Omdia’s 2022 report reviews how the Customer Engagement Platform (CEP) market is growing. Additionally, it assesses the tremendous value in implementing CEP solutions, and what this can provide for organisations.
Twilio has been ranked as a “Customer Engagement Platform” leader. They have been given the highest CX ranking for Omdia’s CEP offering.
For companies to thrive in the digital area, they must rethink strategies around customer interactions. Omdia says “it is critical that companies look at how to implement solutions to place customers at the centre of everything. We are impressed with Twilio’s CEP, and how their customers are seeing immediate value.”
In its report, Omdia states, “Twilio’s approach (to a CEP) differs as it automatically creates data building blocks that help intersect and automate conversations across customer journeys. Twilio Segment, the company’s Customer Data Platform (CDP), serves as the data engine to drive such real-time engagement.”
Why implementing a CEP is vital…now
How people interact with brands has changed forever. Today, there’s no doubt that experiences have become “digital-first”. This requires businesses to not only review how they engage with customers at every interaction; but it’s critical for brands to truly understand their customers preferences and needs. The more personalised the engagement is with customers, the higher the ROI.
Personalisation is key for customer engagement and business success
In Twilio’s State of Personalisation Report 2022, thousands of businesses and consumers globally were surveyed to uncover key trends. This included those within personalisation, first-party data, privacy, and consumer loyalty. Research suggests that personalisation is no longer something nice to have, but a must for any business.
- 75% of business leaders say personalisation is table stakes for digital experiences.
- 60% of consumers are likely to become repeat buyers after a personalised experience.
- Organisations see, on average, a 70% increase in revenue when investing in customer engagement tools, according to Twilio’s 2022 State of Customer Engagement Report.
Omdia’s recent ‘Selecting a CEP’ report explained how these CEPs are at the forefront of realising benefits to businesses and government organisations across the globe. Successful customer engagement only happens when customers can interact with businesses. This is across whichever channels (digital or otherwise) they choose to achieve their desired outcomes.
Businesses can drive personalised real-time customer engagement at scale. This is by collecting, governing, and activating data, and managing customer data from all enterprise systems. Typically, this uses a Customer Data Platform (CDP). According to Omdia’s 2021 ‘Insights in Customer Engagement Technology’ report, 62% of enterprises are at risk of alienating their customers. Alienation comes at the prices of not delivering insightful and relevant experiences.
Move from transactions to relationships
Today, organisations are doing all they can to build brand ambassadors. In order to do that, three things must happen:
- Customers must feel understood.
- Rather than focus on transactions, brands must mentor their customers in ways that add value and growth to their journey.
“Today, businesses have an opportunity to build direct, lasting relationships with their customers in a trusted and secure way. With the millions, if not billions, of consumers out there, businesses must rely on technology. This’ll build better customer experiences at scale using insights from first-party data; creating personalised, real-time customer engagement.“ – Jeff Lawson, CEO of Twilio
Far beyond the applications and omnichannel communications of yesterday, we’re now in the engagement economy. The brands that collect trusted first-party data, know their customers intimately, and tailor the best engagement experiences for their customers, will win.