What’s your biggest concern about moving up to advanced personalization?
Maybe you wonder whether you can afford the technology. Do you worry about whether you can count on IT to help you launch it, or find all the data you think you need to reach that next level of relevance?
If that’s what’s on your mind, you’re not alone. Research from the The Relevancy Group found retailers had four general areas of concern that kept them from taking advantage of real-time data and other efforts that can bring marketers an additional $20 ROI and give them an edge over competitors like Amazon.
Beyond just naming those objections, though, The Relevancy Group also suggests ways retailers can overcome them in its new report, The Value of Advanced Personalization for Retailers:
- Challenge: Lack of IT support for data extraction or personalization platform integration
- Solution: The personalization field has changed, thanks to “software as a solution” services that run up in the cloud and don’t need to be installed on your company’s servers. They can be integrated without significant IT involvement.
- Challenge: Lack of budget for personalization beyond basic services
- Solution: At least a third of the brands in TRG’s study said they budget $400,000 or less for personalization. Marketers can find more budget by partnering with personalization providers capable of proving ROI and making a tangible contribution to the bottom line.
- Challenge: Concerns over data security and sharing
- Solution: Today’s technology uses proper security and encryption protocols to share and protect data, rendering those concerns unfounded, the report says.
- Challenge: Marketing programs are merchandiser-driven
- Solution: Advanced personalization technology like Liveclicker allows a retailer more flexibility to promote existing inventory along with merchandiser assortments.
How 2 Retailers Used Real-Time Solutions to Overcome Personalization Hurdles
Using real-time data in an advanced personalization platform isn’t just the latest shiny toy on the shelf. It can help you give your customers a better experience with your brand – which often translates into stronger loyalty and longer retention – and solve operational problems on your company’s end.
Download Liveclicker’s latest report, Overcoming Challenges to Advanced Personalization, to learn how two major retail brands – Dunhill, a British luxury fashion retailer, and Hot Topic, a U.S. pop culture and fashion brand – used real-time data to build event interest and solve sold-out inventory problems.