In November 2017 Liveclicker sponsored a research paper by The Relevancy Group. We sat down with the paper’s author David Daniels to discuss some of the findings. Join us on January 24th, at 1:00 ET for a webinar on the research.
Liveclicker: What was one of the most interesting findings in your research?
David Daniels: We found that marketers who employ more advanced personalization tactics have greater revenue than those that utilize basic personalization. There is a direct correlation to personalization sophistication and revenue. Utilizing machine learning for personalization results in a 21% improvement over using just first name personalization.
LC: That is impressive, but how many marketers are embracing that level sophistication?
DD: Not enough. Marketers are leaving money on the table. Nearly half of organizations are utilizing personalization across their website, display targeting, social, and email marketing efforts. While first name personalization in email has near universal adoption, 47% are utilizing machine learning for personalization, with 36% stating they will implement it in the next 12 months. Personalization is having an impact, and it’s clear that as adoption increases email relevance improves, as does the customer experience.
LC: Speaking of the customer experience, how do consumers react to personalization? Do they want it?
DD: When we asked consumers how they decide which brands to purchase from, 47% of consumers cite the customer experience, followed by 30% that state the brand provides them with relevant offers and/or products. They love it, and the survey responses and revenue results are real indicators that personalization is not just effective – but necessary – to be successful online.
LC: What does it take to get started? Can marketers just jump into the most sophisticated tactics?
DD: Improving personalization, the customer experience, and ultimately results requires technology that can easily leverage real-time data. As data sophistication improves so does the velocity of the data being utilized. There are some elements that can be implemented quickly and others that require more time and external expertise. The paper provides a framework to implement these concepts, and in our upcoming webinar we’ll be walking through the research, tactics, and case studies. I hope you can join us.
LC: Thank you David, we look forward to it.
DD: My pleasure.