Personalized Consumer Experience: The Path to Higher Revenues & Loyalty
Offering personalized experience with compelling and relevant content to users has become critical to attain higher revenues and increased customer loyalty.
Feb 8, 2019
A very big reason why successful brands are really successful is that ‘they always put their consumers first’. These brands go to great lengths to monitor the consumers’ behavior, pay attention to their feedback and respect their needs for enhancing the buying process.
For businesses that are looking forward to boosting their revenue and retain consumer loyalty, there is one main point of focus that needs to be taken into consideration – personalized consumer experience.
“88% marketers reveal that personalizing their consumer’s experience has resulted in a lot of improvement in their business.” (Source)
The latest studies reveal that the modern consumer may not demand it but definitely expects personalized experiences. They are ready to spend more time on brands that can fulfill this need.
Listed below are the main reasons why personalization matters in business
Helps target specific audiences easily
Personalized marketing provides the opportunity to reach specific audiences. By collecting user data from studies, surveys or list segments, you can strategize your campaigns more effectively based on the buying habits and interests of the consumers.
Builds a deeper brand-consumer relationship
The more you know about your consumers, the stronger the bond your brand can form with them. This way, not only users will feel like home when they are using your app, but it also will help in generating leads and conversions.
Boosts conversion and sales
Personalization is not only about connecting with the users, but also about helping consumers make the right purchasing choice and boosting your sales. It can be done by keeping a tab on current trends and consumer behavior and then tailoring the marketing strategy accordingly.
Increase in loyalty
The digital world leaves very little room for face-to-face interaction, therefore it is only by personalized marketing, a consumer can be made felt valued and unique.
“Loyal consumers buy 90% more frequently, spend 60% more per transaction and are five times as likely to stick with your brand.” (Source)
Knowing what your consumers need is just one part of the story, but pinning down that one thing that would compel them to use your service is more important. And if you fail to do it well, it could easily become your competitor’s advantage.
Here are some of the ways how you can personalize your consumer experience for higher revenues and loyalty –
1. Consumer loyalty programme
“Studies have revealed that 82% of consumers are more likely to purchase from a brand that offers loyalty programs.” (Source)
Source: Conversion Hub
When you’re thinking about consumer personalization strategies, generating a one-time sale should never be the motive. Consumer retention is important for recurring purchases. Moreover, consumers who will use your app multiple times will have higher conversion rates as well as generate greater revenues. A common but a good option is to reward your consumer after they fulfill a target set by you. Allow your consumers to track the progress on their profiles for a more personalized experience.
2. Pay attention to consumer feedback
“Do you know that 68% consumers abandon a brand because they feel uncared?” (Source)
It is a well-known fact that consumer feedback is imperative for the growth of every business. However, just asking for feedback is not enough, there is a need to make changes based on their grievances and suggestions. Analyzing results is critical – else it can affect your ROI. For example, if a lot of people have the same complaint or suggestion, it must be taken seriously and changes need to be made. Bringing about these changes will make your consumers feel important and increase their loyalty.
Surveys are a great way for getting consumer feedback and drive more revenue and loyalty for your business.
3. Media-rich and personalized push notifications
Push notifications are a great way to re-engage your users and bring them back to the app. It is indeed a great way to improve brand loyalty, deliver value to consumers and drive sales.
“Push notifications that contain personalized content, such as usernames, favourite categories, or recently viewed items see four times the open rate of generic messages.”
Customizing any part of the message by making use of information from the profile of the user such as location, name or reviewed products can attract the user and get them to come back to your app and use it. An analysis revealed that:
“Businesses that used personalized push notifications increased their opt-in rate by 800%.” (Source)
4. Include geotargeting
“Consumers want personalization; they want a frictionless journey as they move between channels and devices, and they want experiences that improve and enhance their day-to-day lives.” By incorporating geotargeting in your strategy, you can send personalized messages, tailored for every consumer. Brands can geotarget by using GPS signals, ZIP codes and other relevant data.
For example, if you have a retail app, your US consumers would be comfortable if the size chart is in centimeters, whereas in other countries, people would want the measurements in inches. These small factors can actually bring down sales if not taken care of.
The SmartKarrot Advantage for Personalized Consumer Experiences
Create a personalized experience for your consumers without any hassle with SmartKarrot, the world’s first Platform-as-a-Service that offers a comprehensive set of features to engage, motivate and incentivize behavior change in your audience. Create, manage, tweak or monitor engagement journeys, with a simple SDK/API integration – so that you do not have to develop any of the features from scratch.
Top Features of SmartKarrot –
SmartSegmentation for creating audience segments based on demographics and behavioral data
SmartNotifications for delivering the right message through the right channel
SmartReferral to boost the growth of your app
SmartSurvey for getting consumer feedback
SmartGeofencing to connect with the audience right where they are
SmartEngagementScore to comprehend how engaging your app really is
Get the SmartKarrot advantage for your application today!
SmartKarrot is an Engagement-as-a-Service Platform, currently in its Beta phase. You can sign up to test these features for free here. There are many more features like User Journey design, Incentivization, Geolocation etc. in the pipeline. Stay in touch with us to know more about the SmartKarrot platform.
Anshi has over 12 years of experience in demand generation, digital marketing, and managing global teams. In her prior role as head of marketing operations for a high growth US healthcare tech organization she transformed marketing from cost to revenue center.