According to McKinsey, marketing’s holy grail is digital personalization at scale because “personalization can reduce acquisition costs by as much as 50%, lift revenues by 5-15%, and increase the efficiency of marketing spend by 10-30%.”
In their annual report, Salesforce states that 79% of consumers are willing to share data in exchange for contextualized engagement, and 88% will do so for personalized offers. Once someone has shared their information about who they are and what they are looking for, customers expect more personalization in return.
To meet customers’ expectations, marketers must focus on improving personalization and engagement strategies across company channels. Employing these tools and technologies can help:
Email Automation and Nurture Campaigns
Contrary to many reports, email marketing is not dead. In fact, the number of email users is growing rapidly. Email automation campaigns - a series of emails that are sent automatically, triggered by the actions of the subscriber - are among the top three tactics used by email marketers to improve conversion performance. But only 23% of marketers use this tactic.
Here are some other statistics about personalized email:
Consumers open emails with personalized subject lines at a 50% higher rate compared to emails without personalized subject lines, yet only 2% of emails employ personalization.
Email campaigns segmented by user interest see 74.53% higher click rates as compared to non-segmented campaigns. (MailChimp, 2017)
Retargeting campaigns help you reach people who either are in your CRM database or who have visited your website. These campaigns allow you to deliver specific ads to people based on their past online behavior. There are different types of retargeting campaigns:
Site (or pixel-based) retargeting: delivers ads to people who previously visited your site but did not convert
List or CRM retargeting: markets to customers who exist in your database
Search retargeting: delivers ads based on previous search history
Personalized Website Content
Personalized content performs 178% better: HubSpot looked at the data for more than 93,000 calls to action created using HubSpot over a 12-month period. What did they find? Calls-to-action targeted to the user performed 178% better than calls to action that were the same for all visitors.
How far has personalization come? Today, 62% of consumers expect companies to anticipate their needs. AI can enhance almost any aspect of your marketing,from chat bots to digital advertising to customer journeys. AI can also help you find new audiences to target that share commonalities with your current customer base.
Account Based Marketing
Many of the tools above can be used in Account Based Marketing (ABM) programs – a B2B strategy that focuses on specific target accounts and the building and delivery of cross-channel and personalized campaigns to individuals at those accounts. An easy implementation can be found in HubSpot's recent addition of ABM features.
These are just a few of the ways you can increase personalization and engagement with your current and potential customers. Contact us to discuss how you can take advantage of these marketing technologies.
About Launch Team, Inc.
We are a multi-dimensional, highly focused marketing firm that has helped companies in technical and engineering-driven industries succeed. We've been doing this for over 30 years, increasing and improving our offerings along the way. Our team's backgrounds include optics, chemistry, and biology paired with a core business and marketing focus. This allows our team a unique understanding of your business, the decision makers you work with, and the engineers who will evaluate your solution.