Personalised marketing goes beyond insertion of customer name into the same marketing email that is sent to all the customers. It is all about reaching out to the right person with the most appropriate message at the apt time and with the correct suggestions.
It is a strategy that makes use of data for the purpose of connecting with the target audience and also the current customers where it seeks to offer an optimised experience of marketing. By collection and making use of data, businesses get an opportunity for pattern identification which enables them to target potential customers in an effective way. This form of marketing helps drive in revenue. Personalising the tactics of marketing saves money that are otherwise spent on inappropriate methods of marketing and also those methods never reach the right audience.
Data gets extracted from the contacts and it is associated with the interests, preferences of shopping, purchasing history and so on of customers and when it is used for the purpose of customization of the content that contacts receive by means of emails, advertisements and also other platforms, it implies that personalised marketing is being used.
It has been seen that emails that contain subject lines that are personalised have some chances of being opened. With the trend shifting towards personalization, generic advertisements are not being accepted in the same way like it happened previously. Customization of marketing strategies as per the interests of customers have become the new means of receiving response from customers. The situation is such that consumers tend to make a purchase only after they receive personalised recommendations.
When a customer feels that the opposite side understands their needs, they become more inclined to share their problems. A personalised approach implies the fact that the pain points of the customers are taken care of and this simplifies the entire journey of the customers. In addition to this, the trust that gets developed helps in the creation of healthy relationships. Such relationships foster the willingness of customers to turn to the business providing the services in times of need.
The Loyalty Factor
A big percentage of profit is earned from customers who keep coming around again and again. Personalization helps earn the loyalty of customers. Majority of the customers tend to get back to businesses that offer personalised experiences of shopping.
ROI and Sales
Personalised marketing is more efficient and effective as compared to the traditional marketing strategies. The return on investment is also less or even limited when it comes to traditional ways of marketing. When recommendations are personalised, it directs the customers to spend more. Brand suggestions and recommendations have paved the way following which customers have made purchases and they were happy after they had made the purchase. As per leaders of marketing, a good percentage of sales and return on investment are obtained by personalised marketing as compared to the traditional marketing tactics which render a lesser percentage of ROI and sales.
A Few Drawbacks
Like all other marketing strategies, personalised marketing too has its own drawbacks. One of the biggest challenges that comes with personalised marketing is that the technology that is used for driving the activities is often outdated. Apart from the software, another major requirement revolves around having a dedicated team who shall be inclined to carry out the processes of personalised marketing. For the purpose of delivering an experience that is truly personalised, accurate predictions are required that would be able to give a clear picture as to how each person would react to a particular product. This implies to the fact that data needs to be collected revolving the contacts, which can be a difficult task. Sufficient amount of funds, time and skilled staff are required to carry out the various activities associated with personalised marketing.
In spite of the drawbacks, the significance of personalised marketing cannot be overlooked. The strategies of this marketing enable marketers to reach to the specific group of audience who are in actual need of the services or products. This way a lot of funds get saved which otherwise would have been spent to reach out to a broader audience who may not serve the purpose of business well.
When it comes to creation of long-lasting relationships with customers, personalised marketing is the best option. It has often been seen that customers keep coming back to businesses which render them a feeling of connectedness. They tend to spread the word and expand the customer base of the business. This way personalised marketing helps to create fruitful connections which in turn fosters the growth of the business.
Personalised marketing if used correctly shall deliver results which shall help create customer relations that are to be valued all life. There are some challenges but still it shines out because of the benefits it offers. Happy customers, enhanced brand loyalty, maximisation of profits are some of the many benefits that personalised marketing has to offer to a business.
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