Banzai Adds 179 Customers in August 2024 as New Technology Improvements Drive Growth

Rhea-AI Summary

Banzai International, Inc. (NASDAQ: BNZI) reported strong organic growth in August 2024, adding 147 new customers and bringing the total to 1,434 for 2024. This includes 981 new and 453 reactivating customers, with a 24% improvement in new customer acquisitions compared to the previous year. Notable additions include Cisco, Sprinklr, Globe Life Insurance, and LoanDepot.

The company's AI-driven marketing technology platform continues to attract leading companies across various sectors. CEO Joe Davy highlighted the addition of brands like Sage, Borealis Group, Millworks Analytics, and UConn. The Reach product, offering multi-channel outbound campaigns, gained 4 new customers in August. Banzai is focusing on platform enhancements, including new data sources, improved reporting, and expanded partnerships with HubSpot to support their 190,000+ customers.

Positive

• Added 147 new customers in August 2024, totaling 1,434 for the year
• 24% improvement in new customer acquisitions compared to the previous year
• Gained high-profile customers including Cisco, Sprinklr, Globe Life Insurance, and LoanDepot
• 65 customer reactivations, indicating long-term benefits and trust in Banzai's solutions
• Reach product gained 4 new customers in August
• Expanding partnerships with HubSpot to support their 190,000+ customers

Negative

• None.

Insights

Financial Analyst

Banzai's August 2024 performance shows promising growth with 179 new customers, a 24% improvement over the previous year. This organic growth, coupled with 65 reactivations, indicates strong product-market fit and customer retention. The expansion of their customer base to include major corporations like Cisco and Sprinklr suggests increasing market penetration. However, without specific revenue figures or financial metrics, it's challenging to gauge the monetary impact of this growth. The focus on AI-driven solutions and platform enhancements could potentially lead to improved margins and scalability, but investors should watch for concrete financial results in future reports to confirm this growth trajectory.

Tech Expert

Banzai's AI-powered demand generation platform is showing signs of technological advancement and market acceptance. The company's focus on expanding data sources, improving intelligence and enhancing reporting capabilities demonstrates a commitment to innovation. The mention of streamlining the Demio platform and improving CRM integrations indicates a strategic move towards better user experience and enterprise-level functionality. These improvements, particularly the multi-channel outbound campaigns feature in the Reach product, could provide Banzai with a competitive edge in the MarTech space. However, the true test will be in the platform's ability to deliver measurable ROI for clients, which isn't explicitly addressed in this announcement.

Market Research Analyst

Banzai's customer acquisition strategy appears to be yielding results across diverse sectors, including software, technology, healthcare and finance. The addition of high-profile clients like Cisco and LoanDepot suggests growing brand recognition and trust in Banzai's solutions. The 24% year-over-year improvement in new customer acquisitions is a positive indicator of market traction. However, the MarTech industry is highly competitive and Banzai will need to continue innovating to maintain this growth rate. The partnership expansion with HubSpot, which has a substantial customer base of 190,000+, could be a significant growth driver if executed effectively. Investors should monitor Banzai's ability to convert this customer growth into sustainable revenue and market share gains in the coming quarters.

Strong Organic Growth as Company Focuses on Scaling AI-Powered Demand Generation Platform

SEATTLE, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today announced the addition of 147 customers in August 2024, for a total of 1,434 in 2024, demonstrating strong organic growth and customer loyalty for its AI-driven platform of essential MarTech data, analytics, and data-driven applications.

In 2024, Banzai has added users including Cisco, Sprinklr, Globe Life Insurance, and LoanDepot. This includes 981 new customers and 453 reactivating customers. August 2024 new customer acquisitions improved 24% over the prior year period. Customers included leading companies in software, technology, healthcare, and finance utilizing Banzai’s platform to improve their marketing efforts and efficiently engage their pipeline.

“Thousands of customers are now relying on Banzai, and in August we welcomed brands including Sage, Borealis Group, Millworks Analytics and University of Connecticut (UConn) to our roster,” said Joe Davy, CEO of Banzai. “Especially validating were the 65 reactivations, highlighting the long-term benefits and trust our customers place in Banzai’s solutions, and our ability to provide exceptional service and continuous improvement.”

“Our Reach product, which can deploy multi-channel outbound campaigns, continues to gain traction with 4 new customers in August, as we continue to innovate and expand its offerings. Recent and ongoing enhancements to the platform provide new data sources, greater intelligence, better reporting and transparency as part of our strategy to empower customers to grow their businesses and achieve marketing success,” concluded Davy.

Melissa Mason, VP of Product, added, “With our strong customer acceleration, and as marketers need to deliver more growth with less resources, we are highly focused on delivering additional cutting-edge marketing technology solutions. Looking ahead, we are streamlining the room experience and increasing room size of our Demio platform, enhancing CRM enterprise-grade CRM integrations with HubSpot and Salesforce, and expanding partnerships with HubSpot to better support their 190,000+ customers.”

About Banzai

Banzai is a marketing technology company that provides essential marketing and sales solutions for businesses of all sizes. On a mission to help their customers achieve their mission, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Banzai customers include Square, Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific, Doodle and ActiveCampaign, among thousands of others. Learn more at www.banzai.io. For investors, please visit https://ir.banzai.io.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future,” “outlook,” and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the “Company’s”): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company’s ability to execute on its strategy. More detailed information about risk factors can be found in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.

Investor Relations:
Chris Tyson
Executive Vice President
MZ Group - MZ North America
949-491-8235
BNZI@mzgroup.us
www.mzgroup.us

Media
Rachel Meyrowitz
Director, Demand Generation, Banzai
rachel.meyrowitz@banzai.io

FAQ

How many new customers did Banzai (BNZI) add in August 2024?

Banzai (BNZI) added 147 new customers in August 2024.

What was Banzai's (BNZI) total customer count for 2024?

Banzai's (BNZI) total customer count for 2024 was 1,434, including 981 new customers and 453 reactivating customers.

How did Banzai's (BNZI) new customer acquisitions in August 2024 compare to the previous year?

Banzai's (BNZI) new customer acquisitions in August 2024 improved by 24% compared to the same period in the previous year.

Which notable companies became Banzai (BNZI) customers in 2024?

Notable companies that became Banzai (BNZI) customers in 2024 include Cisco, Sprinklr, Globe Life Insurance, LoanDepot, Sage, Borealis Group, Millworks Analytics, and the University of Connecticut (UConn).

How many new customers did Banzai's (BNZI) Reach product gain in August 2024?

Banzai's (BNZI) Reach product gained 4 new customers in August 2024.