Advanced data collection methods and sophisticated data analytics deliver incredibly nuanced personalized marketing advantages for big businesses. These companies are able to engage their customers on a highly individualized basis. They are able to craft communications strategies that quickly solicit and engage customers in a meaningful manner to effectively grow and develop their business through stronger relationships.
Why all the fuss?
Personalized marketing works! It’s just that simple. It is also part of a bigger picture in that personalization is an important step in creating a compelling customer experience…and in case you haven’t been paying attention…customer experience is quickly becoming a major factor in attracting, engaging, and sustaining a long-term customer relationship. The benefits to personalized marketing are significant. Consider just a few data points:
- Over 50% of companies will redirect investments towards customer experience innovations – (Gartner)
- 96% of marketers agree that personalization helps to advance customer relationships. (business2community.com)
- 81% of consumers want brands to understand them better and know when and when not to approach them. (Accenture)
- 79% of consumers say they are only likely to engage with an offer if it has been personalized to reflect previous interactions the consumer has had with the brand. (Marketo)
- 88% of U.S. marketers reported seeing measurable improvements due to personalization with more than half reporting a lift greater than 10%. (Evergage)
- Personalization reduces acquisition costs as much as 50%, lifts revenues by 5-15%, and increases the efficiency of marketing spend by 10-30%. (McKinsey & Company)
With benefits such as increasing revenues 5-15%, it’s not difficult to see why personalization is important.
What exactly is Personalized Marketing?
Among other things, personalized marketing includes a number of attributes that (when taken together) improve the customer experience and delivers a one-to-one engagement experience between a customer and the provider. Among other things, it requires businesses to provide the following:
- Know the customer – create a clear picture of the prospect that can be crafted into a buyer persona. For example, knowing the prospect’s age, gender, purchasing power, profession, marital status, current automobile, automobile age, etc. all help to form a picture of that buyer’s basic characteristics.
- Know the customer’s motivations. Knowing the buyer’s motivation, pain points, and social cause are important as well because these allow greater marketing fidelity. Using the automotive sector as an example, knowing what the potential prospect likes about their current car, knowing what they don’t like, what factors that made them make an inquiry, how they use their current vehicle, their driving habits, their predisposition to environmental impact, etc. all work together to deliver a clear picture of the customer.
- Create Audiences. While creating personas and profiles are a challenge, the good news is that for most companies using a CRM, most of this data is already at hand, it just takes a bit of effort to organize information and create classifications that can be leveraged in targeted campaigns. And do this you must. Segment your contacts into categories that are meaningful. We’ll admit that this is the art of marketing, but a rule of thumb: keep it simple.
- Provide customers with multiple forms of communication. We often think of personalized marketing as simply having the prospect’s name inserted into an email message. While personalized email is important, being able to offer the customer the ability to chat using messaging, the ability to receive service through email, live voice communications, or through automated chatbots are all important.
- Give real-time service. Nothing is more annoying to the customer than having to wait; responsive, relevant and efficient service increases customer stickiness and enhances the customer experience.
There’s more, but the above is a start. Having that clear picture of who the customer is and what they’re interested in helps craft messages that are more meaningful. But having a mechanism to broadcast personalized messages and be responsive to inquires can be a challenge. This is the point where most small business owners, sales agents, and customer service representatives get stymied.
How does Tendant help?
There is a common perception that most small businesses are unaware or unable to deliver personalization at scale due to prohibitive costs, time, and effort required to provide the kind of marketing experienced needed to attract and keep the customer.
Tendant is a highly cost-effective and scalable solution that allows any business to help their sales and service agents create a more personalized customer experience. For example, with Tendant, inbound callers to an agent’s mobile phone are not limited to “leave a message at the tone” when they get an agent’s voicemail greeting. With Tendant, they can connect to a live person on their intended party’s team or receive a text with a link to self-service chatbots configured to take appointment requests, solicit referrals, open service tickets and more.
On the outbound side, Tendant allows our subscribers to send personalized messages with links that directly connect recipients to the sender to engage in messaging and chat. While it’s not necessary for communications and engagement, customers are able to download Tendant themselves for free from the Apple App Store® and Google Play Store® to create and even better experience. Find out more about Tendant at Tendant.com.