Personalization is a basic etiquette. Period.
From entertainment brands like Spotify, Netflix and Amazon to tech brands like Google and healthcare providers too, all industries and companies are betting big on personalization. Mere first name inclusion has become a bare minimum. Flattery lies in hyper-personalization. Consumers expect brands to display content or choices according to their preferences and behavior.
New age technologies, artificial intelligence (AI), machine learning (ML), and deep learning (DL) are raising the bar every year to hyper-personalization. Hyper-personalization is all about analyzing online and offline behavior, search history, lifestyle, buying patterns, preferences, etc., to derive the optimal product or solution options for a unique consumer.
According to BCG, companies with stellar personalization strategies achieve improved marketing efficiency, higher digital sales, and long lasting customer relationships. They also see a boost in their growth rates by 6% to 10%.
The best brands embrace data and reinvest the wealth of information as seed to sensitize personalization. Meticulous personalization will quickly escalate to the purchase phase with minimal interaction, resulting in long-term customer commitment and loyalty.
10 insightful statistics to reassure marketers of the necessity for personalized marketing
It’s time to start getting more personal. Here are some personalization statistics to support that claim:
- 75% of consumers agreed that they are keen on buying from brands that offer personalized digital experiences. (Yieldify)
- 74% of Gen Zers are interested in personalized products compared to 67% Millennials, 61% Gen Xers and 57% Baby Boomers. (Salesforce)
- 72% of consumers claim that they respond to marketing messages that are exclusively crafted to their choices. (SmartHQ)
- 60% of millennials said they would not hesitate from sharing personal information in order to receive offers and messages to suit their personal interests. (Deloitte)
- 52% of consumers presume all offers or messaging received from brands to be personalized. (Salesforce)
- 97% of marketers witnessed a rise in business outcomes as a result of personalization. (Salesforce)
- An overwhelming 97% of marketers report a significant increase in personalization efforts in 2020 — and nearly one fourth of marketers achieved a spike in revenue higher than 20% due to personalization (Salesforce)
- 70% of brands that rely on advanced personalization bagged 200% ROI and more from their efforts. (KO Marketing)
- 63% of marketers have observed personalization increases customer interactions and ultimately, better conversion rates. (Statista)
- 51% of marketers assert that personalization across multiple touchpoints increased ROI by 300% and more. (KO Marketing)
What’s keeping you from getting personal?
The stark story of these statistics indicate that personalization is evidently no more a luxury for marketers, but a bare necessity to acquire new clients and encourage returning ones.
RRD knows how to succeed with personalization in different industries for varied audience segments. Data and insights drive our approach. Learn how we’re uncovering meaningful correlations to help our clients acquire, engage and retain their most profitable customers.