Have you ever had the following experience? You go to the ATM at a bank you’ve been using for years. You put your card in, and the first thing that pops up is a message asking for your “language preference.” You’ve been to your bank’s ATM hundreds of times, and yet they keep asking you the same question!
Your bank tracks an awful lot of important data about you and your account, so why not use some of that data to personalize your experience at the ATM? Across the board, consumers are craving a more individualized experience. A recent report from Accenture states that among 20-30 year-olds in the US and UK, 73% prefer to do business with brands that use their information to make experiences more efficient.
The information exchange balance, where consumers are willing to give up some of their information, is based on a trust that the information will be used for their benefit. A study by Janrain revealed that 57% of consumers don’t have a problem providing personal information as long as it’s for their benefit. On websites, for example, tailored recommendations, relevant offers, and dynamic content are ways to ensure that every customer’s experience is unique. Web personalization methods like these also benefit the company, of course, by increasing conversion rates to drive better engagement. It’s a win-win.
Marketers are catching on. A recent study conducted by Evergage in conjunction with Researchscape International states that 91% of marketers currently use, or plan to use, personalization within the next year. This is largely due to successful personalization implementations by companies across industries like Rue La La, Publishers Clearing House, Intuit and many more.
The landscape of online interactions is drastically changing. Marketers are utilizing data to prioritize offers, deliver curated content, and give systematized guidance -- all in an effort to provide an improved interactive experience. Personalization has its challenges but with a little bit of guidance and the right tools, delivering individualized customer experiences can be very profitable.
Industry vanguards Tony Costa, Senior Analyst at Forrester Research, and Karl Wirth, CEO of Evergage, dive deeper into the opportunities, constraints, and mutually beneficial advantages of personalization in their on-demand webinar, The State of Personalization: Delivering Individualized Experiences.
With the implementation of effective, multi-channel personalization technology and practices -- along with an emphasis on utilizing customer data -- we can only hope that the organizations we interact with on a regular basis will provide more relevant, individualized experiences for each of us (or at least that my ATM will finally figure out that I prefer English!).