Ok, so you might agree that there is a value in communicating with your customers and prospects in a manner that makes them feel you know and understand them. But how much is that worth one might wonder. Well, quite a lot, research shows. Here are some key findings from McKinsey:
- Seventy-one percent of consumers expect companies to deliver personalized interactions. And seventy-six percent get frustrated when this doesn’t happen.
With all the data we leave behind us, and all the data companies can collect about us in their CRM systems, customers and consumers expect to get a personalized service. I, for example, expect my bank to know me, and they are obliged by law to identify their customers, beneficial owners of businesses, and the nature and purpose of customer relationships. With that comes other and higher expectations. I expect my bank to not only know me, but to care about me. To advise me on what is good for me. Giving me the information about pension savings, credit cards, loans, and such when I need it. And when I don’t need it, don’t bother me about it. Sending the same information, with the same offering to all their customers at the same time makes me feel that they are not relevant and the next mailing they send, I will delete without opening, because it’s not for me. And when it is, we will both miss out.
- Personalization drives performance and better customer outcomes. Companies that grow faster drive 40 percent more of their revenue from personalization than their slower-growing counterparts.
No shit, Sherlock. Sorry, but I don’t know how to phrase it better. I can only expect that this will increase even more when the ones that get this and are on the train get better at it and will leave the ones on the platform even further behind. The value of One2One communication makes your customers and prospects feel you understand them and will show on your bottom line.
To read the whole article: https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/the-value-of-getting-personalization-right-or-wrong-is-multiplying
