Customers demand respect from retailers. They ask simply for organizations to remember who they are as an individual consumer from a transaction and a behavioral perspective — otherwise, they are likely to purchase less frequently, or, more than likely, churn to a competitor who does understand them and communicate with them better at that individual level.
PERSONALIZE, PERSONALIZE, PERSONALIZE!
This has been the mantra of marketers looking to communicate with their customers at a highly relevant and engaging way. According to the latest report by Accenture covered by MediaPost:
- 56% of respondents acknowledged they were more likely to shop at a retailer that recognized them by name
- 65% of consumers expressed a preference for retailers that remembered their purchase history
- 58% of respondents were more likely to shop at stores that offered relevant recommendations based on past purchases or preferences
THE NEED FOR SMARTER CROSS-CHANNEL PERSONALIZATION…
It’s important to point out that marketers are being asked to personalize across all channels, not just one or two. In fact, as the Accenture report highlighted, less than 50% of consumers completed a purchased based on an on-site product recommendation. The perpetually connected consumer now enters the buying cycle from a number of channels and touch points: email, Facebook, SMS, mobile push notifications, in-app personalizations, and numerous others.
And forget about flooding a consumer with a higher number of product recommendations. The “Quantity over Quality” tactic is similar to annoying batch and blast techniques used within emails by out-of-touch marketers. Filling a page or a communication with a dizzying number of recommendations only annoys and splits the buyers attention away from products that they are more likely to purchase. According to the report, almost 40% of respondents admitted to abandoning an online shopping experience altogether because of an overwhelming choice of recommendations
The “Burden of Choice” is in the hands of the brand. Brands must serve only the best recommendations to the right person built through predictive algorithms that sift through the dozens or even hundreds of “best products” that could be delivered to the consumer and transform that into the best few.
Read the full article on MediaPost.