What do you need to be ready for Personalization?
There are numerous benefits to be had from personalization. Among them, we can count things like increased conversion rates, a more engaged audience, better lead nurturing, more effective sales calls, and the list can go on.
Statistics indicate that 79% of consumers are looking to do business with companies that offer them personalized content based on previous interactions. Some 86% also say that personalization plays a crucial role in their purchases. Over half of them expect that companies will be able to anticipate their needs and offer them relevant content by 2020.
It is for this reason why 69% of businesses consider the personalization of their customer experience as a top priority. Likewise, a Forrester study indicates that companies which invest in customization and customer experience see a 40% increase in revenue growth, a 70% increase in customer retention, and a 60% increase in customer lifetime value.
All of these numbers indicate that personalization is not only becoming a favorite among consumers but also something that the majority of businesses have adopted or looking to do so, soon. Here are some elements that you need to take into consideration before launching your personalization initiative.
Your Customer Data
Before getting started, it's crucial that you take a look at your data as it is today. What does it contain and do you have the necessary team and tools to analyze it correctly? Can you use it to create a comprehensive sketch of the entire customer journey? Keep in mind that a personalization strategy only functions if it has access to accurate customer data.
The Customer Persona
The second step in successfully implementing a personalization strategy involves the customer persona. For this, however, you will need to understand your audience's wants, needs, and jobs to be done within your digital experience. You will also need to trace a behavior line across all of your brand's touchpoints. This information will help you identify what conversion points can be better optimized via personalization.
In most cases, people associate personalization to the website and email. It can also be implemented in landing pages, pop-ups, adverts, social media, text notifications, direct mail, and chatbots.
The challenge here is that the entire martech stack is often divided among different departments, with no one team having access to the whole thing. To overcome this challenge, you will need to orchestrate your data and content across most of your tools. To do that, however, you will need to assign a martech leader to oversee the operation.
If you have never implemented a personalization strategy, it's a good idea to start with just one channel. It will give you a rough idea of the cost involved, as well as the ROI that you will get in return. Once you've achieved this, you can consider expanding to a larger and more complex personalization strategy.
Another critical component to keep in mind is maintenance and the resources needed for it. Maintaining a personalization strategy involves ongoing data analysis, testing, and content support. Your staff will also be affected by this new strategy. A professional service vendor may come in handy in this regard as they can guide your implementation program as well as the necessary training for your current staff.
These are some of the most important things to investigate once you have decided on a personalization strategy. For more information or assistance, you can contact us directly.
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