State of Personalization: How Enterprise Retail and Banking Brands Drive Higher Business Results

According to Gartner, personalization is “a process that creates a relevant, individualized interaction between two parties designed to enhance the experience of the recipient.”

Different types of personalization include:

• Basic personalization – includes campaigns with first name.
• Event based personalization that is triggered in any event
• Personalized customer segments based on affinity cohort which is also called user personalization

• Event + user personalization – based on a specific customer segment with specific event trigger.

• Personalization boosts revenue by increasing conversion rates across the board. Brands that invested in personalization are likely to see their investments pay off.
• Personalization driven through insights leads to a 45 percent increase in engagement rates.
• Personalization can lead to building a brand loyalty. This way, your brand is able to build a customer base with a long-term horizon.

The state of personalization report will help you understand the benefits of personalization strategy across a customer journey across different industries. Download the personalization report here.

This State of Personalization report provides an in-depth analysis of how personalization campaigns can help companies improve their digital customer experience across desktop and mobile devices. From relevant messaging that delight customers, the state of personalization report help balance personalization across customer journeys. The report also gives actionable insights into what most consumers want as digital experiences across their purchase journey.

Using personalization capabilities, consumer brands can understand the behavior of a customer in terms of their affinities and activities.

With the assistance of this information, brands can craft a better customer journey that is specific and relevant. This can lead to better customer engagement and in turn, help in retention.

No longer an option, a personalization strategy carries on as a core expectation for the customers. Brands not following the personalization trends risk losing revenues or customers.

Mckinsey through its report found that personalization boosted performance, improved customer experiences and increased loyal customers base during its analysis. In addition, companies whose growth rate is faster generate 40% more revenue through personalized messages and services compared to slower-oriented rivals.

Leveraging personalized insights from customer data platforms helps establish customer loyalty and customer relationships.

• In order to create a personalized experience for your customers, you need to have access to their data. Customer data is the key to understanding what each individual user wants and needs. And it’s essential for powering marketing personalized service.

  Some of the biggest challenges in personalization today are:

• Quality of data

  • In many cases, brands will have plethora of data points. However, some may not be relevant or some of the data may not outdated or incorrect. This often leads to a bad or incorrect personalization solution.

• Privacy and regulations

  • As companies strive to create a more personalized experience for their customers, they are also facing new challenges when it comes to data privacy and regulations. The cookie less features will definitely give sleepless nights to many brands especially whose end-users expect personalization throughout their customer journey.

• Non-Unified Customer Profiles
• • Understanding customer behavior is not easy. Having a unified profile helps brands analyze data and accordingly personalize messaging. However, without a unified view of the customer, you cannot create relevant and timely experiences for your customers across all channels.

Omnichannel personalization is the practice of creating personalized experiences that are informed by real-time data from all channels and extending them across every touchpoint, to build consistent relationships everywhere they interact with the brand. This allows the brand to build customer loyalty.

If you want your marketing efforts to offer a seamless experience to your new customers and existing ones, an engagement platform like MoEngage that helps to identify personalization opportunities, increase engagement, and also help increase conversions is a much better bet!

MoEngage currently has empowered more than 1200+ businessses and marketers via segmentation, customization, web and push notifications tailored to the customer’s personal needs, and analytics.