Recently, McKinsey, a respected business research firm, had this to say about direct mail and email communications:
Customers decide very quickly—in a matter of seconds—whether they like your marketing message. Provide something relevant, and you’ve got a satisfied customer. Miss the mark, however, and they’re gone.
If that doesn’t get your attention to the importance of targeted, relevant campaigns, nothing will. If you need more reasons to add personalization to your marketing mix, check out these data compiled by the venerable business magazine Forbes :
• 91% of consumers say they are more likely to shop with brands that provide offers and recommendations that are relevant to them. (Accenture)
• 42% of consumers are annoyed when content isn’t personalized. (CMO by Adobe)
• 72% of consumers say they only engage with personalized messaging. (SmarterHQ)
But isn’t it challenging to get consumers to share their information so you can create a more personalized experience? Not if it’s going to benefit them. Retail TouchPoints found that more than 50% of consumers are willing to share information on products they like in exchange for personalized discounts. Here are some more encouraging data:
• 83% of consumers are willing to share their data to create a more personalized experience. (Accenture)
• 64% of consumers are okay with retailers saving their purchase history and preferences if it allows their experiences to be more personalized. (BRP Consulting)
• 90% of consumers are willing to share personal behavioral data with companies for a cheaper and easier experience. (SmarterHQ)
Developing truly personalized content takes effort, but it pays off big. Studies have consistently shown that between 80-90% of companies using personalized messaging have seen a measurable lift in business. Often, this lift is more than 10%.
This doesn’t mean that just throwing data at the page will create these kinds of results. Studies also consistently show that consumers will stop buying from brands that use poor personalization tactics. If you are going to create personalized communications, do it well.
Think before you print!