Data-driven, personalized marketing has become nearly ubiquitous in today’s hyper-competitive economy. But is it really necessary? Can’t you just mail more generic offers at a lower cost and get the same results?
Not anymore. Why? Because long-term profits have become highly correlated with customer engagement and loyalty, and personalization is key to driving both.
In a recent study, “2019 Trends in Personalization Report” (Evergage/Researchscape), 98% of respondents indicated that they felt personalization helps advance customer relationships, with 70% saying it has a “strong” or “extremely strong” impact. In addition, 59% cite increasing customer loyalty as a top benefit of personalizing their communications and 85% indicate that their customers now expect personalized experiences.
It’s no wonder that brands are increasingly focusing on personalization, whether in print or digital communications. In fact, “2019 Trends in Personalization” found that when it comes to email, digital, and online personalization:
- 90% of respondents report a measurable lift from their efforts.
- More than half (58%) see lifts of more than 10%.
- Fifteen percent report lifts of more than 30%.
While print was not included in the survey, it’s hard to imagine that if marketers are getting these results in other channels, they would not see similar results in print.
Personalization is not just a worthy goal. It has become a critical strategy for engaging and retaining customers and motivating customers and prospects.
Is increasing your investment in personalized communications on your “to do” list for 2020?