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/

Slow Event Lead Follow-up Costs B2B Marketers

When business-to-business marketers successfully build event attendance and booth traffic to maximize lead generation, they are disappointed and baffled by a smaller than expected sales harvest. One of the reasons for poor lead conversion, as it turns out, is a simple lack of timely lead follow-up! As reported by Direct Marketing News, a study by Certain, an event automation provider, found that just 2% of the 150 B2B marketing-decision makers surveyed said they follow up with event leads the same day. A quarter follow up in one to three days, 29% follow up in four to six days, and 27% follow up in seven to 13 days. And another 12% said this process takes two to four weeks, with the slowest-moving 6% saying it takes them more than a month to reach out! Why are almost half of those surveyed taking more than a week to contact prospects? Lead processing is a key problem, with 57% of the study's participants saying it can take hours to manually get leads "sales ready" for follow-up, and 23% reporting that the prep process takes a few days. Surveyed marketers blamed the sluggish prep time on a variety of reasons: 23% of respondents cited lack of technological tools, 15% blamed lack of organization, 11% claimed the delay was intentional, and 7% admitted to simple procrastination. Unfortunately, correcting slow lead processing doesn't seem to be a priority with many marketers. The Certain study found that despite generally slow lead processing, 72% of respondents are "somewhat" or "completely" satisfied with their lead follow-up time. That complacency has a cost that marketers are ignoring, we would point out. Most event marketing pros urge a 48-hour follow-up window to try to stay ahead of competitors. In fact, according to a study from InsideSales, 30% to 50% of leads are closed by the vendor who follows up with them first. Even if their lead processing is speedy, 82% of marketers are dissatisfied with the quality of their lead data and wish they captured more information about each individual lead at events. The method of data collection is one issue; the largest group, 42%, said they rely on manual data entry through computers or tablets, followed by 31% who turned to business cards and sign-up sheets, and 27% who relied on electronic scanners. For more, see http://www.acculistusa.com/b2b-event-marketers-miss-out-with-slow-lead-follow-up/