In a 2021 report by Mckinsey & Company, the world's leading management consulting firm, it was found that around 78% of consumers are likely to make repeat purchases of products or services from brands that use Personalized Marketing techniques, or marketing tailored to the individual that can consistently meet consumers' needs. And around 80% of consumers are ready to recommend these brands to the people around them, whether family or friends.
In this article, we'll introduce brands and new marketers to this Personalized Marketing trend, to make sure you can apply it to your marketing strategy and enhance the customer experience. We guarantee that by the time you finish reading, you'll be able to put it into practice right away. If you're ready, let's get started.
1. Demand for Personalized Marketing Is on the Rise
According to a 2022 report by Twilio, around 62% of consumers agreed that if a brand cannot create a good experience or cannot market in a way that aligns with consumers' needs, the brand stands to lose Brand Loyalty from consumers by as much as 20% compared with the previous year, 2021.
In addition, a report from Mckinsey & Company states that 75% of consumers have changed their purchasing behavior for products or services in new ways, especially during the COVID-19 pandemic. That is, consumers are increasingly looking for better experiences from brands, whether in how products, services, content, communication channels, and prices are presented in ways that resonate with consumers as much as possible, rather than offering the same thing to every consumer. Instead, it must be tailored specifically to the needs of each individual consumer, based primarily on each consumer's behavior, through various tools and aids.
2. Digital-Era Businesses Favor Personalized Marketing Strategies
In reality, Personalized marketing, or marketing tailored to the individual, is a strategy that has been used for a long time, but it has only recently gained increasing popularity among this new generation of online businesses, especially E-Commerce businesses. This may be because, today, collecting consumer data can be done far more quickly and easily, without having to gather data over the phone or run various surveys that waste time.
3. Omnichannel Is Another Key Component
There's no denying that in today's online marketing, Omnichannel communication is one of the most suitable and effective approaches. By seamlessly integrating communication across every channel, both offline and online, it ensures that a brand can communicate with consumers through multiple channels and use customer data across various platforms to carry out Personalized marketing in the future. A 2021 report by Vonage revealed that 26% of consumers are likely to stop buying products or services from a brand if they find that communication with that brand is not smooth enough.
Therefore, for a brand to carry out online marketing in line with the Personalized Marketing trend, doing so through a strong Omnichannel approach will help the brand deliver a better experience to customers, by blending various communication channels across every platform together.
4. Collecting First-Party Data
With the end of cookie data collection, or Third-Party Data, brands have had to adjust their online marketing strategies quite a bit. According to Twilio's report, 37% of brands today have begun using First-Party Data more in their Personalized Marketing strategies, an increase of as much as 6% compared with 2021. The reason is that better data privacy and easier data management allow brands to fully use this strategy to tailor it to each individual.
It must be said that the Personalized Marketing trend is like an old strategy in a new bottle, well suited to the behavior of modern consumers, who have widely differing specific interests. Combined with the presence of various Big Data technologies that brands and marketers can pick up and use to create value for their marketing, this is therefore another popular online marketing trend you cannot miss if you want your brand to succeed over the long term.
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Relevant Audience is a company providing Digital Performance Marketing Agency services, with the main goal of delivering digital marketing services that help businesses reach the target audiences who are looking for products or services at the right time, place, and device, through various online channels. Our services cover Search Marketing, Social Media Ads, Search Ads, and SEO (Search Engine Optimization), all the way to Influencer Marketing, and we are also part of the Google Partners program.
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