New research indicates that organizations are concerned about competitiveness in their respective industries, and many are turning to personalized marketing to gain an edge.
The “Challenge or Be Challenged” report from Forbes Insights found that 70 percent of company leaders are “extremely concerned” or “somewhat concerned” about whether their business will still be relevant and competitive in two years. The majority of respondents (65 percent) intend to focus on personalized marketing to meet more of their customers’ needs.
About 52 percent intend to provide a superior customer experience, and 62 want to hone in on product innovation. Further, 63 percent said they will improve online product information and services. At the moment, researchers found that many business leaders are not utilizing an omni-channel strategy.
“Only 32 percent of business leaders offer omni-channel shopping—a strategy critical to creating a consistent customer experience across multiple channels,” wrote the authors of the report “And only 28 percent make use of digital (live chat windows) and human customer service. All of which represents a missed opportunity for companies to influence consumers at critical touchpoints.”
Identifying the Need for More Personalized Marketing
Previous research shows that organizations have been aware of the need to focus on personalized marketing. The “Customer Recognition: How Marketing is Failing at Its Top Priority” report from Econsultancy, Epsilon and Conversant revealed that 84 percent of marketers believe identifying users, personalizing messaging and measuring impact are “very important to growth.”
However, just 14 percent of respondents said that they had “strong capabilities” in terms of identifying users, personalizing messaging, and measuring impact.
“As chief marketing officers invest in more addressable channels like digital, they require partners that understand the holistic issues of customer experience, and what’s truly required to deliver on personalized communications,” said Chris Harrison, chief technology officer at Epsilon. “A one-size-fits-all approach is not enough.”