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If you want to stand out in 2020, you need to personalize your marketing – and that means personalized content, products, emails and more. Consider these personalization stats: 63% of consumers are highly annoyed with generic advertising blasts, 80% say they are more likely to do business with a company if it offers personalized experiences, 90% claim they find personalization appealing. Kevin George from EmailMonks asserts that “personalized, triggered emails based on behavior are 3x better than batch-and-blast emails.” When you want to study examples of the power of personalization, it’s hard to overlook Netflix and Amazon, with their tailored recommended products or movie titles. Here are a few other companies that are successfully using personalization today: EasyJet launched a data-driven email campaign that uses customers’ travel history with the airline to build personalized stories, which then suggest where they might like to travel next. About 12.5 million unique emails have been sent, which had a 25% higher click-through rate than non-personalized emails.
Ultimately, it is the business, marketing, and brand development strategies which drive the growth of a business, so it is important to have a sound marketing strategy and branding in place before working on the digital tactics. Otherwise, it’s likely your hard work on the digital tactics will be wasted if they are directed at the wrong audience and your value proposition isn’t strong enough. The key trend here is the way digital technologies and media offer the opportunities for digital disruption. Yet digital marketing is not always used as a disruptor. As I discuss in my Digital Marketing: Strategy, Implementation and Practice book, digital marketing is more often used for market penetration than new product or market development (these are the classic Ansoff growth strategies). To give you a benchmark, this new CMO Survey research from Duke University Fuqua Business School, Deloitte and the American Marketing Association based on the views of Chief Marketing Officers (CMOs) in large US organizations is useful. It’s interesting since it translates the theory of Ansoff into practice, showing how businesses are mainly investing, but other strategies are significant.
Omnichannel is particularly important for consumer-facing businesses. That’s because 70% of consumers use three channels or more to research a purchase. An omnichannel strategy is your company’s best way to build a one-of-a-kind customer experience for your customers. Take Bank of America, for example: Omnichannel Marketing for digital marketing trends 2019 With the free BofA smartphone app, customers can do all their banking on the go. The virtual assistant “Erica” can even answer customer questions and help customers make financial decisions. Bank of America serves up helpful content to existing customers through email, their app, and their website. They also send new product offerings through direct mail and through their app. Omnichannel isn’t just important for generating new business. It’s a necessary strategy for building a positive customer experience that increases your customer retention rates. According to the Aberdeen Group, companies with a strong omnichannel marketing strategy have seen a 9.5% year-on-year increase in their annual revenue and retained an average of 89% of their customers.
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