Personalization as a marketing strategy has, for many marketers, become a buzzword with little real impact.
But is this obsession to deliver a personalized message to customers a facade? Or should you as a marketer double down on your efforts to make sure your communication is truly personalized?
Well, here are some stats from Mcksinsey’s research to convince you that personalization is the new normal:
But is this obsession to deliver a personalized message to customers a facade? Or should you as a marketer double down on your efforts to make sure your communication is truly personalized?
Well, here are some stats from Mcksinsey’s research to convince you that personalization is the new normal:
1) 71 percent of your consumers expect interactions that feel tailored specifically to them, not generic messages sent to everyone.
2) 76 percent of your consumers get frustrated when you do not personalize interactions with them.
3) Fast-growing companies earn more than 40 percent of their revenue from personalization than slow-growing companies.
4) Companies that have mastered the art of personalization generate 40 percent more revenue from those tailored campaigns than average players.
5) About 72 percent of your consumers expect you to recognize them as individuals and understand their interests.
6) You can turn 78 percent of your customers into your brand advocates, recommending your business to friends and family if you personalize communication that reaches them.
7) Moreover, 78 percent of your consumers are more likely to repurchase from you when you communicate with them on a personal level.
8) Again, 76 percent of your potential consumers are likely to patronize you when they receive personalized communication.
9) On average, personalization can boost your company’s revenue by 10–15 percent.
And if you are in the direct-to-consumer industry, like fashion, beauty products, and similar sectors, personalization can drive your revenue as high as 25 percent.