Convincing executive management that investment in our organization’s capabilities to deliver real-time customer experiences will result in increased customer loyalty, lifetime value, and topline revenue has been a challenge for some. But the mounting evidence cannot be ignored.
Mounting Evidence that Real-Time Experiences Builds Revenue
Forrester Research reports 86% of customers will pay for real-time experiences. Gartner found that by 2020, smart personalization engines, used to recognize customer intent, will enable digital businesses to increase their profits by up to 15%. Accenture reports, 75% of consumers are more likely to buy from a brand that recognizes them by name, recommends options based on past purchases, or knows their purchase history.
Why? Because your customers are bombarded by messages and offers from a myriad of companies vying for their attention. How do they decide which messages they will pay attention to and which they will ignore? Quite simply, they engage with the messages that are relevant to them from the brands they trust.
Customers want to be Known and Will Pay for the Experience
Customers will be more loyal to brands that demonstrate an understanding of their individual needs and wants. In a sense, they are looking for brands that deliver the omni-channel equivalent of walking into a local boutique to be greeted by, “Hello Sally, you know I was just thinking about you as these great (insert product) came in yesterday that I know you will love!” Or a bank that clears a deposit made at an ATM immediately, so the customer can access those funds, using their debit card online or through mobile.
New Technologies Help Us Market Smarter
New technologies, now available to, and affordable for, all companies, irrespective of size, help us market smarter and allow us to interpret intent and support individual customers in a non-invasive, but hyper- personalized way.
For hyper-personalized message and experiences to be effective you need to be able to deliver them in real-time, at the exact moment your customer is there to receive it. Adding this capability to your tool set means you can align your messaging to your customer’s interaction cadence, versus depending on calendar or event triggered messages.
This technique is especially effective when applied to inbound channels like ecommerce sites, in- store beacons messaging, mobile devices, or call centers. Real-time creates a big wow response from customers, sending them a message that says, “Hey we know you!” And that is something that customers welcome.
Real-Time Customer Experiences are a Key Competitive Advantage
The evidence is mounting that delivering real-time customer experiences will drive topline revenue. So, as we enter 2018 budget planning season, make sure you are in a strong position to get executive management to sign-off on the necessary investment needed to deliver what is rapidly becoming the key marketplace competitive advantage – real-time customer experiences.
Ultimately, personalization through real-time experiences, messaging and interactions is about adding value to an individual customer, at scale. Customers are willing to shop more with the brands who recognize each individual and can provide appropriate recommendations based on their unique needs. And shopping more equals increased loyalty, share of wallet, and higher lifetime value. All of which drives higher revenue and ROI. And that is something every executive manager can do nothing but agree with.
Our latest eBook, The Value of Context, Cross Channel and Real-Time Capabilities: Advancing Marketing’s Productivity, is a great resource for mapping out the capabilities your organization needs to be able to truly deliver real-time experiences your customers will pay for. is available to download, here.
About VeraCentra: Marketers everywhere want to use data to implement more modern customer engagement strategies. But there can be many obstacles standing in the way of success. That’s where we come in. VeraCentra provides easy-access Customer Data Hubs. We represent best of breed Cross Channel Engagement Platforms (so marketers get the right fit) and offer the Marketing and Data Services that guarantee speed to value and quick win ROI from technology investments. We deliver these solutions with an unmatched wholehearted approach bringing personalized support, care, and service to every client. That’s why many of our client relationships span more than a decade.