Demand for personalized experiences from consumers with brands are increasing. 76% of consumers get frustrated when their interactions are not personalized and 71% expect it (McKinsey & Co.). Personalization is a topic that we have written about before but its importance is ever increasing and cannot be denied. Purchasing decisions are now progressively being motivated by it. It can increase brand loyalty, customer retention, engagement and overall ROI. Turns out, it can even increase revenue if companies exercise the opportunity to approach personalization properly with the long term in mind. Here are some things that top performers of personalization do.
1. Look at personalization as an opportunity. This is where you can determine where there is the most value using insights from customer behaviors. Use 1st party data to collect this information.
2. Agile operating business model. Employ teams to handle each specific step of the personalization journey of your customers. Divide them into groups such as marketing, products, tech, etc.
3. Balance of privacy and personalization. 48% of consumers say they trust brands to keep their personal data secure and use their info responsibly (State of Personalization Report Twilio, 2022). Using 1st party data to get information about your consumers is the safest and most responsible way to collect. It’s also easier to manage because the brand owns it and it provides higher quality data.
People now expect their interactions with brands they love to be personal. Brands must rise to the occasion to ensure that each individual feels as if they are being catered to, no matter how large-scale the company may be. Failure to do so can result in loss of consumers and overall revenue. Stay ahead of the curve and treat your audience like they’re business is important to you because it is. There is a person behind every purchase, behind every screen. Fostering these relationships is the way to building a successful brand.
