It’s a well-known fact in business nowadays that businesses that do not incorporate an element of personalization into their offering risk losing revenue and customer loyalty.
Global competition is intensifying and it is harder than ever to understand consumers, to connect with them in a meaningful way and to gain their loyalty.
For that reason, it’s really important to get to grips with the power of personalization. Consumers have adapted to online personalization rapidly and now expect it as a matter of course.
If they are close to going overdrawn at the bank then they expect a text telling them so, or if they are looking for a book by Truman Capote, they expect to have other, similar books suggested to them on Amazon. If they have watched a Japanese anime film on Netflix then they expect other recommendations that match that tastes and preferences.
According to Drapers research, 92% of retailers say consumers are increasingly demanding a personalized approach to shopping online and in store, while 36% of retailers say that efforts around personalization have driven two to five times return on investment or greater. Personalization involves engaging and surprising consumers with highly relevant content where and when they want it.
Research from business and IT consultancy Infosys indicates that of those consumers who had experienced personalization: 62% are in favour of receiving personalized offers and promotions based on previous experiences. 86% said that it influenced their purchases to a degree in categories such as groceries and entertainment.
If you want to personalize your content effectively you need to start harnessing your data. According to PwC, nearly two thirds of CEOs suggest data and analytics and customer management systems generate the greatest return on investment in terms of engagement with customers and other stakeholders. Meanwhile, McKinsey says that those companies that put data at the center of their marketing and sales decisions improve their marketing return on investment by up to 20%.
To successfully create a personalized experience for your users online, you need a deep understanding of your individual users.
If you’re a manufacturer, or product or service provider, who works with a variety of different partners and resellers, from distributors, to agents and marketers, it’s likely you don’t have a whole lot of access to your final customers.
For that reason, in order to get access to data on what your customers respond well to you need to be incentivizing your resellers to input customer data into the CRM.
Engagement technology like Fielo makes data collection easy. It allows you to incentivize your resellers to provide you with invaluable information about what’s going on in the sales pipeline, what your customers like, what they don’t, when they buy, what they buy, and who they are.
All of this means you can tailor your products, marketing and online presence to meet their needs and make them come back, again and again.