When it comes to making the most of your marketing budget, it's a bit like putting together a "dream team" with limited resources - it's not easy, but with good scouting, strategic player acquisitions and effective coaching, you can still compete with the big players in the market. Like any sports team, marketing campaigns require careful budget allocation, targeted investments in key areas and a clear strategy for success.
That's exactly why we're back today - with a brand new name and fresh insights to help you navigate the ever-changing landscape of digital marketing! Over the past three years, we've surveyed marketing experts across Europe to learn everything from industry trends to best practices.
In our latest edition – The State of Customer Experience 2023 – we dug even deeper to understand how companies are dealing with the unpredictable economic environment and how it is affecting germany phone number data their customer journey. We surveyed hundreds of e-commerce, finance, media, FMCG and other companies to find out what is working, what isn't, and what they are doing to stay ahead of the latest trends.
So, buckle up and get ready for fresh insights and expert advice!
1. E-commerce continued to grow in all regions in 2022
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Based on our Status Quo of Customer Experience 2023 survey, it appears that companies had a promising year in 2022, with 73% reporting an increase in revenue (compared to 66% in 2021 and 44% in 2020) and 30% exceeding their expected growth rates.
But what is driving this growth? Inflation and rising prices have played a significant role in shaping consumer behavior. However, some industries saw more growth than others. For example, the consumer goods (FMCG) industry exceeded growth expectations.
In retail, customers were particularly price-conscious and looked for deals and discounts, with many waiting until Black Friday to make major purchases. This trend was seen globally, with online transactions during the peak increasing by 4.8% year-on-year , higher than forecast.
2. Improved marketing technologies and team maturity are key factors in sales growth
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Investing in user-friendly marketing technologies can make a difference. Our survey found that 28% of senior business leaders attributed their increased sales growth to the use of improved marketing technologies.
Companies that invest in user-friendly technology not only improve their team's understanding of customer information, they can use it as an additional arm, especially for smaller teams, to improve the ability to deliver unique experiences for their customers.
For example, a Forrester Total Economic Impact study on Mapp Marketing Cloud identified a key qualitative benefit – the ability to understand customer insights. This would equip marketers with the confidence to navigate complexities and enable hyper-personalization. This, in turn, leads to greater team maturity and a deeper understanding of data, resulting in truly unique customer experiences that drive engagement and revenue growth.
3. Acquiring new customers will be at the top of companies’ priority list in 2023
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Acquiring new customers is once again the top priority for companies this year, as brands are operating with the same or higher budgets this year. But the traditional approach of investing more in paid channels is currently less of a priority. Due to rising cost per clicks (CPCs) and cost per acquisition (CPAs), companies are turning to first-party data and owned channels to drive customer acquisition. According to our State of Customer Experience in 2023 survey, 31% of companies plan to invest in acquiring new customers, while 30% plan to improve the use of tools and technology, and 14% plan to launch new marketing channels. Only 13% of companies plan to invest in customer retention.
It all ties together: By improving their tools and technology, marketers can better leverage their MarTech stack and pursue a first-party data strategy to collect and own data. This data can be used to optimize experiences on owned channels, while introducing new channels additionally improves the cross-channel experience and increases customer loyalty in the long term.