braze BAFvw Monetization in Action
Product Information
Specifications:
- Product Name: Monetization Program
- Functionality: Turning customer engagement into revenue and profit
- Key Features: Conversion optimization, recurring revenue strategies, lifetime value enhancement
Product Usage Instructions
Introduction to Monetization Program:
The Monetization Program is designed to help businesses turn customer engagement into revenue and profit by focusing on creating value and inspiring customer actions that lead to increased sales and long-term customer relationships.
Conversion:
Conversion involves using marketing strategies to encourage customers to complete specific actions that result in revenue generation for the business. It is essential for driving growth and profitability.
Monetization Strategies:
The program includes smart monetization strategies that go beyond short-term wins to create long-term value for the business. This includes direct sales growth, recurring revenue models, and building stronger lifetime value through repeat behaviors.
Cross-Industry Challenges:
The program addresses challenges such as accurate measurement of monetization impact, compliance with data privacy regulations, and overcoming content overload in a competitive digital landscape.
Frequently Asked Questions (FAQ)
- Q: How can I measure the success of my monetization efforts?
A: Utilize reporting and analytics tools provided with the program to track conversions, revenue impact, customer retention, and more. These insights will help you understand the effectiveness of your strategies. - Q: What is the importance of compliance with data privacy regulations?
A: Compliance with regulations like GDPR and CCPA is crucial to build trust with customers. By being transparent about data collection and prioritizing zero-party data, you can fuel experiences that drive conversions while respecting privacy. - Q: How can I create engaging campaigns in a crowded digital space?
A: Focus on smart segmentation to deliver relevant content, set frequency caps to avoid overwhelming customers, and optimize send times for maximum user engagement. These strategies will help your campaigns stand out and drive action.
Monetization in action
Turning engagement into revenue and profit
Introduction
It doesn’t matter how big your audience is or how many users engage with your company on a daily basis if that customer interest doesn’t impact the bottom line. That’s why brands need to go beyond traditional messaging and engagement efforts and provide the kind of value that inspires completed transactions, repeat purchases, and increased lifetime value (LTV).
Building an effective conversion and monetization program is a foundational part of customer XX engagement, delivering positive outcomes, driving growth, and fueling long-term customer retention. Monetization isn’t only a matter of money changing hands. It’s a reflection of the value that customers find in your brand.
When customers take high-value actions, that boosts brand revenue and profitability
Conversion
Successfully using marketing…
Smart monetization isn’t one and done
From short-term wins to long-term value, monetization touches every part of your business and can strengthen customer relationships. 
Direct sales growth
A well-structured monetization program can lead to increased sales and better showcase the value of your products through targeted promotions, upselling, and cross-selling opportunities. 
Recurring revenue
Converting free users to paid subscribers and turning casual browsers into loyalty program members deepens relationships and creates consistent revenue streams that brands can depend on for the long run.
Stronger lifetime value
From subscription renewal messages to cross-channel messaging campaigns, next-level monetization efforts don’t just inspire one-off purchases, they drive repeat behaviors that benefit businesses over time. 
Cross-industry monetization challenges
Measurement and attribution
Accurately measuring the impact of monetization efforts and attributing conversions to specific campaigns is difficult, but it’s an essential part of determining which strategies are amplifying revenue. Recommendation for marketers Reporting and analytics tools enable brands to more easily determine business impact and see how specific efforts are affecting conversions, revenue, retention, and more. 
Compliance and privacy concerns
With increasing data privacy regulations (e.g., GDPR, CCPA), marketers must be transparent about how customer data is collected, stored, and utilized while still gaining insights needed to fuel the experiences that inspire conversions. Recommendation for marketers Prioritize gathering zero-party data—data customers intentionally share—through polls, preference centers, forms, and surveys, then use these insights to support monetization. 
Content overload
In a crowded digital landscape, standing out can be a challenge. Marketers must create compelling campaigns that capture attention and encourage action without overwhelming recipients. Recommendation for marketers Lean into smart segmentation for maximum relevance, frequency capping to avoid messaging overload, and send-time optimization to reach users when they’re most likely to engage.
The most common monetization use cases
Certain monetization issues come up time and time again. Here’s how to tackle them. Explore more complex use cases here. 
Abandonment campaigns
- 70% of digital transactions are never completed, making abandoned cart reminders an ideal use case for monetization.
- Braze research reveals using web push notifications to remind users about in-progress transactions can increase results by up to 53%, while adding GIFs to these campaigns can boost conversions by 1.3X.
Upsell campaigns - When marketers understand each individual’s behaviors, they can create personalized upsell flows that demonstrate value and inspire users to upgrade to premium products or increase order sizes.
- According to Braze research, using Connected Content, custom filter triggers, deep links, Intelligent Timing, and API-triggered campaigns can help increase upsell conversions by as much as 7.5X.
Free-to-paid subscription campaigns
- For companies with a subscription model, nudging users to upgrade from a free account to a paid plan drives stronger long-term results.
