If you’re a business trying to keep up with customer expectations, what do you do? Well, it isn’t as complicated as it sounds. Keeping some of the insights  in mind, the following are some recommendations:

●     Act on the data you have. According to the report, 78% of customers have been frustrated by a shopping experience that hasn’t changed, even after they provided negative feedback, and 77% of consumers say they’re frustrated when they get push notifications or text messages for promotions they’re not interested in. What it all boils down to is this: if you know something isn’t working for your customer, fix it. And if you see they’re not responding to being communicated with on one channel, stop using it! These are surface level insights you can act on now to get better results.

●     Invest in accurate, real-time data. Clearly, personalisation relies upon accurate data. One of the most important things you can do is invest to make this a reality. Yes, you may experience some pushback regarding ROI. But check this out: 60% of consumers say they are likely to become repeat buyers after a personalised shopping experience, and almost half say they are less likely to make a purchase from a brand after an un-personalised experience. The truth is: the choice isn’t whether you should invest or not invest. It’s whether you want to stay in business or not.

●     Invest in first-party data. Not to stress you out, but having accurate data isn’t enough. You need to be collecting your own data – first-party data that your consumers willingly entrust to you. Why? For one, it’s more likely to be accurate. Second, you can be more transparent with how you’re getting it and why you need it. And third, because you’re likely to be able to keep it secure. Nearly 70% of consumers say they’re OK with personalisation as long as brands are using first-party data, rather than buying it from a middle-man. So, invest the time it takes to gather the data you want directly from your customers. You’ll be glad you did.

If Personalisation is Table Stakes: What’s Next?

Honestly, more and better personalisation, even at the expense of more and better channels. If your company is in a situation where you can’t scale both channels and personalisation equally, choose to focus on personalization in the few channels you know you can manage best. Given a choice, 61% of consumers say they’d prefer fewer, better channels when shopping with a brand.

There are so many pressures on brands today to connect with customers—to offer the right product at the right time at the right price-point, to be transparent, to present shared values, and to somehow do it all while staying profitable. It can feel overwhelming. The truth is, though, when your values are aligned with your business strategy, things tend to fall into place naturally. With the proper application of data, tools, and experiences, the right customers will find you, and by investing in personalisation, you’ll find great fulfillment in knowing them, inside and out.

Academic Reading:
http://web.csulb.edu/journals/jecr/issues/20104/Paper5.pdf
https://www.inderscienceonline.com/doi/abs/10.1504/IJIMA.2017.084079
https://link.springer.com/chapter/10.1007/978-3-030-22335-9_12

 

We hope you enjoyed this article, intended to help improve our client’s profitability. It reflects the care SwiftERM offer. If you haven’t already done so, then please enjoy a FREE month’s trial of our predictive personalisation software on your site, and let us know what you think. Register, call us on 0207 998 3901, book a call with us https://calendly.com/swifterm/15min or Zoom ID 964 515 7464 

 

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