With increased competition after the pandemic one pressure point that retailers need to ease is the huge expense of ineffective online marketing. Most retailers don’t understand or even actively calculate the true cost of converting an inexpensively-sourced digital lead into a paying customer.
To fix for this problem eSellers need to use readily available consumer data to personalize their online marketing and customer engagement processes.
In truth, retailers are not meeting customers’ expectations for personalized omnichannel experiences. Over 70% of consumers surveyed last year by Harris Poll reported a personalization gap.
And it continues today, as consumers’ expectations for more personalized engagement, both online and in-store, are not being met.
Among the greatest sources of frustration are retailers sending offers to customers for a recently purchased item (34% rated this very frustrating), sending irrelevant offers (33%), and failing to recognize them as existing customers (31%).
Personalizing the customer experience so that their inboxes aren’t swamped by indiscriminate messages really does pay off. Nearly half of consumers (49%) say they are more likely to purchase from retailers that send them personalized content and offers.
Such personalized communications prove that the company understands the individual customer and isn’t just lumping them together with a whole bunch of others based upon some arbitrary data point – it shows that the organisation cares about its customers and their individual needs.
Retailers need to integrate all the data available about the individual customer, not just past transactions, response data to previous emails or demographic data.
Going further, they should overlay that with other behavioural data, attitudinal data and survey information, activated at every point of contact with the customer, whether they are shopping on the website, in-store, via a mobile app or reaching out to a call centre.
Because understood customers are loyal customers. Some 70% of people surveyed by Redpoint said they would exclusively shop with retailers and brands that personally understand them.
A word from the author:
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