At first glance, it may seem like the term “Total Economic Impact(TM)” should be said in a monster truck announcer voice. It’s got a nice cadence to it, it’s succinct, and I can almost hear the monster truck engines revving in the background. Are you starting to imagine the scene? Now, try saying “Total Economic Impact” in THE voice. You know what I’m talking about. See, it works, doesn’t it?
But then I reviewed the recent webinar, Total Economic ImpactTM of Twilio Messaging, with Philippe Poutonnet, VP Product Marketing Management at Twilio and guest speaker Stephanie Slate, Senior TEI Consultant from Forrester and read the study. I’ve changed my mind. I think that it’s far more like the plot of a superhero movie. So, before I fully convince you that you should commit to the monster truck rally fantasy, hear me out.
In addition to the webinar, Twilio commissioned Forrester Consulting to conduct a Total Economic Impact(™) (TEI) study. And it has all of the elements of a superhero movie that you might want to see. To me, Twilio Messaging stands out as the clear hero in this story while the Forrester Consulting study serves as the credible reporter who was on the scene. While Twilio fights off poor customer satisfaction and stagnating customer lifetime values, Forrester witnesses it and asks fellow bystanders for their take. Forrester’s tool? Methodical research. Twilio’s tools? Customer-centric philosophies and cutting-edge technologies (pew! pew!). This is our take on Twilio Messaging and the results of the Forrester Consulting study.
Messaging’s Origin Story
But first, let’s start with the tragic backstory, a classic superhero movie trope. It happens all over the world. You’ve likely been a victim to it. It’s…bad customer experiences. Unfortunately, customers have been dealing with customer service horror stories since the beginning of customer service. While it might seem like bad customer experiences are the villain here, it’s actually the crumbling foundations beneath the experiences that really play the role of “bad guy.” Too many organizations fight with costly undelivered messages, outdated technology, and compliance challenges that erode trust. Someone send up the bat signal!
The Secret Identity of Twilio Messaging
At first glance, Twilio Messaging is just a flexible messaging offering allowing organizations to deliver the right message on the right platform at the right time. The Forrester TEI study discovered that below that mild mannered façade, Twilio Messaging actually builds customer lifetime value!
According to the study, Twilio Messaging helped a composite organization representative of interviewed Twilio customers realize a 40% drop in customer care calls and deflect 15% of the remaining calls to text which saved $67,900 over three years. Fewer calls means that customers are satisfying their queries through messaging.
Because customers prefer to receive important information through messaging, more customers are opting into SMS marketing messaging. The study cites that 30% of customers opted into SMS marketing in Year 1, scaling up to 40% by year 3. Coupled with an increase of the conversion rate of Twilio SMS marketing messages to 5% by year 3, the Forrester study calculates SMS marketing with Twilio to be worth $328,000 in net margin from a total revenue attained of $3.2 million for the composite organization over three years.
Getting questions answered and building rapport through your customer’s preferred messaging platforms makes Twilio Messaging a customer lifetime value generator.
Efficient Communication’s Worst Enemy
Enemies are everywhere. That bat guy detests that comedian with the bad makeup. That cat gal abhors the bat guy. Organizations trying to communicate with customers despise wasting resources that lead to reduced profitability. Sure it doesn’t roll off the tongue, but what does roll off the tongue is that Twilio Messaging increased message deliverability by 3% versus the previous provider. That may not sound impressive, but it was found that deliverability improvements drove aggregated from interviewed companies’ total revenue by upwards of $14 million with a net margin benefit of $1.4 million over three years. In addition to that, Twilio Messaging offered improvements in productivity of IT developers, leading to an impact of $156,800 over three years. Boom! Pow! Take that inefficiency!
Save the Day with Twilio Messaging
Our trusty reporter, the Forrester study, also found that beyond quantifiable, monetary and efficiency gains, there were unquantified benefits that improved process, scalability, and morale. While some heroes merely respond to an urban metropolis’ call for help, Twilio Messaging actively anticipates the issues of organizations’ stakeholders and helps brands overcome them. Anticipation is the way.
According to the Forrester TEI study, Twilio Messaging was identified by interviewed organizations as a way to:
- Enhance speed to implementation.
- Increase scalability to new regions or higher volumes
- Strengthen compliance
- Improve customer satisfaction with real-time updates and data-driven personalization
- Ensure messages are delivered quickly and on time
Heroes Bring it Home
Super heroes might be faster than a speeding bullet, but Twilio Messaging can help organizations increase messaging delivery, improve productivity, enhance scalability, enrich employee engagement, improve customer satisfaction, and leverage data-driven personalization.
By choosing Twilio Messaging, you’re not just choosing a product that delivers messages, you’re bringing on a tool that can help improve the overall performance of your organization and customer satisfaction.