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Personalization 2.0 – The Future of Personalization

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Nailing personalization and tailoring your marketing messages or offers to customers based on their actual behavior is easier said than done.

[Free Takeaway Inside – GDPR Compliance Checklist]

Customers decide in a matter of seconds whether they like your marketing messages or not – if you provide something relevant you have got a win, but if you miss the mark they are gone!

This is where Personalization comes into play and helps your communication to become more relevant and pronounced than generic marketing messages.

“Digital personalizations are no longer merely an option, they’re a necessity.”

                                                            Jim Cramer, host of CNBC’s Mad Money.

However, nailing personalization and tailoring your marketing messages or offers to customers based on their actual behaviour is easier said than done. While businesses try to personalize with a few product lines or segments, most still struggle to achieve personalization at scale.

A recent McKinsey survey of senior marketing leaders finds that only 15 percent of CMOs believe their company is on the right track with personalization.

However, the blatant truth is that personalization will be the prime driver of marketing success in future.This is why businesses need to figure out how to get personalization right before it’s too late.

Customers favour personalization and are willing to buy from brands who know their customers well. Infact, 63% of consumers expect personalization as a standard of service.

Therefore, positioning businesses to craft hyper-personalized experiences is of immense importance.

The Future of Personalization – What to Expect?

Here are four main trends in personalization that businesses can look forward to and build up the necessary skills and capabilities to respond to them:

  1. From Segmentation to Intent-Driven Personalization

The ability to understand customers’ emotions and interpreting them to make personalized product recommendations is not an easy feat. Marketers often rely on rudimentary segmentation techniques to personalize content. However, that may not be enough  to provide a complete personalized experience.

That’s where understanding audience intent can go a step further to help you uncover key insights needed to personalize your communication.

While it may be difficult to extrapolate what customers want, using advanced technology like machine learning, AI, emotion-reading algorithms, etc. can make intent-driven personalization a reality.

In time, modern technology advancements will help marketers curate hyper-personalized offerings tied to specific customer needs and emotions.

  1. Real-time Personalization to Make it More Personal

Personalization is evolving from experiences that feel artificial to a human and personal touch. It’s time for brands to go beyond digital channels and deploy personalization that feels more authentic and personal.

There’s a tremendous opportunity here for brands to act on analytical insights and then initiate a personalized conversation with the customer through in-store sales associates or call center executives to drive purchases.

  1. Personalization without Being Creepy

Most brands understand that personalization is a business imperative, but delivering relevant one-to-one personalization, without being creepy, has been elusive. As customer data privacy concerns are on the rise, brands must prioritize finding the right balance between personalization and privacy. Ensure that your personalized communication adds value and enables a choice for customers to take the right action without being over-intrusive.

Are you unclear of how to comply with GDPR? Here’s a free checklist of the important activities you should be doing to maintain compliance with data privacy laws.

  1. Consider the Digital Ecosystem for End-to-End Personalization

The customer buying experience is no longer linear, it’s a journey that travels through multiple platforms and providers. As multiple data points converge into a massive digital ecosystem, companies need access to more than just browser histories. Wearable technology, virtual assistants and smart devices will all play a vital role in connecting our real lives with our digital ones.

Therefore brands must consider looking at the entire consumer ecosystem of platforms and leverage cross-channel data to offer highly-relevant personalized experiences.

While the share of global sales that move through these ecosystems is still less than 10 percent, research predicts that this share will grow to nearly 30 percent by 2025, making platforms an ever more critical element of personalization.

Personalization is Set to Become The Core Driver of Marketing

Personalization is not just an important capability that marketers need to invest in, but we believe it should become the cornerstone of your marketing efforts.

Most organizations have enough data to start personalizing marketing communication. But, the hardest part is believing it and getting started so that you can gradually get to the full suite of capabilities needed to deliver 1:1 personalization.

“Personalization will be the prime driver of marketing success within five years.”                                                                                                            McKinsey                                                                     

The first step is to determine which use cases to focus on and deploy the right team of experts to rapidly test and learn what strategies deliver the best results.

As personalization is set to become ubiquitous, only by acting today, companies can position themselves to render win-win experiences that deliver mutual value for customers and brands alike.

Transform your digital presence to cater to personalized customer experiences and watch your sales and brand loyalty improve.

What are some of the other major shifts in personalization you think we can see in the future? Are you ready to embrace personalization as the main driver of your marketing efforts? Leave your comments below or write to us at marketingfolks@xerago.com.

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