If your company is working toward personalization, you're on the right track. But if you're overwhelmed at the possibilities, remember that all you're trying to do is be human: Listen to your customers, remember what they say, and respond to them. Personalization is immensely valuable, but the longer you wait to get started, the further you get from your goals.
Research out this spring indicates that 95 percent of World Retail Congress retailers surveyed by Periscope By McKinsey say that personalization is a strategic priority for their business. In fact, just about two-thirds (64 percent) say that personalization is one of their brand's top three priorities. Yet implementation stunts progress across the board. A mere 15 percent say they've fully implemented personalization and 43 percent saying they're somewhere in the process of aligning efforts for this or next year.
We're well aware of the challenges that companies face once they've realized the power of personalization and the interconnectedness it entails from within the company's departments. Not to mention, how the proliferation of channels and touchpoints that the customer uses to communicate back to you complicates matters.
Ordinarily, collected preferences per channel would be stored in siloed databases across business units. And in many cases, data comes from both internal and third-party systems. Synthesizing all that data (and keeping it compliant!) is one of the biggest hurdles companies encounter. With all the incoming information, it may seem easy for your company to listen to its customers, but it gets increasingly difficult for your company to then remember and respond to customers.
The survey I mentioned earlier? Sixty-seven percent of respondents said that "gathering, integrating, and synthesizing data was their greatest challenge, with the same volume admitting they did not have the correct tools to execute personalized offers and marketing."
We've heard it before and we know that preference management can help enterprises make sense of data in ways that are simple, actionable and effective.
Your customers are expecting personalization – if you’re listening to them, how have you responded?
Eric V. Holtzclaw is Chief Strategist of PossibleNOW. He's a researcher, writer, serial entrepreneur and challenger-of-conventional wisdom. His book with Wiley Publishing on consumer behavior - Laddering: Unlocking the Potential of Consumer Behavior - hit bookstores in the summer of 2013. Eric helps strategically guide companies with the implementation of enterprise-wide preference management solutions.
Labels: channels, compliant, marketing, personalization, personalized offers, preference management, siloed databases, synthesizing data, World Retail Congress