You can now accelerate your personalization efforts across all channels, and for all customers.
Some of the challenges brands have had to overcome in scaling personalized digital experiences has been exacerbated by the rapid and extensive shift to online channels over two years. Econsultancy and Adobe’s 2022 Digital Trends experience Index research indicate that change is on the horizon. According to 87% of senior executives, we are operating in a new environment with digitally rewired customer expectation. This is affecting how businesses should engage customers and sell to them.
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Because customer expectations demand it, personalization at scale is essential. Your customers are connecting with you through multiple channels. This means that more data is being received from potentially disjointed sources. This means that tailor-made content needs to be delivered to more people. In addition, you will need to shift to a first party data strategy due to new and more stringent privacy and security regulations.
It’s not enough to keep up with the times. Change is fast moving. Customers have more sophisticated expectations and are constantly comparing the experience they have with your brand to their last one. Now is the right time to act, as many companies are trying to get their responses in order to stay relevant.
1.8x Year-over-year rise in department satisfaction
Year-over-year revenue growth of 1.7x
2.3x Year-over-year rise in customer lifetime value
Personalization at Scale: The basics
Many companies have integrated a digital-first strategy in their marketing campaigns, but that might not be enough. Customers expect a more personalized and consistent experience. This can be achieved by utilizing the right data at just the right moment through an end to end personalization strategy at scale.
This approach ensures that your business can personalize every touchpoint with customers based on both their immediate context and previous behavior. It is designed to provide the best personalized and relevant experience every time possible, in real-time.
This requires you to ask some questions about your data.
- How can we organize and unify our data to enable us to draw insights and create personalized experiences?
- How can we ensure data privacy and security?
- How can we find the right data at just the right moment to create the perfect experience?
- How can we connect and analyze data at the right moment to create personalized experiences across all channels?
You need to be able to use the right data at just the right moment to win customers’ attention and loyalty. There are many technologies and data sources available that can help businesses deliver personalized experiences. Adobe’s real-time customer data platform, for example, allows organizations to gather, normalize and unify customer and professional data into real time customer profiles and account profiles. This allows them to personalize, target, and engage customers at scale. An authority with the ability to provide a roadmap is what’s required now.
Adobe allows you to put your plans into action.
Four strategies are key to scaling personalization efforts.
- Optimize data, insights and data: Create a solid foundation for data and insight that unifies data silos and governs that data. Integrating analytics to improve operational efficiency and real-time interactions is a key component.
- Streamline collaboration and content creation: Create a dynamic, scalable content production system. Connect all stages of the content production cycle, from creation through delivery.
- Deliver better experiences: Build an intelligent decision-making engine that orchestrates all experiences. Make use of real-time customer data across all channels to personalize your experiences and integrate AI-automated decisions to help customers respond to real-time information and engage in a timely manner.
- Make your organization and your operations more successful. You can start by building a culture that supports data-driven decision making and agile marketing operations, through team building and executive buy in. Next, ensure you have a technology infrastructure that supports your efforts using tools such as Adobe Real-Time CDP.
We are enhancing our member experience and marketing by partnering with Adobe. This will allow us to offer a single, cohesive member journey across all touchpoints. It will also help show the value of a BJ membership. Adobe Experience Platform will allow us to meet our members right where they are with relevant content and offers.
Paul Cichocki is the Executive Vice President and Chief Commerce Officer at BJ’s Wholesale Club
Personalization at scale: The Return on Investment
Although personal customer engagement may seem daunting, it can help you accelerate growth. 451 Research found a $5.6 Billion increase in revenue due to consumers who benefited from cross-selling and personalized recommendations.
Adobe’s research on customer engagement, personalization and marketing revealed that experience-driven companies are more likely to:
- Increase customer retention and lifetime value
- Have happier employees
- At every stage of the customer’s life cycle, cultivate competitive advantage
Similar trends are reinforced by Adobe’s Real Time Customer Data Platform ROI stats. This helps companies to act more efficiently on data, which can lead to increased profits.
- Three times more customer engagement
- 7-day market speed
- 50% increase in efficiency of workflow
Scaled personalization strategies that are aligned with your company’s goals and customer expectations will not only increase employee and customer satisfaction but also help your bottom line.Accenture states that organizations who have reoriented their operations, delivery models and invested in technology to meet customer experience requirements increase their profitability year-on-year by at least six folds compared to their industry peers.
In today’s digital age, customer expectations are higher than ever. However, organizations now have more data and technologies than ever before to deliver personalized experiences.
Adobe understands the importance of personalization in today’s digital economy.