For brands to extract the utmost value from their personalization efforts, they need to stop making some common mistakes that also affect their marketing and overall goals.
Personalization today stands at the center of everything that today’s customers crave. With digital channels becoming the primary medium, along with many brands claiming to be selling superior products, personalization is the way for brands to distinguish themselves. As per the “Next in Personalization Report 2021” from McKinsey and Company, organizations that get their marketing personalization right perform significantly better than the ones that do not. The report further revealed that organizations that are growing at an exponential rate drive 40% of their revenue from personalization than their slow-growing competitors.
Given its immense importance in today’s and future of marketing, brands should also stay aware of the common mistakes in their personalization journey. Here are five personalization mistakes that brands should stop making to maximize the benefits of their personalization efforts:
Also Read: Delivering Unified Customer Experiences in 2022
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Utilize incomplete data
For effective personalization, brands should integrate a wide range of data sources spanning from zero to third-party data. They should combine the first-party data along with less valuable and third-party data.
Since zero and first-party are the most valuable data sources for personalization, brands should utilize them to form the basis of their personalization strategies. If they focus on utilizing second and third-party data for personalization, they will begin to see poor content personalization practices, low response rates on their personalization efforts resulting in a little overall value from their personalization initiatives.
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Failing to ensure data quality
To accomplish their personalized communications goals, there is an increase in demand for ensuring data quality. Often, the personalization efforts carried out by B2B marketers do not yield the desired results as they are not confident in the information stored in their data. This leads to adopting a generalization approach that dilutes their personalization.
To address this issue, brands should treat marketing and CRM databases as valuable data assets. They should use a systematic approach to validate and augment the data at their disposal while looking to incorporate third-party intent data. Also, this will provide confidence to the B2B marketers to thus curate interesting and relevant messaging.
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Not profiling customers
To increase the likelihood of receiving the correct feedback, brands should profile their customers. They should identify who their customers are, what they like, and how the changes in their store affect the way they shop. Brands should opt for analytics software that can be of huge help to increase their effectiveness. While they may not be able to help everyone the same way, they can provide several options that will suit people across the region.
Also Read: Four Strategies Businesses Can Adopt for Brand Building and Measurement
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Using a Partial View
Brands need to understand that personalization cannot be performed on a channel-by-channel basis. For customers, nothing frustrates them as much as getting a message on one channel for an offer that they accepted or declined on another channel. To address this issue, brands should adopt techniques such as deterministic identity management and resolution to join customer data from all channels to get a holistic view of the customer.
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