- Streaming service provider Peacock created a campaign that leveraged behavioral segmentation to target the users most likely to upgrade. This approach increased upgrades from free-to-paid subscriptions by 6%.
When monetization falls short
Identifying the right monetization use cases is key—but many brands run into issues as they work to implement and optimize them.
Let’s explore six common reasons that monetization efforts might fall short and how marketers can respond effectively.
- Not educating new users
Problem:
When brands fail to explain the benefits of their products and services from the initial customer interaction, that’s a missed opportunity to help customers see the value as early as possible.
Solution:
Inform first-time customers about your value proposition and use cases from the beginning, taking advantage of every touchpoint—including owned channels and all your digital platforms. - Not leveraging both in-product and out-of-product messaging
Problem:
Not all marketers are taking advantage of the full range of channels at their disposal, risking disjointed experiences and missed coversion opportunities. Together, in-product channels (like in-app and in-browser messages) and out-of-product messaging channels,(such as email, SMS, WhatsApp, and push notifications) can supercharge a brand’s monetization efforts.
Solution:
For the best results, use in-product messaging to guide new users through their buying journeys to complete a successful checkout. Plus, out-of-product messaging can encourage users to recover (and complete) abandoned carts as well as return for repeat transactions and keep your brand top of mind. - Neglecting to incentivize referrals
Problem:
Customer referrals help control acquisition costs and boost lifetime value, but many companies lack effective referral programs. Without a well-designed program, referring customers may not find it worthwhile to share a brand’s products and services, and referred prospects may not see the benefits of becoming customers.
Solution:
Gamifying the referral process can help brands more effectively monetize both new and returning customers and unlock more value compared to other types of acquisition channels and efforts. How? By making it fun for both customers who share a company’s products and services with connections and the new users who become customers as a result of being referred. - Failing to properly upsell customers
Problem:
Too often, brands lack the appropriate customer insights to personalize their upsell campaigns. For instance, a travel brand is more likely to encourage add-ons if they know the reason for a customer’s trip.
Solution:
By understanding customers’ motivations and behaviors using effective data collection and personalization strategies, companies can use these insights to create tailored upsell campaigns that achieve stronger results. - Prioritizing short-term outcomes over LTV
Problem:
When brands prioritize sending high-volume campaigns to elevate top-of-funnel metrics like conversion rates and average order value (AOV) without considering the bigger-picture, higher-value, bottom-of-funnel KPIs like retention and lifetime value (LTV) can suffer.
Solution:
Poor engagement can result when brands implement short-sighted tactics that lead to long-term cannibalization. Instead, ongoing engagement and lifetime value should be the goal. That’s possible when brands execute monetization efforts that consistently deliver value for the customer. - Lacking a thoughtful lifecycle strategy
Problem:
It can be tempting to prepare batch-and-blast style monetization campaigns that can be sent to everyone on your company’s subscriber list. However, even if this approach does lead to a revenue bump in the short run, it isn’t sustainable
over time.
Solution:
For a more sophisticated strategy, brands should instead craft personalized customer lifecycle campaigns that are responsive to real-time behavior and interests to realize lasting outcomes. For instance, that could look like paywall prompts sent to trial account holders who attempt to use a premium feature.
Tips for troubleshooting:
Lean into testing capabilities to identify winning tactics and harness predictive AI capabilities like Intelligent Timing, Intelligent Channel, and Intelligent Selection to optimize campaigns for customers at the 1:1 level Regularly review monetization campaign performance against both top-of-funnel and bottom-of-funnel metrics to accurately assess the full impact Identify opportunities to layer in additional personalization to increase campaign relevancy and support stronger customer LTV and retention
4 steps to sustained monetization success
Once you’ve addressed these potential pitfalls, it’s time to think about the future. With the right approach, you can set up your monetization efforts for success over the long haul.
At its core, effective monetization is about nudging users to take high-value actions—that supports increased revenue, but it also boosts new user activation and drives stronger retention over time.
But to persuade users to reach key milestones on the journey from being one-off purchasers to repeat customers, brands need to take four key steps and
leverage automation tools like BrazeAIᵀᴹ to carry them out in efficient, scalable ways.
Use customer data to personalize experiences more effectively
Personalization is one of the ultimate monetization levers for customer engagement; it can result in an average 10-30% revenue uplift.
Embrace responsive orchestration
Use automated orchestration tools to create, define, and trigger personalized user experiences based on specific customer actions, encouraging them to complete even more high-value actions.
Harness the power of cross-channel
Leverage in-product messages and out-of-product messages together to boost LTV by as much as 94%.
Replace time-based scheduling with real-time messaging
Action-based campaigns triggered by specific user actions, such as signing into their account, boost transactions by 9X.
Use customer data to personalize experiences more effectively
- Being responsive to customer signals and tapping these insights to personalize experiences can pay off in a big way.
- Intelligent Timing, one of the Braze platform’s machine learning-driven intelligence capabilities, can increase performance for loyalty messaging campaigns by 6.7X. Learn more about the impact of customizing campaign content selection, responsive customer journey paths, and send-time optimization.
