4 Factors that Impact success rate of Personalized Marketing strategy

    Marketers, personalization, customers, partners, transparency, data, trust, privacy, privacy regulations, customization,
    4 Factors that Impact success rate of Personalized Marketing

    Marketers need to establish a solid foundation from an organizational and data standpoint to make the most of personalization.

    Must read: Customer Retention and Satisfaction Rates to Measure Successful Customer Experience

    The latest report from Gartner titled “Predicts 2020: Marketers, They’re Just Not That Into You” reveals personalization comprises 14% of the marketing budget. In order to be successful in personalized ads space, certain factors are crucial.

    Focus on customer journeys

    It is essential to learn about interactions across the customer journey. This is because personalization does not rely only on one engagement but on a combination of coordinated experiences across an array of platforms and channels.

    Along with the right offer in the message, marketers need to focus on delivering the right message at the right time on the proper channels. It should also be effective in a way that will urge customers to research a product they learned from the media, and order it online and receive it.

    Marketers need to build a healthy combination of omnichannel experiences and, at the same time, maintain trust with their customers and prospects. A single unpleasant engagement has the potential to drive off loyal customers and move them away from your brand.

    Customization is the key factor

    It is relatively easy for brands such as retailers, healthcare providers, and auto manufacturers to access granular customer-centric data. However, for travel, hospitality, and media and entertainment brands, it is quite challenging.

    It is not an easy task to create a customized marketing strategy targeted for a particular business need and KPI even after having a sufficient amount of data. Consumers will be disinterested in a brand once a Personalized marketing strategy becomes dormant.

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    Marketers need to use statistical models to refine and optimize profiles of customers instead of applying a static set of criteria about targets. Personalization requires improving identity profiles, leaving a channel-based culture, establishing a trusting relationship with customers, and building analytical models to refine targeting.

    Plan an effective data strategy

    The majority of companies struggle with real-time engagement. Organizations need to keep a tab on certain potential customer trigger-based signals like their online search patterns.

    Marketers can utilize this data to provide customers with an experience that has a major impact on the customer’s buying journey. However, this form of targeting can make consumers uncomfortable.

    Nearly 40% of shoppers in the US stated that getting a message within seconds of making a purchase or searching for a product online made them uncomfortable, reveals a survey by Periscope By McKinsey in 2019. In Personalized marketing marketers need to have an effective data strategy to create a competitive advantage.

    Balance trust and transparency

    There has been a significant impact on how marketers collect, store, and utilize consumer data owing to factors such as privacy regulations, third-party cookies restriction, and limitations around the use of first-party data.

    Marketers must make consumers comfortable sharing their data by developing a two-way conversation. They need to find a perfect balance of trust, transparency, and personalization. Consumers will provide more relevant signals about their buying journeys if they feel secure, thereby leading to greater customized marketing.

    Read more: Guide for Firms to Future-proof their Next Marketing Technology Investment

    With the help of dedicated resources and the right partners, marketers can deliver meaningful ad interactions, prospective customers are waiting for.