WHAT PEOPLE REALLY WANT FROM PERSONALIZED MARKETING
What customers want and what businesses think they want are often two different things, which is why personalization can be a huge advantage for businesses and consumers alike. Targeted communications that are relevant and useful can create long-lasting positive customer experiences and impact the business revenue growth of up to 30 percent. Customers see value as a function of how relevant and timely a message is in relation to how much it costs. In other words, how much personal information has to be shared and how much personal effort does it take to receive useful content.
In order to truly build empathy for customers, companies must understand their clients’ diverse attitudes, shopping behaviours and need states, which need to be integrated into an attitudinal segmentation and individual customer journey. Statistcis say that the satisfaction customers have with their overall journey drives far more growth than customer satisfaction with individual touchpoints. To do so, it is important that companies are constantly testing and learning to improve their communication and engagement with customers and to identify potential issues early. They can achieve this by digging into both upstream (likes, opens, clicks) and downstream (conversions, unsubscribes, ROI) engagement metrics.
There are various companies that are tapping into the field and developing hard- and software that promises to increase personalised experiences. Estimote gives mobile devices a whole new degree of locational awareness and offers independent businesses the tools to extend their physical operations into the digital world. Once a network of beacons has been set up in the store, business owners will be able to access in-depth analytics on customers' movements and interactions and they will be able to send personalized deals and promotions to the customer's smartphone who've opted in to receive them.
There’s no doubt that effective personalized marketing at scale is a sizable challenge. However, companies that deliver customers timely, relevant, and truly personal messages, can benfit from lasting bonds that drive growth. In McKinsey’s latest research, the firm identifed five keys that customers said they value when it comes to personalized communications:
- Give me relevant recommendations I wouldn’t have thought of myself
- Talk to me when I’m in shopping mode.
- Remind me of things I want to know but might not be keeping track of.
- Know me no matter where I interact with you.
- Share the value in a way that’s meaningful to me.