Does Personalisation Pay Off?
Of course, the needs of one age-bracket of consumer can’t drive the personalisation agenda. But it is worth pointing out that — in all our combined research on personalisation — almost every age of consumer either wants a more relevant experience or is happier when personalised delivery increases the value they get from the brands they interact with.
The lesson here is that consumers want personalised communications, websites, emails and other content. They want you to listen on social media, and respond to them. And they want you to do all of this while treating them like humans, not a database record. Start by cleaning up your single view of the customer, then dive in to the world of personalised marketing as soon as you can.
Getting involved right now gives you an immediate competitive advantage because so few organisations are personalising effectively. With the average return on investment from personalised marketing at well over 200 percent, the reasons for diving in are multiplied.
For example, Iron Mountain has seen a 219 percent increase in conversion rate by implementing ad and web personalisation. O’Neill increased conversions by 46 percent using web personalisation. Alex and Ani has seen a 73 percent lift in monthly email revenue.
The emotional ties that bind us to our favourite cafes and restaurants start with a level of service that peaks when we walk through the door and the patron asks us if we want “our usual.”
Eighty percent of the buying process – in both B2B and B2C environments – is based on emotional responses, and winning new business costs magnitudes more than gaining repeat business from existing customers. It seems a 150-year-old approach to customers, using 21st Century technology to help scale it to a wider audience, might be the answer to customer retention, higher lifetime customer values and overall satisfaction.
That’s why hyper-personalisation is important, and that’s why you need to get started today.