Personalization has become an integral part of marketing strategies across industries. Gone are the days when shoppers were satisfied with generic communications and messaging. The use of retail data and customer insights to provide relevant and timely promotions and other communications is a must. And consumer expectations for relevant and engaging personalization will only accelerate.
Our research, 84.51° Real Time Insights Survey December 2022, shows that 59% of consumers are more likely to purchase a certain brand or shop at a certain store if they receive personalized content. Personalization that creates value for customers drives loyalty and positive brand equity, leading to long-term profitability. It also leads to higher sales uplifts, larger digital order values, increases customer engagement and more. As personalization becomes the norm, personalizing communications over the entire customer lifecycle from awareness and consideration to purchase and retention will be a critical competitive differentiator.
However, manually rolling out personalized experiences is time consuming and impractical. Data science combined with robust data sets, machine learning technology and other tools are essential to enabling meaningful moments across the customer lifecycle. While this may seem like a daunting feat, here are 3 suggestions for companies to begin evolving their personalization strategy:
Invest in high-quality data and governance
Ample data, data quality and data granularity form a foundation for achieving powerful actionable insights to drive personalization. For organizations that don’t have the data resources or tools to unlock timely analyses and insights, digital platforms such as 84.51° Collaborative Cloud, and 84.51° Stratum are filling that gap.
Analyze behaviors and motivations of your shoppers across channels. It is with this knowledge that brands will be able to develop and refine customer-centric plans to match customer needs and preferences.
Reach customers at key moments
Machine learning coupled with retail media are unlocking new opportunities for brands to deliver personalized ads and other messaging at scale. For example, the Kroger Private Marketplace, powered by 84.51°, combines the power of data science with the flexibility of programmatic advertising.
As customer wants and needs continue to shift, brands have a singular opportunity to connect with shoppers in meaningful ways. Retail data and advances in personalization sciences and technologies are opening the door to better experiences across the customer life cycle. Whether it’s a first-time customer or a loyal customer, there’s no excuse for brands not to engage in a timely and relevant manner and inspire loyalty.
84.51° creates results-driving shopper insights and activation strategies that build measurable value for our clients utilizing 84.51° Insights, 84.51° Loyalty Marketing and our retail media advertising solution, Kroger Precision Marketing.