How KFC Trinidad and Tobago increased average lifetime revenue by 9.37X
With a goal of better using their customer data to ignite sales, KFC Trinidad and Tobago partnered with Braze to leverage their customized events and attributes to create automated lifecycle campaigns aligned to their monetization KPIs. They launched a series of campaigns that engage users with personalized content, including a mobile welcome series that resulted in an increase in average lifetime revenue by 9.37X, with the campaign accounting for 10% of their average daily CRM revenue.
Key Takeaways
- Use data to understand customers and act on those insights to create messages that resonate—and drive revenue.
- Target and tailor campaigns to specific stages of the lifecycle.
Embrace responsive orchestration
Guide users down the specific monetization journeys you’d like them to take with Canvas, the Braze platform’s dynamic, drag-and-drop, personalized customer journey orchestration tool. You define the desired outcomes, timeframe, prioritization, and triggers that encourage the actions best aligned to a customer’s stage in the lifecycle, resulting in more effective monetization outcomes.
How Blinkist converted users to paid subscribers with targeted customer journeys
When leading subscription brand Blinkist wanted to be able to effectively demonstrate the value of purchasing a premium subscription to the brand’s free users, they leveraged the Braze platform’s Action Paths. By sending their users down different customer journey paths based on their region, language, and customer segment, they showcased the value proposition associated with a paid Blinkist subscription that was most relevant to each individual at scale. Ultimately, this approach resulted in a 64% increase in subscription purchases.
Key Takeaways
- Lead with a value proposition at relevant moments to better convert free users into paying subscribers.
- Use personalized messaging to deliver the right content at the right moment fostering conversions and deeper, longer-lasting relationships.
Harness the power of cross-channel
The impact of using two messaging channels instead of just one for customer outreach can drive huge returns for monetization, leading to a 2.8X increase in purchases per user, according to Braze research.
Plus, brands that use email alone to engage audiences can see gains by adding other channels to the mix. Incorporating in-app messages, mobile push, and SMS to an existing email strategy can lead to 12.2X more purchases per user compared to customers who receive email alone.
How Wealthsimple increased net deposits with cross- channel engagement
In search of a user-friendly solution to better activate, monetize, and retain their millions of clients at every stage of the lifecycle, Canadian money management platform Wealthsimple turned to Braze to create and scale automated, dynamic campaigns across a wide variety of in-product and out-of-product channels. Using a series of emails, in-app messages, and Braze Content Cards™, the team launched a campaign incentivizing clients to transfer a certain amount of assets into their Wealthsimple accounts in exchange for a new phone that led to a record month in net deposits and a 40% lift in quarterly deposits.
Key Takeaways
- Your tech stack needs to make things easier: Wealthsimple’s transition to Braze underscores the importance of easy-to-use tools for effective customer engagement.
- Know your differentiators: Wealthsimple used messaging to demonstrate they live up to their values.
Replace time- based scheduling with real-time messaging
Campaigns triggered by customers completing key actions ensure more personalized experiences that accelerate conversions.
Switching from time-based, scheduled delivery to action-based delivery or API-triggered delivery can boost conversion rates by as much as 1.6X and 2.4X, respectively.
How MoneySuperMarket upgraded to real-time messaging to achieve a 25% conversion rate
Looking to replace a sluggish messaging platform, British price comparison service MoneySuperMarket teamed up with Braze so they could send real-time campaigns in response to user activities. By making this switch, they were able to connect their content recommendation engine and data warehousing systems and deploy personalized content automatically, resulting in hyper-relevant, cross-channel experiences and an impressive 25%conversion rate.
MONEY SNMARKET
Key Takeaways
- Real-time messaging is an incredibly powerful way to keep customers engaged throughout their journey.
- Communicating with users when they’re primed to take action makes their experience feel personal and valuable.
Conclusion
- Successful customer engagement can result in increased revenue, profit, and customer lifetime value.
- By experimenting with different monetization use cases and optimizing efforts through the power of AI, cross-channel, personalization, and real-time messaging, brands can
- accelerate outcomes and reap the advantages of advanced monetization.
- Ready to take your monetization efforts to the next level?Check out the Braze Inspiration Guide, which is packed with 50 customizable campaigns designed to fuel customer activation, monetization, and retention, then explore our customer engagement journey path for insight into crafting relevant customer-centric journeys.
Get in touch to learn more.
Connect
Braze is a leading comprehensive customer engagement platform that powers interactions between consumers and brands they love. With Braze, global brands can ingest and process customer data in real time, orchestrate and optimize contextually relevant, cross-channel marketing campaigns and continuously evolve their customer engagement strategies. Braze has been recognized as one of Fortune’s 2023 Best Workplaces in New York, 2023 UK Best Workplaces for Women by Great Place to Work, and Fortune’s 2022 Best US Workplaces in Technology. The company is headquartered in New York with 10+ offices across North America, Europe, and APAC. Learn more at braze.com
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braze BAFvw Monetization in Action [pdf] Instruction Manual BAFvw Monetization in Action, BAFvw, Monetization in Action, in Action, Action |
