Both personalizing an experience for customers and giving them the tools to personalize how they interact with your business have proven to be exceedingly powerful tools. They allow for greater engagement with websites and encourage more interactions with marketing campaigns.
Stats collected from across the world of business track just how potent personalization can be, and looking at how businesses are leveraging the angle, it’s clear that every business that’s undergoing digital transformation should follow suit. Here’s a look at how effective personalization can be and how others are making it work.
Getting Personalization Right Could be Huge
As is written in this report from the FT on personalization, over 70 percent of consumers expect personalized interactions from businesses. Yet, while 85 percent of businesses believe that they’re offering a personalized experience, only 60 percent of consumers agree.
In the piece, they delve into the clear-cut ways that any business can enhance their personalization efforts. You can create customizable areas to let customers pick what they want to see, or use a passive personalization approach that presents options to users based on their behavior on the site previously.
A lot of personalization efforts will be data-driven, and yet, close to 90 percent of marketers see data as the most under-utilized asset. Leveraging the data of individual users is the key to unlocking personalization’s potential. This could be by letting them have a customizable element of the experience, or just be analyzing their on-site data.
Should personalization be leveraged in a valuable way for customers, businesses can expect a significant increase in revenue. Research shown here from a leading US consultancy firm, McKinsey, found that the companies that excel at personalization generate as much as 40 percent more revenue than firms that are average in this regard.
Personalization Comes in Many Shapes and Sizes
There are many ways to personalize, and seeking to create an expansive personalized offering is the ultimate goal. Different businesses will have to go about this differently, but across the spectrum, we can see a range of approaches to achieving a more personalized and immersive experience for online consumers.
In the entertainment sector, an example can be seen in the form of an iGaming leader in the Garden State. When you want to play online casino in NJ for real money, the platform will present you with several personalized options, with offers and rewards sections tailed to individuals. The My Offers tab presents different offers to different players, depending on their playing preferences and PlayStar Club level. In this VIP program, players get unique rewards as they progress through the levels, including a Birthday Bonus, showing how personalization can create greater connection with users.
User data has proven to be especially useful for streaming giant Netflix, too. The platform creates several images for each product with different tags applied to each. Then, when a user is scrolling, the picture that has a tag that’s most commonly associated with the tags of what the user tends to watch is shown instead of an alternative one.
Boasting millions of users, TikTok has also shown how potent personalization can be. The For You feed is a prime example of leveraging user data to increase engagement. The videos shown here are tailored to each user based on their search, watch, and ratings history, meaning the system is enhanced for the user with every interaction.
Personalization and enhancing personalization efforts is the way to greater customer engagement and more revenue, as proven by the stats and use cases above.
Also Read: Why Digital Transformation Starts at the Executive Level
