What do you need to be ready for Personalization?
"Personalization requires having customer data and using it to improve the customer experience. Many companies fail because they don't focus on the customer but rather on their internal objectives" - Gartner
From simple message segmentation to programmatic ad buying and individual-level website customization, the combination of big data and technology is transforming the possibilities of personalization.
Statistics indicate that 79% of consumers are looking to do business with companies that offer them personalized content based on previous interactions. 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 a majority of businesses consider personalization of their customer experience as a top priority. A recent Forrester study indicates that companies which invest in the personalization of their customer experience see a 40% increase in revenue growth, customer retention, and an increase in their customer lifetime value.
You may already have some amazing personalization ideas, but it is going to take much more to get your implementation done right. 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 and utilize it right? Can you use it to create a comprehensive sketch of the entire customer journey of your audience? Keep in mind that a personalization strategy works only if it has access to accurate customer data.
The Customer Persona
The second step in successfully implementing a personalization strategy involves crafting your ideal customer persona. Dig deeper to understand what your audience wants and needs to help you deliver the best digital customer experience. Map customer behaviors across channels to trace their journey across 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. But it does not stop there and extends to a lot more channels., Landing pages, pop-ups, adverts, social media, text notifications, direct mail, chatbots, etc.,
This brings us to the question, Do you have a robust marketing team in place to manage a personalization strategy and implementation? Personalization requires dedicated resources and efforts to help implement across channels and all of your segments with personalized variations.
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 omnichannel 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 team needs to be fully involved in this new strategy. Consider working with a professional service partner as they can guide your implementation program as well as provide the necessary training for your current staff.
Still have questions on Personalization and how your organization can implement it right? Contact us directly, we are all ears!