As we had previously covered in our recent article, Standout Email Marketing Stats of 2019, an incredible 293.6 billion emails were sent and received per day last year. That’s a whole lot of white noise for you to cut through in order to engage your audience. Therefore, it’s critical that you implement highly tailored content that speaks to every subscriber you’re trying to turn into a happy customer. Given that a majority of customers now expect personalization and over half expect that companies will use their data to predict their needs and make relevant suggestions, this is the logical step to take towards making your email marketing strategy more successful.
From inserting first names into subject lines to dynamic or segmented creatives to relevant recommendations, there are many ways you can up your personalization game. In today’s competitive landscape, those brands that go beyond next-step personalization and segmentation to deliver individualized customer experiences are positioning themselves for success. And how does all of this relate to improved ROI and customer value? Let’s explore how adopting individualized personalization and the right content approach can help you stay ahead of the curve.
Get the Most Out of Your Data
To deliver individualized personalization, an effective data feedback loop is a necessity. In that sense, the email channel is a veritable goldmine for scraping nuggets of critical information that you need to better engage your recipients. There’s a bevy of highly relevant data out there embedded in each email – think of what you learn just from them clicking that button to subscribe. Factor in open rates, clicks, purchase histories, unsubs and the like, and you have a wealth of data to work with. Personalization can open the doors to improved ROI through the effective application of this information, which also helps to justify your investments in data analysis, employees and technology.
Speaking of technology, have you also considered the advancements made in the past few years alone? Thanks to innovations such as our very own predictive modeling, you’re able to better engage with customers – almost as if you were sitting together and getting to know one another. That’s the power of a data feedback loop harnessed for custom-tailored content, which can improve your chances of subscribers taking actions that provide even more info to work with. There’s no such thing as too much of it!
Improved Sales and Revenue
Did you know that most marketers see an average increase of 20 percent in sales when implementing customer experiences that are more personalized to their interests? This increase is achieved by offering customers valuable content at the right time, promotion (if necessary), and frequency to drive more leads, monetization, and revenue. It’s often further bolstered by the time and money that marketing teams save producing and approving emails and analyzing and segmenting data and audiences through an automated personalization tool. However, it’s important to know that insight and relevance is the key to willing such significant gains into reality. Get to know what your subscribers care about and what most interests them, and tailor your content to speak to them in a more relevant manner. Of course, this doesn’t mean trying to sell them winter boots all the time when they had just purchased a pair, but rather following up with other recommendations; perhaps that same customer would like a new pair of gloves or sunglasses that you also sell, for instance. However, have they been searching for such items online or demonstrating a genuine interest in them? Having the right data – and plenty of it – and being able to act on those insights through personalization ties directly into generating more revenue potential. Every customer has a different balance in terms of relevant promotions and other forms of engagement via email, and businesses benefit most when rising to meet the challenge.
Improved CLV and Retention
Let’s say that you create an email with a personalized subject line which, according to Experian, is 26 percent more likely to be opened. That’s a great start! Now, think about the info contained in your copy and imagery – how does it connect with the reader? Does it compel them to make that important click, read on and learn more, perhaps even developing an interest in a specific product you offer and going on to purchase? Considering that open rates for transactional emails are four to eight times higher than regular emails – largely because customers want the info in them – this is a good strategy to implement to achieve improved customer lifetime value and retention. In the short term, personalization and a focus on offering engaging, relevant content can help boost your revenue while, in the long term, it can help your customers build a strong, emotional connection with your brand; in other words, it’s going to take more to compel them to leave.
All in all, an effective email personalization strategy is a no-brainer when it comes to boosting your ROI and customer value. If you’re looking to gain a competitive edge by getting to know your customers at a more personal level, Coherent Path can help with our patented predictive modeling, which delivers an adaptive experience fuelled by raw customer behavioral data. Contact us today to request a demo!