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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