What Differentiates the Fastest Growing Companies? Personalization!
Want to build your business faster? Personalize! According to McKinsey's “Next in Personalization” report, the fastest-growing companies drive 40% more revenue from personalization than their slower-growing counterparts. Furthermore, 71% of consumers expect companies to deliver personalized interactions, and 76% get frustrated when this doesn’t happen. Personalization isn’t just icing on the cake anymore. It’s a must.
Other benefits of personalization include:
Greater brand loyalty.
Greater likelihood of recommending the brand to others.
Greater chance of engaging with the brand on social media.
What might consumers do if the content needs to be more relevant? Increasingly, consumers say they would stop paying attention to the brand’s messaging and would be less likely to purchase. Consumers also say they would be much less likely to recommend the brand to others and stay loyal; some might even stop using it.
But be careful not to overdo it. Studies also consistently show that when messaging is over-personalized, shoppers find it creepy. When personalized content is over the line, they are less likely to purchase.
Finding the line between the two can be delicate. Consumers want their communications to be relevant but don’t want to feel that their privacy is being violated. For example, if someone’s lease is about to expire on the family sedan, and you know from third-party data that they recently had a new baby, you might want to say, “Is it time for more legroom? Check out the great new features we offer on our 2023 minivans!” You don’t want to say, “Hey, it looks like your family is expanding! When your lease expires at the end of the month, why not upgrade to a bigger ride?”
Need help developing relevant communications that your customers and prospects want to hear? Let one of our brand development experts help.