MarTech: The ROI of personalized experiences: Audience measurements
This article was originally written by Greg Kihlström and posted on Martech.org. Read the full article.
This is the first of a three part series on the ROI of personalization. The second and third parts will look at content and process measurements.
Recent statistics support the need for brands to create more personalized customer experiences.
80% of consumers are more likely to purchase from brands that provide tailored experiences.
70% of consumers say their loyalty is impacted by how well a brand understands their individual needs.
71% of customers get frustrated when they don’t have personalized experiences.
While all of the above may be true, it can be hard to determine the return on the investments needed to create truly one-to-one experiences. The path to doing so can take people many months, plus millions of dollars, to get right.
In this three-part series, I will explore how marketers can measure performance and returns when creating personalized customer experiences. I will also cover several questions that any organization should ask before embarking on what could potentially be a large-scale initiative.
Let’s start our discussion of measuring personalized customer experiences by focusing on the important aspect — the customer. Measuring personalization by audience performance means that we are measuring both individuals and groups of individuals and how they react to more tailored content, offers and journeys.
In this article, I will go over different ways of looking at audiences and personalization and address some of the skepticism around the returns on one-to-one personalization’s efficacy.
This article was originally posted on Martech.org. Read the full article.