Study: Personalization Efforts Leading to Increased Profitability
Personalization is ensuring that marketers can deliver a consistent customer experience, and new research indicates that it is also helping them boost their bottom line.
The “2017 Personalization Development Study” from Monetate found that 95 percent of marketers who increased their ROI three-fold through personalization saw a rise in profitability last year.
Approximately 88 percent of those who exceeded their income predictions intend to increase their budget for personalization this year. Twenty-six percent of marketers who achieved revenue expectations will do the same.
Data also shows that those who have seen the financial benefits of personalized communication typically have a strategy in place. About 79 percent of those who surpass revenue expectations have a documented personalization plan.
Despite creating a strategy, the majority of marketers (56 percent) are still in the process of implementing it. Approximately 28 percent are “just starting out,” and only six percent are “advanced” in terms of execution, indicating that there is still work to be done.
Personalized Marketing for a Competitive Edge
Recent research has revealed that organization leaders are specifically turning to personalization to meet their customer needs.
The “Challenge or Be Challenged” report from Forbes Insights discovered that 65 percent of company leaders are utilizing personalized marketing tactics to address their customers’ necessities. Approximately 70 percent are “extremely” or “somewhat” concerned about whether their business will still be relevant and competitive within the next two years.
Fifty-two percent say they want to provide a superior customer experience, and 62 percent want to focus on product innovation.