Are You Realizing Personalization's Full Potential?

With direct marketing today striving for goals such as"hyper-personalization" and "personalization at scale," Barry Feldman of Feldman Creative recently put together an infographic for MarketingProfs to illustrate the potential of personalized marketing for those who still think “Dear FirstName” is enough. As data brokers and data services providers, AccuList is especially interested because personalized marketing relies on up-to-date, enhanced, accurate data to deliver on the promise—the right message, to the right person, at the right time—whether for customers or prospects. Customer outreach and the customer-based analytics for targeting prospects require collecting data from as many sources as possible: CRM, web activity, e-mail, direct mail, mobile apps, second- and third-party demographics, social media, and multichannel advertising. And then that data must be combined and maintained in a regularly hygiened customer data platform. Haven’t gotten there yet? You’re not alone. Only 5% of marketers have attained a single customer-data view that allows launching personalization across channels, per the infographic. So why worry about an edge gained by just 5% of competitors? When 78% of Internet users say personally relevant content increases their purchase intent, and 81% of consumers say they want brands to know them better and to know when (and when not) to approach them, any brand that is ignoring that demand for personalization is ignoring the bulk of their potential market. What do customers and prospects want? Feldman’s infographic breaks it down into “four R’s.” People expect to be recognized by name and to have their preferences remembered so that brands can make suitable recommendations and send relevant offers. Studies find that such personalization can cut acquisition costs by up to 50%, lift revenues by 5%-15%, and increase the efficiency of the marketing spend by 10% to 30%, per the infographic’s sources. Plus, in a competitive market, personalization will woo the 60% of shoppers who prefer to do business with brands that provide personalized, real-time offers and promotions. While discussions often focus on digital efforts, traditional direct mail also has benefited from technology trends, such as variable data printing, PURLs and QR codes, to enable greater personalization. For more on how direct mail can realize personalization's potential, see https://www.acculist.com/is-your-direct-marketing-realizing-personalizations-potential/