Utilizing personalization to transform the customer experience
Personalization has evolved dramatically over the past five years, and technologies that seemed revolutionary not too long ago are quickly being superseded by those with a more direct impact on revenue. With 89% of brands competing on Customer Experience over product differentiation, personalization is emerging as the most effective way to transform CX. According to Gartner Research, by 2018, the brands who have extended personalization to cross-channel experiences with fully dynamic content, messaging, recommendations, discounts and calls-to-action will outperform their competitors in revenue by at least 20%. When it comes to impacting marketing metrics, personalization is no longer a nice to have, it’s a need to have!
Measuring downstream impact with advanced analytics
Every day marketers use an increasing number of technologies, which produce an overwhelming volume of data. Combined with ever-growing competition, marketers need an easy solution for turning vast troves of data into information that drives action, engagement and revenue. Advanced analytics solutions are those that give marketers the ability to view and manipulate marketing metrics from multiple channels as a multi-dimensional data cube, so that report building and data visualization is turn key. The net benefit is that marketers have the ability to develop insights and information from their data. The most advanced marketers are using advanced analytics products to quickly report on both day-to-day and long-term ROI for every marketing decision – email template tests, personalization, cohort analysis, channel analysts and much more. With advanced analytics products, marketers are no longer the mercy of their data, they’re in control.
Making predictions at the individual user level
Predictive intelligence is one of the top capabilities that marketers are focused on adopting this year. With good reason: the ability to know the next action of an individual customer is gold, quite literally, as this knowledge translates directly into revenue. Predictions are not new, but what’s now possible is revolutionary. Significant advancements allow today’s marketer to use data science to generate and apply true predictions at the individual user level, rather than reporting to forecast at the segment level. It’s the difference between knowing who recently purchased, how many times and for how much versus knowing that a specific customer is 99% likely to purchase. Imagine how your marketing strategy, messaging, budget allocations and success with your marketing metrics would change if you had this information at your fingertips?
To gain deeper insight into the impact of your marketing metrics and programs, download our e-book on Predictive Marketing.