The Power Potential and Process of Personalized Marketing
Sometimes, I wish I knew each and everyone’s name. However, if your name happened to be Susan, I would start this article with “Hey Susan”. Regardless, it probably wouldn’t be the key thing that would be the magical pixie dust that resulted in our blissful relationship. The fact is: customers expect more. The emphasis is mainly about personalization. The main focus was to bring out the idea that personalization does not end after knowing an individual’s name. Today, marketers are looking to spice up their connection with their clients by finding means to explore and utilize the true power of personalization.
Although it’s been ten years since Peppers and Rogers introduced us to the one-to-one marketing strategy, its true meaning is being put into use just recently. Besides, the required personalized marketing technology is slowly but surely catching on with the current advancements. Although it is not entirely perfect, it has huge potential. You will probably hear marketers using terms like “hyper-personalization” and “personalization at scale”. Nonetheless, do not shy off, if you do not know the meaning.
Knowing and understanding these terms calls for calibrating how to analyze, measure, and optimize your data to create a cohesive experience that will serve all your customers across your desired channels and touch points. The key thing is to ensure that your brand not only delivers the required message but also relays it to the right person and at the right time. Besides, it is also fundamental to ensure that the desired quality of the content is retained and its context is at its top-notch conditions, which is indeed necessary in this case. Its context is, in fact, its true golden nugget.
I was privileged to work with one of the country’s most popular marketing team, the Three Deep Marketing, to explore the power of personalization and create an e-book known as its time to get personal. The e-book provides readers with an insight into four benefits of personalized marketing. Listed below are some of these benefits:
- Increases brand loyalty
- Creative consistency across the desired channels
- Improves customer experience
- Enhances revenue
While doing research on the e-book, I was not only able to remain on a path that would uncover meaningful data on personalized marketing but also provide insights and model that would lay a foundation on the topic in a simplified term. It was more focused on potential, power, and process.
The power, potential, and process of personalized marketing
Using this sophisticated method, brands are able to create and realize an improved customer experience by personalizing their marketing and maintain consistency across all channels. Besides, they also get to enjoy increased brand loyalty as well as greater revenues. Statistics reveal that 78% of internet users in the U.S have experienced positive results and says that personally relevant contents have greatly increased their required purchase intent.
The four Rs of personalization
- Recognize- Each and every customer needs and expects to be recognized by their name
- Recommend- The majority of customers expects brands to not only understand their preferences but also make recommendations
- Remember- Who doesn’t like to be remembered? All our customers expect their preferences to be remembered
- Relevance- Customers expect their offers to remain relevant under any situation
Recent studies reveal that 81% of consumers want a brand that is able to understand them better and know when not to and when to approach them.
The potential of personalization
Although brands are capable of delivering personalization across a huge network of online and offline devices personalization can help a business expand beyond its simple salutation. Statistics reveal that personalization can help reduce acquisition costs by 50%. Consequently, it can also lift revenues from 5% to 15% as well as increase the efficiency of marketing spent by 10 to 30%. About 60% of consumers in the world prefer to conduct business with companies that provide personalized real-time offers and promotions.
Personalization across channels include advertising, mobile, site search, in-store, web-landing pages, email marketing, site search, case studies, blog posts, offers, ebooks and whitepapers, infographics, videos, calls-to-action, images, and many more. All these channels are fundamental to help reduce acquisition costs and most importantly help lift revenues by increasing the efficiency of personalized marketing.
The process of personalization
The process of personalized marketing is quite easy. However, it requires several marketing key features such as buy-ins from the leaders developing a given strategy, acquiring the required skills, developing a strategy, and defining the process.
The journey of a customer to analytics
Every action made by a customer in every touchpoint of a business should be collected and integrated to be used in marketing data and customer experience decisions in order to improve the services of the business. Customer data include web activities, CRM data, email campaigns, mobile app data, social interactions, adverts, 2nd, and 3rd party demographic data, and many more. Note that all this data can only be used with the consent of the customer.
Other statistics reveal that only 5% of marketers have managed to attain a single view of their customers in order to orchestrate the required personalization across the channels.
Customer data platform
Also known as (CDP), the al-powered customer data platform is used to enable marketers to create a central location for storing customer data. Since it can be used to personalize digital experiences, it is fundamental to store it in a safe platform. The key to creating a powerful personalized market strategy is to carefully analyze your customer data and integrate a method the will reach the targeted customer base and at the right time.
In addition, ensure you choose your brands wisely. They affect your business in more ways than you can imagine. Put into consideration all the above factors and there is no doubt that your business will be a success. Indeed, the power, potential, and process of personalized marketing lie in utilizing the right strategy to the desired customers and at the right time.