So, what’s personalization, and how can it help your business grow?
Personalization empowers your brand to treat every customer as unique and not as a cog in the giant machine of users, accounts, or prospects. Therefore, personalization marketing strategies junk the old batch-and-blast methods and replace them with marketing communications that immediately strike a note and establish the brand’s relevance in the customer’s life.
Of course, such marketing leapfrogs can only be driven by technological advancements like AI, ML, and data analytics that permit B2B and B2C businesses to create customized experiences via innovative targeting solutions. Thanks to this data-driven approach, firms can now extract critical insights that can be utilized to strengthen personalized experience and boost conversion rates.
In fact, personalization is now a standard gadget in the marketing toolbox of any modern-age marketing firm, and any company that is not leveraging it only stands to lose market share in the coming years. No surprise then that, as per Netcore Cloud’s Ecommerce Personalization Benchmark Report 2021, personalization increases the conversion by 45% for retailers and has reduced the abandonment rate to 46% from 60%.
What does the future hold?
The writing on the wall is clear: A new brand without the guiding light of personalization will find itself lost in the thicket of modern consumer behavior, bogged down by the complexity of the marketplace and in fear of competitors eroding its market share. Au contraire, companies adopting a hyper-personalization approach can leverage their customer data to ensure higher conversions, better brand recollection, and excessive customer satisfaction.
A result that validates this study is how Indian multinational educational technology company BYJU’S achieved a whopping 1/3rd increase in feature discovery and adoption using SaaS Company Netcore Cloud’s no-code Product Experience platform.
By its very nature, traditional marketing cannot compute different data points that present a better understanding of customer behavior at scale. However, our study indicates that AI-driven personalization has been so impactful that 71% of retailers have seen at least 4x ROI on personalization and that 91% of shoppers would abandon their journey with little to no AI-driven personalization.
The final word: There is no marketing without the effort to understand the person behind the purchase.
Brands that get this right continue to pivot while the others eventually perish. So while it's crucial to personalize, it is also essential to get it right without seeming intrusive. Success in this area assured unbeatable brand loyalty. As a result reduction of customer acquisition costs and an apparent increase in retention rates, revenues, and the efficiency of marketing spending.
Today, entrepreneurial initiatives are divided into two camps: In the first camp are those who put all their faith in the jaded application of traditional marketing tools, which have diminishing returns and marginal utility. The second camp is populated by those who are waking up to the transformative powers of AI-powered personalization and scaling it across their channels and customer touchpoints in tandem with traditional marketing.
Going forward, the firms in the second camp, those actively deploying personalization capabilities, will be witnessing first-hand the wonders it can work for their business.
Change is inevitable and often necessary in business.
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