If you want to know how your customers and prospects expect to be marketed to (what they set as their norms), look at retailing. To this end, the study “Personalization Comes of Age: 2014 Retailing and Consumer Insights” from the e-tailing group, is very enlightening.
According to the study, the top seven things on marketers’ “to do” lists are as follows:
- Mobile (including tablet)
- Conversion Optimization
- Analytics, Reporting, Big Data
So personalization comes in behind mobile and marketing. This isn’t any surprise since most of us expect (or even rely) on personalized product recommendations when we shop online. What may be a surprise is that retailers have actually quantified the reasons why.
Nearly one-quarter (23%) of retailers responding to the survey see a 11% cumulative lift using personalization. This is up from only 19% of retailers giving this answer one year ago. More retailers are also seeing greater value in longer-term lifecycle personalization, up from 15% one year ago.
These are encouraging numbers. While there will be differences in retail that do not exist in print (such as focus on online activities such as shopping cart abandonment and real-time personalization online), people are still people. Done right, personalization isn’t going to be effective online and not in print. People’s internal wiring doesn’t work that way.
Personalization still has to be done right, but the increase in the percentage of retailers who see benefits from personalization, including long-term lifecycle personalization, suggests that as they get better at it, the benefits increase, too. Jumps in the numbers from 2013 -to 2014 mean that retailers are getting better at it — and your clients can too.
If retailers are improving their personalization efforts and reaping the benefits, your customers can do the same.