The Cost of Personalization in Product Marketing
We’ve all been on the receiving end of a personalized marketing experience. Using data to create a customized buying adventure is a win-win for both the customer and company. The fact is personalization boosts revenue by nearly 70%. But how much data are consumers willing to give up in order to reap the benefits? Here’s how your company can use personalization to improve its relationship with customers without overstepping boundaries.
What personalization looks like
If the high-end sneakers that caught your eye are out of stock, you can create an alert that will notify you via SMS when they are available in your chosen size and color. Maybe you’ve visited the same product page several times over the course of a week without making a purchase, only to receive an email later with an image of the product. These scenarios are both examples of personalization at its finest.
What tools can help with personalized marketing?
Personalization means different things to different people. But these days, it certainly goes far beyond a form newsletter with a customer’s name inserted into the subject line. Tools like dynamic creative optimization (DCO) allow you to curate everything from background images to calls to action based on an individual’s likes, preferences, and habits. Real-time technologies adapt your message instantly based on a user’s location, weather conditions, time of day, and more. A little exploration will help you learn which tools can provide your brand with useful data.
How personalized marketing campaigns take shape
Not all consumers approach online shopping or other digital interactions in the same way. Customers should be able to choose how they prefer to receive communications from your company, whether it’s SMS, email, or social media notifications. The key is to make the journey as easy as possible for the user and then provide a responsive website to complete the buying process.
What information is needed for personalization?
Several laws limit the information you can collect from consumers, as well as how you can store and use it. Laws aside, you’ll want to collect only information useful to you that customers would be willing to share. It makes sense to know the age and ZIP code of someone looking to engage in a VIP experience at a festival, but do you need to know their marital status? Probably not. If you keep your information requests simple both in terms of the amount of information and how it is solicited, you’ll receive a better return on your investment.
Where to find help with personalization
If you’re feeling overwhelmed with the seemingly endless personalization options available today, a full-service marketing agency can help you discover the options that are best for your brand. A trusted marketing partner can show you not only what is possible, but also what companies similar to yours are doing. (This is especially helpful for companies wary of being early adopters.) What’s more, with the help of your marketing team, you’ll compile a database of user information that can be used in campaigns for years to come.
How might you personalize your brand experience for your customers?