Failing to Personalize is Like Leaving Money on the Table. Can You Afford to Miss Out?

The concept of personalization is nothing new in the world of online marketing and customer engagement, but it is increasingly important. As big data has evolved it is possible to personalize web users experience to previously unheard-of levels, and that’s a great thing, as that is exactly what many consumers are coming to expect. At least some level of personalization is now a must, both for retailers of all sizes and for private service based companies in many niches such as Berger and Green.

According to an extensive eConsultancy report, a whopping 94% of businesses are more than aware of the fact that being able to achieve personalization is crucial to not only their future but also to their current success. However, many are not moving forward because of perceived barriers to proper implementation.   

Many in the survey cited a lack of the budget they believed necessary to do such a thing, a lack of specialized inhouse IT knowledge and the lack of the required technology to be the biggest bars to their company’s personalization success. They do not see how they can implement a more personalized journey for their customers, even though they do understand that they really should.

What many companies do not realize however is that to be effective it does not have to be as complex as they believe. According to a study conducted by Accenture consumers are likely to buy more from, or do more business with, companies that offer the following relatively simple personalizations:

  • Recognizes them by name
  • Knows their past purchase or interaction history
  • Can make recommendations based on those past interactions.

And if a company can offer all three, the study says, 75% of consumers are more likely to do business with – and continue to do business with them – versus a competitor that does not.

Implementing any – or, as we just mentioned, maybe all, of the things above – is not the hugely expensive, hard to implement big data exercise you may fear. These personalization techniques don’t call for huge budgets or complex IT structures. In most cases there are a number of good softwares and other services that can help you begin to collect the data you need without doing much more than paying them a monthly fee.

Starting small is a good idea on many levels. Small to medium sized businesses really cannot afford to waste a dime, so paying for more than they need to personalize their customer’s web journey may be wasteful overkill, as their unique audience may not even be looking for the kind of deep personalization that, for instance, the likes of Amazon have to offer.

If, as time goes own these simple personalizations seem effective you can then move on to bigger data undertakings. The most important thing however is that companies realize they need to do something, or they really do risk being left far behind.

David Jackson

David is a personal finance expert, a professional male model, and an entertainment writer.