What is Personalized Marketing?
Personalized marketing is the way, how to use strategy, via which companies try to forward and deliver unique individual content to their receiving customers. They are using data collection, analysis and automation technology as well.
The main point of functioning personalized marketing is to really engage customers or possible future customers, by effectively communicating and interacting with each as an unique individual.
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Personalization is the prime driver of marketing success today. Marketing Gurus have proven ways to drive 10 to 30 percent increases in marketing – spending efficiency and 5 to 15 percent increases in revenue.
Personalized marketing is much more than just embedding the customer name into the same marketing email to all your customers. It’s all about reaching the right individual at the right moment with the right message.
How does Personalized Marketing work?
Personalized marketing is when you implement a strategy through which companies deliver individualized content to recipients through automation technology, data collection, and analysis. This includes purchase history, interests, shopping preferences, and much more.
The use of this data to tailor the content your contacts receive via ads, email, or any other platform, is called Personalized Marketing or One-to-One Marketing.The goal of personalized marketing is to engage customers by communicating with each as an individual truly. This method differs from traditional marketing, which mainly depends on casting a wide net to bring in few customers.
Today, analytics have become more revolutionary, and data on individual prospects have grown. However, traditional marketing emphasized only the quantity of messages over their relevance, with mailings, billboards, cold calls, and more.
Why Personalized Marketing?
There can be no doubt – the digital revolution has changed the way people respond to marketing. In this rapidly growing world, marketers need to work fast to keep up. They have a whole new world of opportunities to be creative. Thanks to developments like Artificial Intelligence (AI), Cloud Stations, Machine Learning, Data Analytics, marketing strategies, and approaches have advanced vastly in just a few years, changing the face of marketing.
Marketers are now relying on things like personalized marketing to get better outcomes. Here’s why personalizing your marketing approach is essential and why you should start adopting it.
Make your business real to people: People connect with brands that feel real to them. They don’t connect with business entities. Making your marketing personalized by directly communicating with your audience will make your brand appear relatable and human.
Increase revenue, sales, and conversions: Delivering a customized service makes business sense. Customers are more likely to consume if they read suggestions with product recommendations based on their interests.
Offering a customized experiencing and personalizing your services will boost your sales and conversions. According to the figures, 75% of customers prefer to buy from a brand, which is aware of their name and buying history.
So, marketers get double-digit returns in marketing performance and response if they provide personalized web experiences.
Boost customer retention: Your chances of increasing customer retention and revenue increase if you deliver a personalized experience. According to research by Segment, 44% of customers are most probably to become repeat purchasers after a personalized experience with a brand.
Different ways to personalize your marketing approach
- Personalized product and reading recommendations: Your customers are more likely to engage with your brand if you send them personalized reading suggestions that speak of their interest or by showing them similar products they’ve already bought in the past. This is the simplest way to engage your customers.
- Segmented email marketing: Segmented email marketing should be at the top of your list if you want to personalize your marketing approach. According to research, personalized emails have 41 percent higher click-through rates and 29 percent higher opening rates.
- Targeted discounts and offers: You can re-engage your customers who haven’t interacted with you in a while by sending them coupons and offers based on their recent purchases with you. According to research, customers are highly responsive to customized discount codes and offers.