We know that people’s behavior has changed drastically since the beginning of 2020 due to the COVID-19 pandemic. We also know that many companies have struggled to accelerate their digital transformations in response to these changes and people’s demand for everything without contact. When asked by Customer Experience (CX) leaders about what technology and functionality to incorporate into their business, however, the far-fetched answer was by far “deliver personalized experiences in real-time” – before things like connected devices, technology, advanced payments and artificial intelligence.
While most organizations consider, evaluate, or experiment with personalization, only 9.3% 2 say they’ve seen the ROI from these efforts.
And the efforts of many brands around custom CX are still in their infancy.
We suggest that given all the changes in the market and the digital ecosystem, it’s time to redefine your brand’s customer experience and focus on being with your customers at the moment.
So what do we mean when we are in the moment? We often speak in terms of contextual relevance, dynamic personalization, and real-time decision-making. And the rewards for doing it right are significant. Personally, personalization can reduce acquisition costs by up to 50%, increase revenue by 5% to 15%, and increase marketing spend efficiency by 10% to 30%.
It looks good, but it’s tricky to fix. Good starting points include improving your site’s personalization, customizing relevant and timely offers, and even old classics like loyalty programs.
Recent advances in digital marketing, such as the imminent end of third-party cookies, present additional challenges. That’s why it’s so important to build an original modern ID and take back control of your walled garden CX.
Some tips for setting up your unique graphic include asking customers for relevant and appropriate ways to solicit suggestions, such as during online checkout or invitation to sign up for a newsletter, offer or discount, or even a contest.
Whatever the tactic, remember that when requesting information, also known as data, you need to make the exchange of value clear and let people know what they’re getting in exchange for sharing their information with your brand.
Fast and slow marketing
The customer experience is constantly evolving. But for the past 18 months, it was unrecognizable.
The buyer’s journey became fragile and was easily interrupted. Add to that the explosion of digital brand interactions that bombard the average person every day.
The result? A very noisy and chaotic CX scene, just when brands need to enjoy every moment of a fragile shopping trip. The technology (and data) is available to help them optimize these critical moments.
Acxiom provides data-driven solutions that help the world’s best marketers better understand their customers to create better experiences and business growth. Acxiom, a leader in customer data management, identity, and ethics for more than 50 years, now helps thousands of customers and partners around the world create millions of better customer experiences every day.
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