Report: In face of recession, 67% of businesses skip customer acquisition, turn to customer retention

by | Nov 21, 2022 | Technology

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According to the latest Twilio Segment Growth Report, businesses are adapting to the uncertain macroeconomic landscape by shifting their priorities from a “growth at all costs” mentality to driving long-term customer loyalty. 67% of marketers said they are focused on retaining current customers over acquiring new ones right now.

Because marketing budgets are often the first to be cut when a downturn hits, marketers are laser-focused on efficiency and profitability. In fact, 93% of businesses are taking steps to adapt to current macroeconomic conditions and plan for a recession. The most common step being taken is to focus on customer retention (43%). In addition, 57% noted that their companies are spending money on ineffective tools. So it’s no wonder that 83% of marketers are planning to consolidate their marketing tech stack within the next year. The solutions that make the cut will be the ones that are tried and true. 69% of marketers are leaning into channels with proven ROI.

First-party data for customer retention

Part of optimizing the marketing tech stack for profitability is making the most of existing customer data. This is especially important when you consider that 49% of marketers believe quality customer data is one of the most essential elements for driving growth. To gain a deeper understanding of their customers and help their business grow, 71% of businesses are working to better capture and use first-party data. (First-party data is data that comes directly from customers with their consent. …

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