Vempaty, Head of
Marketing, MoEngage North America
To further deconstruct the report's insights, MoEngage partnered
with The Marketoonist, Tom
Fishburne, and Publishers Clearing House's AVP of Digital
Marketing, Eve Fish, for an
insightful webinar, ahead of the report launch which is now
available on demand.
The webinar underscored the insights gleaned from the report
while concluding that the effectiveness of traditional
personalization methods, which rely on demographics or first names,
is now insufficient. What has proven to be effective is
personalization based on the customer's behavior and tailoring
messages based on their stage in the buying process.
"Marketers have always chased the holy grail of delivering the
right message to the right person at the right time. But much of
today's personalization falls flat, stymied by data collection,
organizational silos, and misguided assumptions. Bad
personalization can be worse than no personalization." -
Tom Fishburne, Marketoonist
The data suggests that, to successfully implement these advanced
personalization strategies, it is crucial to have a deep
understanding of the customer's preferences and a reliable customer
engagement platform that enables seamless execution of these
strategies.
"The essence of personalization at scale is to determine the
'who,' 'what,' 'where,' and 'when' for every communication to
maximize conversion events. With our extensive zero-party data from
over 38 million fully authenticated customers spanning multiple
marketing channels, we recognize the need for a robust customer
engagement platform like MoEngage to execute millions of unique
experiences. MoEngage equips us to seamlessly orchestrate,
automate, and predict outcomes so that we optimize engagement
daily." - Eve Fish, AVP of
Digital Marketing, Publishers Clearing House
You can access the report here: Customer Engagement
Benchmarks Report 2024: North
America
About MoEngage:
MoEngage is an insights-led Customer Engagement platform that
empowers marketers and product owners with AI-driven insights to
create omnichannel experiences that resonate with consumers. By
leveraging real-time analytics and AI, MoEngage enables brands to
execute personalized campaigns that significantly improve user
engagement and retention.
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SOURCE MoEngage