The appeal for personalization is high among consumers: They not only want it, but expect it. In fact, 80 percent of consumers are more likely to make a purchase when brands offer personalized experiences. And marketers now have the technology to make a data-driven impact for consumers.
To gain a deeper understanding around personalized experiences, we partnered with GBH Insights to learn how personalization efforts can be used to enhance the relationship between the brand and the consumer.
The results provide an overall view of how consumers feel about personalization, what factors drive consumer behavior and what marketers can do to better connect with them.
Overall, the study shows that personalization exerts influence over consumers and brands. Some of our top learnings were that:
1. 68 percent of consumers think it’s worth sharing their information if it means they’ll receive “relevant offers, recommendations and discounts.” Consumers are willing to share data, in exchange for better personalized experiences. A majority of consumers think it’s “very cool” to receive personalized offers, but they also want control over what they receive. The key is demonstrating the value consumers get.
2. About two-thirds of consumers have noticed personalized experiences when interacting with brands, and a majority believe that companies are getting better at delivering these experiences. Consumers have become more cognizant of brands’ personalization efforts.
3. Personalization has many different meanings. The top types of “personalization” for consumers included: customization (32 percent), service (32 percent), and discounts/ offers (16 percent). While getting customized deals is an important consideration, the idea of personalized service is another important factor to consider when delivering a personalized experience.
4. High-value segments actually want more personalization, meaning personalization drives real, bottom-line economic impact. Consumer attitudes toward data collection and use have changed, but well-executed personalization strategies have strong ties to high purchase volumes.
How can you take action?
Develop accurate, integrated consumer profiles. Make sure you have the right data and insights to correctly identify individual consumers across devices and channels.
Activate your data to give customers what they want. Use behavioral, purchase and other types of data to truly understand what your customers are looking to get from your brand.
Constantly measure your performance. Consumers believe that personalization efforts are improving. Prove them right! Continuously measure the effectiveness of your personalization campaigns with detailed, accurate reporting metrics so you can improve on weaker efforts and continue in areas of success.