Research finds personalization remains highly valued, but lack of technology inhibits notable progress.
If brands truly want to leverage personalization to increase their bottom lines, they’ll need the right systems in place to build teams, processes, and programs around – a major roadblock to maturity.
Dynamic Yield, the AI-Powered Personalization Anywhere™ platform, today announced the results of its third annual report on the State of Personalization Maturity. The study, which examines how brands are tailoring customer experiences as part of their larger business strategy, found that while brands highly value personalization, many are missing the proper technology to anchor their efforts.
Dynamic Yield surveyed more than 200 key stakeholders across AMER, EMEA, and APAC in the eCommerce, media, travel, finance, iGaming, and technology fields. The company has identified four stages of personalization maturity: absent, basic, advanced, and pioneer, and measures brands based on their reported ability to unify data, their dedication of resources to drive personalization, visionary outlook, and more.
Highlights from the research include:
- 95% of organizations believe in the long-term benefits of personalization, a positive trend witnessed over the last three years, in every region.
- Personalization continues to be prioritized as a key business initiative, but with only 9% of organizations claiming it is already part of their business’ DNA, there is still a great deal of investment to be made.
- The level of maturity has not experienced any dramatic shifts compared to last year, with the overall level remaining at ‘Basic.’
- With only 9% reporting personalization is at the core of their stack, organizations lack the sufficient technology needed to deeply tailor experiences across channels.
- Short on resources and dedicated talent, over one-third of organizations confessed to being unable to effectively personalize the customer experience, resulting in limited success stories.
- Brands worldwide struggle to make informed decisions about the customer, with 52% requiring ad-hoc resources to access data and action it.
“It’s exciting to see that for the third consecutive year, belief in the value of a tailored approach to the customer experience has remained strong across the globe,” said Yaniv Navot, VP of Global Marketing at Dynamic Yield. “But if brands truly want to leverage personalization to increase their bottom lines, they’ll need the right systems in place to build teams, processes, and programs around – a major roadblock to maturity.”
Dynamic Yield elicits responses from its personalization maturity self-assessment test on an ongoing basis, analyzing the results to benchmark and compare the state of personalization maturity in the market year over year.
To participate and discover your own company’s personalization maturity level, visit: dynamicyield.com/personalization-maturity-survey/
About Dynamic Yield
Dynamic Yield is an AI-powered Personalization Anywhere™ platform that delivers individualized experiences at every customer touchpoint: web, apps, email, kiosks, IoT, and call centers. The platform’s data management capabilities provide for a unified view of the customer, allowing the rapid and scalable creation of highly targeted digital interactions. Marketers, product managers, and engineers from more than 300 brands around the world use Dynamic Yield daily for launching new personalization campaigns, running server-side and client-side A/B tests, leveraging machine-learning for product and content recommendations, and employing algorithms for smartly triggered email and push notifications. Dynamic Yield Ltd. is a wholly-owned subsidiary of McDonald’s Corporation.