Using retail analytics, personalized marketing is based on retailers getting the right information to the right people at the right time -- whether that information is email content, a new offer, or an interesting blog post. According to a recent Hubspot article by Corey Eridon, more than 60% of shoppers say they find it appealing when an online store remembers their personal and payment information to speed up a purchase. However, there seems to be a disconnect between retailers who recognize the advantages of using personalized content, and those who actually do it as Eridon writes that 88% of marketers say using social graph data to personalize the online experience has a high impact on both ROI and engagement -- But only 6% actually do it! Additionally, 68% of marketers say personalization based on behavioral data has a high impact on ROI, and 74% say it has a high impact on engagement -- But only 19% do it!
Here Are 10 Major Benefits of Using Personalized Content In Retail Marketing:
1. Flatters And Makes Customers Feel Good. This is not a trifle. Remembering your customers' behavior, preferences, and information is flattering and rewarding to the customer. And when customers feel good, they feel like buying.
2. Allows retailers to offer relevant additional products, services, or content offerings based on the personal data they have.
3. Yields More Customers. Your messages are much more likely to get attention and spur action when you personalize the topic, timing, and content.
4. Increases Resonance With The Customer. When you tailor your message to the recipient, from the subject line to the content to the call to action, your message has more resonance because it actually means something.
5. Makes Conversion Easier. It has always been true in marketing that the more steps you require the customer to take, the more chances you have of losing them. Whether your goal is to get someone to buy a product, download an eBook or sign up for a webinar, people are always more likely to act when the action is fast and easy and personal.
6. Enhance Their Personal Passions & They'll Buy. Content personalization, writes Eridon, is the difference between showing a coffee lover a blog post titled, “How to Brew the Best Cup of Coffee,” and an article titled, “How to Brew the Best Cup of Hawaiian Kona Coffee.” It speaks directly to his passion.
7. Improves Lead Nurturing In General. When you can personalize content to each person’s interests and behavior, your marketing will make a stronger connection and convert more leads into marketing and sales action.
8. Provides Leads For Your Sales Team. The information you use to personalize content all comes from somewhere in your database that your sales team can also use to personalize their sales calls.
9. Makes You Keep Your Website Fresh. Present something new and relevant to visitors each time they arrive on your site.
10. Sparks New Business. All these actions help retailers get a stronger start with new prospects, by immediately showing that you have information relevant to their interests or needs.
Finally, not a benefit, but good behavior means making it easy for uninterested customers to opt out. Just as you want customers to be happy with what you offer, make others think well of your company by making it easy to opt out.
Here, from a Hubspot graphic, is a timetable retailers can use to make progress with a prospect, based on their degree of involvement with your product and procedures:
* At the customer's awareness level, you can offer white papers, eBooks, kits, tip sheets, checklists, how-to videos, and educational webinars.
* At the customer's evaluation level, you can offer product webinars, case studies, samples, FAQs, data sheets, and demo videos.
* At the customer's purchase level, retailers can provide free trials, live demos, consultations, estimates, and coupons.
Bottom Line For Your Bottom Line:
Less is more when it comes to personalization. If you engage customers with information they WANT, they're happy, and when they're happy, they're more likely to purchase. If you bombard them with unwanted, irrelevant information, they'll run as fast as they can the other way. Personalization differentiates your company as one that cares enough to listen to leads and customers, and deliver the information they want.
If they like your product and they like your approach, they'll be more favorable to your prices. The greatest success is always achieved by retailers' who have done their homework through constant price monitoring so they can command -- and get -- the "right price" for their products.