Technology has become a critical component of the modern marketing mechanism. Today, a majority of consumers are extremely savvy about what they want as they have easy access to updated information at their fingertips, quite literally. What’s more, they are even ready to pay for personalized experiences and offers from their favorite brands.
According to an Infosys survey conducted in 2014, a staggering 78% of consumers said they were more likely to buy from a retailer that presented them with offers targeted to their interests, wants and needs. Interestingly, a majority of the respondents (86%) said they would be willing to pay 25% more for better customer experience. Likewise, an Accenture study in 2012 found that nearly 64% of the consumers were seeking personalized and relevant offers from companies.
When the consumers see clear benefits in allowing access to their personal data, the ball is clearly in marketer’s court.
So, how do you leverage consumer data to create personalized offers and unique experience for your prospects and customers?
Build an Integrated Marketing Database
Many businesses are shockingly ignorant about the rich sources of information their customers hold. During a customer journey, these pieces of information are scattered across different departments. When these information pieces are integrated, they offer vital insights into future customer intent and behavioral patterns for you to create personalized experiences for your customers. Therefore, the benefits of building an integrated marketing database are too big to ignore.
Apart from monitoring and tracking customer journey, B2B marketers can also use social data to gain valuable insights into prospects and present them with personalized offers based on their individual needs. The prevalent use of social networks such as Facebook, Twitter, instagram, and Tumblr, it’s easy to generate social data for free and build a lead generation strategy to acquire new customers.
Keep the Data Super Accurate
When the customer data is critical to creating a customized user experience, you have to be super careful about its data accuracy and data integrity. Why is this such a big deal? According to NetProspex annual marketing data benchmark report, nearly 25-30% of your organization's contact data goes bad every year. That’s a data decay at an average rate of 2 per cent per month. Predictably, divising lead generation campaigns around inaccurate customer data misfires for many companies. A data quality study by Experian discovered using inaccurate data has a direct impact on the bottom line of 88% companies with the average company losing 12% of its revenue.
Keeping your CRM data is actually quite inexpensive - while a bad data record sets you back $100, keeping it clean only costs a dollar. When building favorable customer experience is critical to customer loyalty, investing in data quality is not an option - it’s a compulsion.
Analyze Your Customer Data for Better Personalization
An overwhelming volume of customer data is ineffective unless it is segmented to find patterns and establish personalization opportunities. It’s important for B2B marketers to apply smart analytics for accurate segmentation in order to gather key insights and explore hidden marketing opportunities. For creating personalized offers and unique experience for individual customers, businesses can consider a wide range of models such as acquisition, retention, next-best-offer, and lifetime value.
An accurate analysis of customer data will offer useful insights into different customer profiles, which will helps B2B marketers to target each segment with a personalized offer.
For example, with a life stage segment approach, you can map the exact stage of a prospect in the entire customer journey or life cycle. With this approach, you can establish how to personalize your offers for customers ranging from a college student to a senior citizen.
Similarly, you can segment customers based on their transactional history, average spend and product purchased. This approach will help you build best-in-class offers for the most valuable customers in your database.
Personalization marketing or one-to-one marketing is much more than just showing recommendations to an existing customer or winning a return customer. It’s about creating an exhilarating experience for your existing customers in ways that turn occasional customers into loyal advocates. Since the customers are always on the lookout for personalized experience, you must live up their needs from time to time, or the competition will.