As marketers shift their focus to content personalization as a way to resonate with their target audience, new research suggests that companies that already have done so are seeing an improvement to their bottom line.
Monetate recently published the “2019 Personalization Development Study” and statistics showed that 93 percent of companies with an advanced personalization strategy have experienced revenue growth. About 78 percent of those with a full or partially personalization strategy have seen a growth in revenue as well.
On the opposite end of the spectrum, 52.5 percent of companies with no personalization strategy have experienced revenue loss.
Approximately 44.4 percent of businesses that have seen 3x ROI claim that their primary goal metric for personalization is to increase customer loyalty. About 22.2 percent of the same group said that their main goal metric is to increase customer lifetime value.
Marketers Face Room for Improvement in Personalization
Marketers remain heavily focused on delivering a personalized experience, but previous research suggests that many of them are still missing the mark, despite having tools like MarTech at their disposal.
Acquia published the “Closing the CX Gap: Customer Experience Trends Report” and found that 68 percent of customers and 79 percent of marketers believe brands generally do not make customers feel like individuals. This is despite the fact that 87 percent of marketers believe they are delivering engaging customer experiences through resources, such as MarTech.
Approximately 55 percent of customers say that companies are “behind the times” when it comes to interacting with them both offline and online.