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The Impact of Personalization on Your Business

Personalizing the customer experience is becoming more than an effective way to compete.

It’s evolved to become a business imperative.  Why?  Because our customers have come to expect it.  And because those organizations that are investing in the capabilities to deliver great customer experiences are reporting superior performance and growth.  The personalization impact is becoming more and more clear.

The fact that customers will pay a premium price for a great experience is real.

The PwC Future of Customer Experience Survey (2017/18)  sites 73% of all people point to customer experience as an important factor in their purchasing decisions.  Further, 43% of all consumers would pay more for greater convenience; 42% would pay more for a friendly welcoming experience.  Among US customers, a remarkable 65% find a positive experience with a brand to be more influential than great advertising!

Those companies that are embracing the power of personalization by making the necessary investments are seeing significant returns on their investments.  Here again, the impact of personalization is real.  In April 2018, Forrester Consulting performed a study to evaluate the Business Impact of Investing in Experience.  The study revealed that companies delivering personalized experiences are outperforming organizations that don’t deliver personalization.  Improvements are realized across the suite of metrics spanning the entire customer lifecycle.  For example, the Forrester study sites that companies that deliver personalization are realizing 1.6x higher growth in new website visitors and 1.9x higher year over year growth in customer retention over companies that do not.

Not convinced?  Consider this.  The PwC survey also sites that 32% off all customers would stop doing business with the brand they loved after one bad experience.  Unfortunately, you don’t really have many chances to get personalization right.

Bottom line focus on what really matters to your customers and apply improvements to their experiences across all touchpoints.  As the study demonstrates, when customers feel appreciated, you gain measurable business improvements.

For a complete “how to” guide, download

How to Implement Personalization Across All Customer Touchpoints.

 

About VeraCentra:  We’re a team of experts here to help you implement and execute the capabilities your company needs to make real personalized connections with your customers.

 

 

Digital Disruption and Personalized Customer Experiences

Most people think of digital disruption as reinvention of new business models that shake up the status quo, like what Uber did to car transportation.  But if you are working for a company established long before the rise of digital connection, you are likely looking for ways to digitally transform certain parts of a current working business model.  And that transformation is crucial when it comes to creating a competitive advantage.

More Companies Need Transformation 

A recent IBM study reports, 72% of businesses are not prepared for digital disruption, despite the fact that disruption innovators are in a position to outperform their competitors.  What’s holding these businesses back?  Perhaps transforming a current business model is more challenging than creating and launching a new model.  In any case, finding ways to react and shape digital transformation can be found by strategizing new, and different, ways to create more personalized customer experiences.

Customers today want to remain constantly connected to the people, the brands, and the things that matter most to them. And how they remain connected is what’s most critical to explore. From fitness wearables to smart appliances and other IoT, it’s how our customers connect today that offers the greatest opportunity to innovate.  We must look beyond the traditional communication channels.  Our strategies must embrace new ways to connect with customers digitally and must be highly relevant while being seamless and without friction.

Data and Agility Is Needed to Compete in a Digitally Disrupted World

Digital transformation and the ability to create personalized experiences cannot happen without the ability to collect, integrate, and analyze all customer data. The ability to activate that data in real-time by providing customer messages in context, across any digital channel or device, is the key to the type of personalization that creates digital competitive advantage.

Today’s technologies can facilitate the real-time agility and cross devise connection you need.  But do not assume technology drives digital transformation.  Strategy must take the lead, and robust technologies follow as enablers to strategy execution.

For more information about technology that supports digital transformation, download this solution brief provided by our technology partner, RedPoint Global.

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.

 

 

Mastering Customer Engagement at Scale

To be successful in today’s customer centric landscape, marketers must master customer engagement. Mastering anything is a journey. The first lesson of mastery is that we are always learning and that is certainly the case when it comes to mastering customer engagement. We need to be willing to embrace new approaches and different technologies that enable personalized, contextual experiences.

Closing the Divide

Yet there remains a large gap between customer engagement strategy and the ability to tactically execute.  Too many of us continue to struggle with legacy tools, lengthy processes for segmentations, analysis and scoring…far from our vision for real time personalization. If we’ve learned anything these past few years, we’ve learned that customer engagement success requires a holistic approach in both strategy and execution.

Creating Order and Simplification on the Road to Mastery

Thomas Mann famously said, “Order and simplification are the first steps to mastery of a subject.” For marketers looking to succeed this means taking a step back to assess what your capabilities are now – people, process, data, and technologies – and determining the solution that is right for you and your company.  Only from this understanding can we create an ordered, simple, and holistic plan to master customer engagement and deliver quick wins for our brand,

If you are attending CRMC, please join us for our workshop, Achieving Customer Engagement Agility in a Real-Time World. The workshop includes hands on, interactive exercises to help you evaluate your current capabilities and explore new generation technologies and solutions that are right for you and your company.

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.  We’ve made it our mission to help marketers advance and thrive.  Learn more about us at veracentra.com.