Personalization is a word that rests on the lips of the majority of digital marketers in 2018, and it’s no surprise that it has become mission-critical for leading organizations. In fact, 80% of consumers are more likely do business with an organization if it offers personalized experiences. Additionally, three out of four consumers are frustrated by the lack of personalized content. The “P” word has become a pretty big deal, and it’s clear that many companies have yet to master the art of the personalized customer experience.
There is no shortage of studies, blogs, and videos about the importance of personalized customer experiences. Most of it is good, some even great, but few compare to this in-depth white paper via Periscope by McKinsey. If you’re looking for key insights revolving around the art of the personalized customer experience, this is an incredible resource.
McKinsey researchers reveal the potential value of personalization initiatives:
“Personalization initiatives can deliver significant value, including 10-30% revenue uplift and higher customer acquisition rates and engagement. But the key is that they must be done right.”
Imagine what a 10-30% lift in revenue would do for your organization. Your board members would be delighted, new customers would be within your reach and you could finally kick off those exciting initiatives that have been on the back burner due to a lack of resources. Better yet, imagine what that would mean for you as the initiator? You’d be a hero!
Periscope by McKinsey outlines steps to take within your personalization initiative, or as we see, will give you superpowers, bolded with our emphasis:
“Have a clear, current view of customers based on data. This includes knowing what they’ve already purchased, the channels they use to engage and when that’s most likely to happen, what they would like to purchase next, etc.
Learn to recognize and act on triggers. With the data available, businesses can not only understand what consumers have done but also what they want to do next, and personalize a message that helps engage that consumer further. Quick timing can be highly effective.
Understand and intervene on customer micro-journeys. With clear knowledge of a customer’s journey, businesses can best personalize their communications and offers, including the appropriate timing for them, to drive the desired result.
Knock down functional silos. Bring people together from marketing, merchandising, digital, analytics, finance, legal and creative so everyone has a clear understanding of what’s needed and any limitations to ensure personalized marketing is most effective. Working together toward common goals will enable companies to move faster and do more.”
The one thing McKinsey’s research doesn’t dive into in this whitepaper is the “how.” Every time someone engages with your digital properties, they are telling you what they need. Their searches, behaviors and outcomes are all clues that your organization can leverage to personalize your customer experience. Machine learning and AI capabilities are the “how”; the ultimate superpowers that will save your customers from frustrating, irrelevant and unpersonalized experiences with your brand or company.
If you’re ready to learn more about how you can leverage AI-powered search to reach superhero status and deliver a truly personalized customer experience, you’ll love our blog post: “Turning Results into Relevance.”