59% of Marketers Reveal Up to Half of Company Revenue Is Driven by Returning Customers, Spectrm's B2C Customer Retention Report Finds

NEW YORK, July 18, 2023 (Newswire.com) - Spectrm, the conversational marketing platform businesses use to automate one-to-one conversations with consumers on messaging channels, has released the findings from their "State of B2C Consumer Retention" report. 

This survey taps into the collective insight of 300 marketers worldwide, responsible for the critical function of customer retention, providing an overview of their current strategies, challenges, and future priorities within the industry. The report aims to bring transparency to the evolving dynamics of customer retention, revealing what's working in today's market and where improvements can be made. 

Commenting on the findings, Max Koziolek, CEO of Spectrm, said: "The findings of this report depict the current state of B2C consumer retention and illustrate the trajectory we're on. Understanding these insights is crucial as they help businesses navigate an increasingly complex consumer landscape, optimize their strategies, and ultimately, foster longer-lasting relationships with their customers."

Key findings include: 

• For 86% of respondents, customer retention is more important today than a year ago
• 59% say returning customers constitute a quarter to half of the company's revenue
• 90% say their retention tech is generating a positive ROI
• 63% say managing high expectations is a major challenge, in addition to managing customer churn, managing limited budgets and resources, managing customer data, and managing a fragmented customer journey
• Understanding customers is their top priority this year 
• Social media is the most effective customer retention channel

The report serves as a resource for businesses looking to plan their strategies, allocate resources more effectively, and overcome obstacles in their path to retaining valuable customers in 2023 and beyond. 

To download a full copy of the report, please visit: https://spectrm.io/resources/report-state-of-b2c-customer-retention/

About Spectrm

Spectrm is the no-code conversational marketing automation platform for brands to convert customers on messaging channels. Spectrm chatbot analytics, marketing automation solutions and conversational AI make it easy to personalize customer experiences at scale. To learn more, visit spectrm.io. 

Source: Spectrm