Why should you put personalization on top of your marketing agenda?
Table of Contents
Let’s look at the facts!
In 2018, nearly ¾ of businesses that exceed revenue expectation have a dedicated budget for personalization marketing. The data furthermore shows that 86% of companies that were getting the highest ROI reported that personalization made up to 21% or even more of their marketing budget, and over 14% of the same group reported that 40% or more was allocated to personalization, according to the Gartner’s survey.
By 2020, personalization technology will enable e-commerce to increase profit by 15% and 90% of brands will practice at least one form of marketing personalization. (Gartner)
WITH PERSONALIZATION STRATEGY IN 2018:
WITHOUT PERSONALIZATION IN 2018:
Socital’s Personalization Strategy
- On-site personalization
- Email personalization
Companies that have personalization as a part of their marketing strategy
have experienced at least one benefit from this technology:
Users’ data collected on different channels enables e-commerce to personalize every touch point of the customer’s journey. According to the Gartner’s findings, email, social, and website visits lead the way.
94.2% of all businesses are currently personalizing on email. But brands are also experimenting with cross-channel interaction in supporting channels such as chatbots, point of sale (POS) system, call center, and in-store sales associates.
Personalized product recommendations’ effects on conversion rates
Without personalization, you are losing approx. 40% of your customers to other retails, according to Barilliance. Implementing personalized product recommendations can reduce cart abandonment up to 4.35% and get 5.5 higher conversion rate. Even personalized CTAs convert 202% better than default versions (Hubspot).
According to SalesForce findings, buyers who clicked on recommendations are 4.5x more likely to add items to cart, and 4.5x more likely to complete their purchase.