Personalization is no longer optional
I started writing about personalization ever since I started this blog, back in 2006. I wrote extensively about privacy and how marketers should address it to engage in personalization. Consumers are now more at ease with online purchases, they have moved past initial privacy concerns of online tracking and now expect personalization. Personalization is no longer optional.
According to an eConsultancy report, 94% of the companies realize that personalization is critical to current and future success.
However many can't move forward with personalization because of many barriers they face in implementing personalization. The biggest being IT, Technology and Budget. (see below).
Charts from eConsultancy Reports - The Realities of Online Personalization
Many marketers don't realize that personalization does not have to be complex. A recent study be Accenture shows that consumer are likely to buy from a retailer who provides some level of personalization (see below):
As you see in the chart above, simply recognizing the customers by name will get them to buy more. So start there if you are already not doing it, that won't require big IT infrastructure or budgets or data. Don't be bogged down by the hype created by press releases or marketing presentation about the sophisticated personalization few companies are doing. Many of the personalization techniques don't require big budgets or IT infrastructures.
Start simple, understand the value personalization brings, show case the value to your internal stakeholders and make a case for getting more funding for more sophisticated personalization tools and technologies. I will be writing more about personalization so subscribe to my blog if you are interested. If you need help feel free to reach out to me. I would also love to hear from those who are currently involved with personalization or have a good story to share.
Article referenced in this post