Personalization might well be the most impactful approach to customer interaction, driving business objectives from lead generation, conversions / sales, customer satisfaction and loyalty, and also marketing efficiency. There is vast empirical evidence on the business case for Personalization across industries, and this blog article will collect recent stats and benchmarks on a continuous basis. You will find, that those benchmarks have a wide range. This is to be expected, as the impact is highly dependent on baseline and progressiveness (e.g. the employment of state-of-the art predictive analytics and machine learning capabilities) as well as comprehensiveness of Personalization (to get the full picture on what comprehensive Personalization should entail, please check my previous blog post on the 8 Facets of Personalization) approach used. The list of benchmarks lets you pick the ones that are relevant for your case. All give the relative uplift, and they are ordered by KPI category with industry (if stated) in bold:
Donnerstag, 8. Juni 2017
Donnerstag, 1. Juni 2017
The 8 Facets of Personalization
Personalization - understood as dynamically curating product offers and experiences to each individual customer and context in a seamless manner across channels - is one of the most powerful levers to both dramatically improve the customer experience and to deliver direct business impact. This is why Personalization certainly enjoys a VIP status among the 10P of Digital Marketing.
However, instead of identifying Personalization opportunities comprehensively, quite often a very narrow perspective is adopted which reduces Personalization to the mere discipline of dynamically adjusting digital interfaces to individual user characteristics, often referred to as "web personalization". Such narrow view typically takes Amazon as a role model for pioneering personal product recommendations based on individual browsing history and collective patterns in purchasing behaviour.
While personalizing digital interfaces and product recommendations are two important facets, there are six more, which are of particular relevance to non-retailers like financial service companies. In my view, non-retailers are misguided by taking the Amazon approach to personalization as target vision. To capture the full potential of Personalization, they need to adopt a much more comprehensive perspective is necessary. This blog article introduces a framework which which covers all 8 Facets of Personalization:
However, instead of identifying Personalization opportunities comprehensively, quite often a very narrow perspective is adopted which reduces Personalization to the mere discipline of dynamically adjusting digital interfaces to individual user characteristics, often referred to as "web personalization". Such narrow view typically takes Amazon as a role model for pioneering personal product recommendations based on individual browsing history and collective patterns in purchasing behaviour.
While personalizing digital interfaces and product recommendations are two important facets, there are six more, which are of particular relevance to non-retailers like financial service companies. In my view, non-retailers are misguided by taking the Amazon approach to personalization as target vision. To capture the full potential of Personalization, they need to adopt a much more comprehensive perspective is necessary. This blog article introduces a framework which which covers all 8 Facets of Personalization:
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