The world is ushering in a new year, one that’s offering marketers emerging opportunities. There’s talk of technology platforms, hardware, and automation being the primary ways to stay in the mindset of customers. This brings up a major trend category for 2021: Personalization. This is the year of the consumer, or as Mindstream likes to brand it, “The Year of You.” There are a number of various approaches that can move the consumer to the forefront of brand priorities while still providing an experience that feels intimate and not automated – accomplished through strategies that create genuine personalized interactions for customers.
When considering what modern personalization looks like in a world sharing so much information, it can be framed by looking at the data collected in the channels engaging people where and when they need a brand. It comes down to it having evolved into advanced personalization. Analytics can reflect what a person is doing online while other measurables and listening tools can better define the why of behaviors.
Advanced personalization addresses diverse personas – honing each customer experience through advanced personalization cues, creating a strong relationship with every engagement, and building loyalty longevity. Seems simple enough, yet a lot of companies are still not fully embracing the methods and materials that put the customer first. We experienced a lot of disruptions this past year, whether they were in supply chain, speed, or lifestyle. Some loyalties have been fragmented, some lost, some looking for a home.
Retention and loyalty need to be positioned as priorities as companies vie for attention in a crowded online market. Everyone has online engagement now, but not all have customer experience top-of-mind – keeping the experience as a priority will really drive home personalized results. Brands have the challenge of dismissing their general thinking about who they’re talking to, and letting the customers define their journeys.
In a recent Forbes article, research shows that 80% of consumers are more likely to purchase from a brand that provides personalized experiences. In fact, 63% of these consumers will leave a brand that has poor or no personalization strategies. Shopping carts historically have had significant drop-off rates; however, if personalization is used as a recommendation tool, it’s influencing 92% of product buying.
By harnessing the voice of the customer (VoC) and leveraging other measurement mechanisms, marketers can better analyze the customer behaviors multiple brand channels are collecting. This information gathering provides the pieces and parts that help shape what’s needed for advanced personalization.
Unlike customization, personalization is a tailored experience based on previous consumer behaviors, going further and deeper into past site settings, actions, and preferences. It’s important for marketers to identify the distinctions between personalization and customization within their brand goals and strategies.
Personalization’s evolution should also move past immediate engagement and well past a 30- or 60-day lifecycle. Shopping horizons are constantly shifting. Product demands and pocketbook economies are ebbing and flowing – personalization should carry from first engagement, evolve through time, and illustrate actionable patterns.
With a strong personalization strategy in place, brands are meeting the customers’ needs more effectively and efficiently, making interactions easy and efficient, all leading to an increased Net Promoter Score (NPS) and positive site analytics.
Whether through marketing automation, social listening, or other methods of tracking and reading behavioral trends, marketers can be on a flexible journey with their customers, creating a trusted relationship fostering loyalty that can be steadfast and withstand other disruptors.
We’re passionate about consumer markets. Recently, our strategy and insights teams conducted research uncovering what guiding CX trends are impactful for marketers in 2021. There are a lot of approaches when it comes to implementing personalization strategies, all of which can have positive impacts on a campaign or product. We would be happy to talk with you about ways it can integrate into your marketing strategies, answer any questions you have, and assist with everything from analytics and reporting to creative execution to make your brand a success. Contact us.
Interested in learning more about the 2021 CX trends? Download "2021 Top CX Trends: Things Have Become Personal."