Although some marketers are already seeing positive results from focusing on personalization efforts, new research suggests that many of them are still in the developmental stages of making personalization a top priority within their company.
Forbes Insights and Arm Treasure Data recently conducted “The Clear Path to Personalization: Delivering Superior Experiences, One Customer at a Time” report, and statistics showed that the majority of respondents (40 percent) have been able to directly tie their personalization efforts to sales. However, just 28 percent of learners say personalization is a “high” or “very high” priority this year, suggesting that many marketers are still working on making this tactic a top objective.
The authors of the report note that budget is a primary factor that is impacting personalization adoption. The majority of respondents (74 percent) stated that less than 10 percent of their current marketing budget goes toward personalization efforts.
Marketers and Hyper-Personalization Strategies
Not all marketers are struggling to implement a personalization strategy at their company, according to previous research. In fact, some of them are already prepared to take personalization to the next level.
Ascend2 published the “Hyper-Personalization Strategies Survey” and discovered that most respondents (47 percent) are at least now talking about developing a hyper-personalization strategy to achieve their target goals.
When it comes to primary goals associated with utilizing a hyper-personalization strategy, most respondents (60 percent) said that they want to improve the customer experience. Fifty-one percent want to apply data insights to decisions, and 41 percent want to understand their customers better.