More than 78% of consumers will only engage with personalized offers that reflect their previous interactions with the brand.1
Personalization can improve customer experience and increase conversion rates for marketers. Specifically, 68% see a lift in closed sales as indication of personalization success.2
Fresh, differentiated data can help you lay a stronger foundation for a long, high-value customer relationship. If your current view of customers is based solely on proprietary data, it may lack hyper-relevant insights such as household makeup, spend capacity, credit availability and estimated income. These data enhancements can help ensure the right audience receives exposure to your marketing messages and offers. And they help you personalize a digital strategy that’s more likely to perform.
Consumer economic capacity data can help you more accurately predict customers’ lifetime value.
Own their own home (49%)
Have children (31%)
Have highest increase in millennial households in the past 5 years
Rent their home (69%)
Not have children (80%)
For example, connecting data from device sales, family plans (possibly including the number of children and presence of a spouse), social media, home entertainment package sales and location give you a good idea of what products and services your customers will need next. But the addition of rich economic capacity data helps confirm they have the resources to purchase new hardware and service subscriptions, saving you, and them, the embarrassment of a stellar promotion going sour when a credit check fails.
To stay ahead of your competitors, you need timely integration of new data collected across your enterprise. This data linkage can help provide a more holistic picture of your customers and is key to personalization. When your data is linked, both internally and with third-party sources, you’ll not only see customer engagement, but better understand the many ways they interact with you. Customers may engage online, in stores, and through customer support. And linking data also triggers other important insights about their lifestyle and purchase behaviors. Get a more comprehensive view of customers so you can more intelligently talk to them. . . across all your brand channels.
Because consumers expect immediate gratification in their experiences, service providers need to develop personalized customer journey strategies and relevant campaigns based around them. Reliable intelligence can help you better address small segments of buyers, thereby accelerating their engagement, conversion, satisfaction and retention.
An enhanced behavioral profile of your current best customers can help you target your offers to purchase-ready consumers.
Lowest average assets $44,931
Highest growth in millennial income: 66% in the past five years
Highest average assets $170,073
Which factors matter in predicting the next best product or service for your customer and prospect groups? Behavioral triggers expose propensities toward specific product or service adoption and help predict their future personal customer journeys. Ultimately, you will have identified consumer segments that should perform well and help you meet your business objectives.
Using this approach of linking proprietary data with third-party economic capacity data, one telecommunications company achieved 21% conversion in a campaign. *
Another benefit of overlaying unique data on consumer households comes when consumers sign a contract for your products or services. By prequalifying consumers before offering them the latest high-end device or service package, you reduce risk by knowing your customers can qualify for the products and services they desire — even before they ask for them.
Of course, data alone won’t get you the best customers to market to. Integration of data sources, and the use of cutting-edge tools and technology that transcend foundational analytics, can help you create personalized offers that improve customer experiences and the efficacy of your marketing.
Develop personalized promotions based on the predicted right product for the right person at the right time.
* Equifax case study. Results may vary based on actual data and situation.
You undoubtedly collect data from direct engagement across the channels your customers and prospects use, such as social media, mobile and the web. You can achieve a data-driven understanding of consumers that illuminates their preferred channels and creates more consistent messages across the channels where your customers are most active.
But your multi-channel personalization starts with something simpler: onboarding the actionable, high-potential consumer segments you have developed offline for use in online marketing efforts. Segments you have already identified for targeting through direct mail may be leveraged for web, email and social media campaigns. Integrated digital targeting allows you to reach your preferred consumers through their preferred digital channels.
Regardless of their location or digital device, consumers have nearly constant access to multiple media.
83% of consumers expect personalized retail experiences in store, in app and in other digital channels.5
In addition to channels consumers use to research your products and services, you can have success targeting them amid their other activities.
The winners in customer experience recognize that it is key to their marketing performance today, generating new customer relationships, and greater satisfaction and loyalty among their existing customer base. Robust segmentation helps them drive multi-channel messaging strategies, which depend on reinvented processes that engage technology adept at communicating cross-channel. That reach enables marketers in customer-centric companies to better engage high-potential consumers with consistent messages through the channels they prefer.
Find and keep high-value customers who have the ability and the propensity to purchase your offerings.
Navigating the multi-channel landscape is complex, but to be effective with savvy consumers, your marketing efforts must deliver consistent messaging across online, mobile, TV, email, direct mail, retail, call center and other marketing channels. By leveraging a partner that has forged relationships across the digital ecosystem, you will be able to more seamlessly connect with your target audiences through the channels they view, interact with and experience.
If you can satisfy consumers’ desire to have more personalized and consistent interactions with you across live and digital touchpoints, you can improve both their brand experience and your brand performance. Utilizing a technology-enabled partner can help you overcome impediments in data standardization and quality, as well as digital distribution, so you can communicate with agility.
Data that is integrated both offline and across the digital ecosystem can help you communicate consistently across channels. #InsightsThatDrive