If you are not currently personalizing your websites and other online platforms, then you’ve losing revenue. In 2018, it was reported that businesses lost around $756 billion due to poor personalization tactics. On the other hand, if you get it right, you have the possibility of making huge gains. Gartner has predicted that those who successfully handle personalization can see a 15 percent boost in profits by 2020. Online personalization involves showing individual product recommendations, offers, and other content to visitors based on their demographics, previous actions, and other personal data. The latest trends have shown that visitors want more personalization. As stated by Janrain, roughly 74 percent of individuals do not like being shown content that is irrelevant to them. Other statistics about personalization include:
- 48 percent of consumers are likely to spend more when they have a personalized experience.
- 90 percent of marketers continue to believe that personalization is the future.
- 61 percent of consumers prefer offers – even if that means a decrease in their privacy.
- 75 percent of consumers like when brands send them personalized offers and messages.
- 41 percent of consumers are likely to switch companies because of a lack of trust and poor online personalization.
These statistics are only a small bite of the bigger picture which shows why it’s so crucial for you to personalize your online platforms to garner the best possible results. No business wants to miss out on that large revenue.
Currently, personalization comes from high expectations, with some brands achieving great results and big leads. As personalization is mainly about establishing brand relationships, those who are early to the trend tend to lock in their customers early. That then results on heightened barriers for those following. But only about 15 percent of companies today can truly be considered as true personalization leaders – with most of them being digital natives and tech companies. Marketing does not end after you’ve attracted visitors to your website or even after you’ve made the sale. If increasing customer lifetime value is something your dealership values, then you should know that the real relationship begins after the sales already been finalized. For this, having personalized marketing, including messages and actions, is key to all of this. One of the most common examples that you’re likely to see online is the ‘customers who viewed this also viewed…’ section. There are various personalization tools in the market currently to help you create a unique shopping experience for your customers, including Monetate, OptinMonster, and more. These tools are great for instantly boosting your revenue.
3 Ways To Profit From Personalizing Content
With personalization, you are able to give your customers a personal touch to it simultaneously because the one size fits all approach does not work with today’s consumers. Below are some of the best ways for you to use personalized content to see the most profit.
- Use Dynamic Content
As we stated before, roughly 74 percent of shoppers are frustrated because they see content that has nothing to do with their interests. Dynamic content is based on segmented lists that are based on how they visit your store. A great service option is Dyno, which allows you to create segmented lists to aid you in serving your customers with dynamic content.
- Personalized Suggested Products
Another way is an introductory questionnaire before the customer completes the checkout process. Doing so helps to capture and obtain customer insights to provide a unique shopping experience for the consumer. A great example of this is Craft Coffee. By creating a subscription-based service, they are able to give their customers a highly personalized shopping experience. All by asking a few short questions before allowing you to check out. Some great service options for this are Shopify Expert, FluidSurveys, and QuestionTime – all of which offer you different resources to achieve this.
- Retarget Ads To Bring Visitors Back
Retargeting works by serving advertisements to consumers who had previously engaged with your store. Some companies do this with consumers who add products to the cart but don’t complete the checkout. This way, they might see your ad afterwards, which might help to recapture their interest. A popular service option for this is Perfect Audience, who actually give $50 when you first sign up with them.
7 Powerful Online Personalization Tools
Below, we’ll be listing the top personalization tools for your dealership along with how they can help you personalize your online presence.
- Monetate
As one of the best-known personalization tools in the market, it offers individualized product recommendations, personalization and customer segmentation.
- OptinMonster
This powerful tool allows you to personalize exit-intent popups, offers based on the behavior of the visitor, and floating headers to promote flash deals and sales.
- Evergage
Evergage tracks the behavior of your visitor on your desktop site and mobile apps to offer them with incentives, messages, and products at the right time. It also lets you personalize product recommendations and content to boost sales and engagement.
- Barilliance
Barilliance is great for offering you with personalization options throughout your customers buying journey. It includes product recommendations, online personalization, such as customer retention and cart abandonment tools.
- RichRelevance
The enterprise-level Omni channel tool is well known for offering their services to large companies like L’Oreal, L.L.Bean, and HP. They personalized product recommendations, search, and navigation. They offer personalization as a service to their clients so that retailers have a unique customer experience translates across their marketing channels.
- Dynamic Yield
The enterprise-level personalization tool includes optimization, testing, messaging, product recommendations, and personalization. Some well-known companies that use Dynamic Yield include IKEA, Hallmart, and Sephora.
- Apptus
Apptus is a tool that utilizes artificial intelligence that helps retailers to predict and then display the right products to their customers at the right time. It includes personalized product recommendations. Navigation, and search to deliver a relevant customer experience to all visitors. In the end, there are tons of personalization tools and techniques for you to utilize to achieve a greater profit margin. We’ve listed the top tools and ways for you to achieve that. Many of these tools are highly affordable and have been tried by many organizations. Utilizing them will increase your conversions, sales, and the lifetime value of your consumers.
References: Marketing Dive 1, Marketing Dive 2, Instagram (Gartner_Inc), Janrain
