Infographic: Retail Personalization Perfection, B2C Companies that Get It Right Are Poised for Growth
Consumers crave personalized experiences, and companies are striving to meet (and exceed) their ever-increasing expectations.
But cross the line, and you’ll creep out the exact audience you’re trying to win over. Or worse, your failed attempts at personalization could turn into a social media nightmare. (For more on this, read A Baby with a Royal Platinum Card? Personalization Fails and How to Stop Them.)
The infographic below includes four personalization pitfalls to avoid, plus seven data steps to help you achieve personalization success.
Spotlight on Consumers
The stats back that consumers want to be recognized:
- 80% are more likely to buy from brands that offer personalized experiences.
- 57% will trade data for personalized offers.
- 52% say they’d be likely to switch brands if communications aren’t personalized.
- 31% want more personalized experience from companies.
Retail Personalization Pitfalls
Without a personalization leader, skilled data experts, or the right marketing technology, it’s easy to make mistakes that can damage customer relationships.
Don’t get too personal before someone transacts with your business—even then, don’t overdo it.
Don’t use data that’s not willingly provided, and be transparent about your customers’ control over their data.
Be careful when dealing with sensitive issues, such as health information or family dynamics. Congratulating people for weddings and pregnancies that never happened can become a public nightmare.
Getting a person’s name or title wrong is bad enough, but sending offers for an item that has already been purchased or something that clearly can’t be used can erode trust in your brand.
7 Data Steps to Retail Personalization Success
- Unify. Eliminate data silos, which make true personalization impossible in an omnichannel world.
- Understand. Use customer identity resolution to build complete profiles and gain insights into behavior.
- Segment. Focus on customers that provide the greatest lifetime value.
- Analyze. Gain valuable insights into engagement and churn for better acquisition and retention.
- Activate. Use data-driven insights to inform audience targeting and campaign decisions.
- Test. Try different personalization and communication strategies.
- Iterate. Fine tune campaigns for continuous improvement.