Marketers are seeking ways to get more personal with their marketing efforts.
A recent report found that 85% of businesses say they provide personalized experiences to consumers, but only a fraction of companies actually achieve this goal.
There's a massive gap between where marketers are and where they want to be when it comes to delivering personalized content, offers, and experiences at scale.
On the surface, it seems like a simple thing for companies to provide highly individualized content and experiences to customers.
But in reality, achieving this is extremely challenging because most businesses lack the data required for personalization.
It's no secret that catering to your customer is the key to success.
However, a lot of companies are still trying to do personalization with limited data.
And sometimes these efforts are going in the wrong direction.
The cost of the wrong personalization activities is massive.
Brands lose 38% of customers because of poor marketing personalization efforts.
Why Companies Are Still Getting Personalization Wrong 👇
The key to unlocking competitive advantages is understanding your customer.
If you can identify and segment your customers into groups that share common traits, then it's possible to deliver the right message at the right time for each group.
For example, if you know that university students are typically more concerned about price than young professionals are, then maybe a promotion on sale items would be more effective for university students.
On the other hand, young professionals might respond better to an offer on high-quality products with durability guarantees - something they're typically less focused on because of their higher willingness to pay for quality all around.