Business Strategy

Personalized Marketing: Personalize, Communicate, and Increase Your Business Revenues

Personalized Marketing: Personalize, Communicate, and Increase Your Business Revenues

Personalized marketing

In this article, we are presenting you a glimpse of how personalized marketing has become a core strategy for social marketers. It is about taking the advantage of the data collection, which results in big rewards when it comes to converting and engaging the customers. However, the challenging task is finding the kind of customer interaction that marketers and their clients look for. The major problems that are faced by the marketers when trying to use personalized marketing are mainly related to the customer identification, data collection, and tracking customers across various platforms. The marketers are able to make all customer communication more personal and interactive by expanding the collection and building customer profile activity.

Essentially, personalized marketing, also known as one-to-one marketing is a core marketing strategy by which firms leverage data analysis and digital technology to deliver personalized messages and product offerings to current or potential customers. Advanced methods of collecting data, data analytics, and digital economics have facilitated marketers to deploy more effective and efficient real-time and personalization techniques to enhance the customer experience.

Benefits of personalized marketing

Personalized marketing strategy is being widely adopted in one form or another by different companies because of the value that it adds to both the businesses and their customers.

Businesses

After the emergence of the internet, it has become the most important parameter to measure the businesses success of their marketing campaigns. After launching a campaign, even if there is any minute change in revenue, it isn’t possible to realize the impact had on the change. Personalized marketing helps businesses to learn and discover more about customers based on demographic information, and behavioral data. This behavioral data, and tracking consumers’ habits as well, guides firms to better discover what ad campaigns and the kind of efforts that are put in marketing, which brings customers in. This allows companies to drop efforts that are ineffective, as well as put more money into the marketing techniques that are involved bringing in customers.

In order to increase the efficiency of a business’s marketing strategy, one requires the necessary systems, technology, and some personalized marketing that can also be automated. For instance, an automated email could be sent to a customer shortly after an order is placed, recommending for similar products that may help the user better use the product he or she had placed through the order.

Essentially, all of these benefits eventually lead to the most important benefit, which is boosting of the sales and an increase in revenue. Firms implementing personalized marketing strategy have seen an average increase of around 15%-19% in total sales.

Customers

In today’s digital marketplace, consumers face an immense variety and volume of products and services available to make a purchase. A retail website can offer hundreds of different products, and very few have time to browse through the products that they are offered and the convenience that the customer expects during shopping online.

In a recent survey, most of the consumers said they are not satisfied with the content of retail websites. The content related to offers, ads, and promotions don’t serve any purpose to them. As the customers expressed, most of them leave a site if the content provided was irrelevant to their tastes. Below listed are the top two reasons customers unsubscribe from marketing mailing lists are

  • They receive too many emails
  • The content of the emails is not worth to them.

Personalized marketing helps to fill the gap between the expectations of the customers and what is expected of the firms. By providing a uniquely personalized experience for customers, and putting an end to the frustrations of endless purchase choices, personalized marketing allows customers to rationalize what to buy and choose the relevant products to avoid wastage of time to scroll through the irrelevant content. For instance, Amazon and Netflix have created ultra-customized digital experiences to cater the needs of the consumers and they have succeeded in enhancing the users’ experience. Now, they have become favorites in the market as well.

In a nutshell, to master the personalized marketing strategy. Below listed tips may serve the purpose.

  • Different customers, different customer journeys

In order to live up to the expectations of the different type of customers, the firms have to understand their needs and articulate the solution to the same. As a firm owner, you have to connect with the customer at the right time with the right approach. In order to resonate, you should have differentiated communication to your targeted customers. Since all customers are created equal, that doesn’t mean that they should experience the similar customer journey.

  • Create unique feeling to the customer

Try to make each customer feel at ease and convenience during shopping online. Rationalize the products that are recommended to them in personalized email. Put efforts to insert relevant content in the emails sent, ensuring a delightful experience.

  • Direct communication with the customer

These days, research-driven customer insight has become the most effective way of getting to know your customers. Understand the problem they are trying to solve, understand their frame of mind, where do they go to learn more about the problem, and understand the factors that motivate their decisions. These are all clues to know about your customer directly.

  • Do not just stick to “Best Practices”

The firms are advised not to stick to just the best practices of marketing available in digital space but to identify the customer needs and come up with the innovative practices to attract and engage the customers with your brand.

Since digital marketing is all rage, firms should not forget about offline marketing techniques to engage the customers. In fact, be it an online or offline, it is always important for marketers to create an authentic line of actions to touch upon and resonate better with the target audience. Thus in today’s era, personalized marketing strategies are being widely accepted amongst the digital marketing practitioners.

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Business Strategy

I am pursuing MBA from IIM Lucknow. Keep learning !

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