Digital marketers have an incredible OPPORTUNITY in front of them: Mining the massive amounts of data created by online activity to personalize the customer experience across multiple touchpoints and channels.
Marketers are using personalization to build brand, increase demand, and improve customer acquisition as well as to drive revenue through upsell, retention, and of course, turning customers into lifelong fans. According to McKinsey, brands that get real-time personalization right can deliver five to eight times the ROI of its marketing spend and lift sales by 10% or more. But that’s often easier said than done. A study by research firm Boostify states that 90% of consumers report feeling positively towards brands that treat them like an individual, but only 20% feel there are any brands that understand and care about them. Marketers clearly have more work to do on this front.
The truth is, there are some challenges along the journey to targeted, relevant personalization that yields results. A recent McKinsey survey of senior marketing leaders found that only 15% of CMOs believe their company is on the right track when it comes to personalization. So if you’re experiencing difficulty, you’re in good company.
In this eBook, we’ll explore ways you can turn common personalization problems into opportunities: