Customer Engagement Solutions To Grow At 12%

The customer engagement solution market is predicted to grow at a 12% rate, driven by the significant disconnect that seems to be prevalent between what customers want and how organizations are providing it, and the rate at which Asian customers are populating the market.

The Asian-Pacific region, considered to be the fastest region in the global customer engagement solutions market, has gained popularity through providing innovative technology that enable organizations to offer personalized experiences for their customers, which demonstrates how businesses are valuing the tremendous potential of customer engagement platforms and the benefits these platforms bring to the table.

According to Saurabh Madan, General Manager, Southeast Asia and Australia & New Zealand of MoEngage, an insights-led customer engagement platform trusted by more than 1200 global consumer brands, customer engagement in the years to come means that the impending death of third-party cookies is fueling the rise of first-party consumer data that brands can utilize to deliver the personalized experience their consumers demand.

“I believe the impact consumers will have will only continue to grow,” he said. “In line with this, consumers will have a greater say on what their preferences are and how they want companies to provide solutions to satisfy their demands and wants. Marketers must find creative ways to nurture their target demographic down the funnel. Using an insights-led approach to engagement will be crucial in propeling brands with right artillery to win the battle in a cookieless world.”

He added, “Similarly, given the dynamic nature of personalisation, I believe the implementation of AI and a multi-channel approach will become more prominent. Specific customer engagement trends are influenced to some extent by technological advancements. The digital world is constantly evolving, and it is critical that brands recognize these trends early on so that they can adapt and innovate accordingly.”

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With the integration of customer engagement platforms that provides organizations with greater clarity towards the brand-consumer relationship, this enables them to innovate with new ways in meeting customer demands and wants.

“By building customer loyalty, brands can differentiate themselves from competition,” he said. “Therefore, their market position will be strengthened through the ability to offer unique and relevant solutions, and building long-term relationships that can’t be easily replicated. Given the new challenges for brands in connecting with and understanding customers, navigating the evolving landscape is largely dependent on seamless integration of personalization aspects in their engagement approach which in turn necessitates the need for an insights-led engagement platform.”

How then can organizations best utilize customer engagement platforms while balancing user privacy, given that customer engagement is growing in this region?

Madan said that one of the biggest challenges organizations face is user privacy, which both consumers and governments are now increasingly aware of. Finding methods to implement first-party consumer data towards providing tangible experiences is integral for long-lasting success, he said.

“While the personalisation paradox of “too much or too little” has plagued marketers with sleepless nights in lieu of the customer’s perception of data-privacy, brands must look to educate their customers on this and create hyper-personalized micro-moments without crossing the line, ensuring a delightful customer experience,” he said. “At the end of the day, the priority for organizations should be to place focus on the customer. Furthermore, it is critical to constantly look for ways to build trust with customers so that they feel comfortable sharing useful insights that can be used in the customer engagement process.”

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Chris Layugan