In 2020, consumers expect the products and services they engage with to be uniquely tailored to their unique desires and needs. A recent study by Deloitte found that 36% of consumers expect personalized products and services.
Personalization involves pooling all the data you have on a customer and using this information to create a personalized experience through your marketing, services, and products.
But what exactly are the benefits of personalization and how can you achieve it in your marketing and positioning? Find more about the benefits of personalized marketing and positioning below.
You Don’t Always Have to Talk Your Customers into Spending More: How Personalization Can Increase Your Profits
One of the main benefits of personalizing your products or services is that you’ll see a huge spike in your profits. Deloitte found that 1 in 5 consumers who showed an interest in personalised products or services were willing to pay a 20% premium.
Personalization can elevate you in the eyes of your customers, helping your business to differentiate itself from competitors who fail to cater to consumers in this way – helping you to win a larger share of category profits.
In addition, the more data you have on your prospects, leads, and current customers, the more you can save on producing products and services that your prospects neither want nor need.
A Proven Way to Boost Your Customer Retention Rates
Moreover, personalization can also help you improve your customer retention rates – saving you money on customer acquisition. For example, a recent study by Ecomsilver found that personalized ecommerce product recommendations lead to a decrease in churn rate and an increase in customer lifetime value.
Boost Your Marketing Campaigns
Pardot reports that personalized email campaigns boast 29% higher open rates and 41 percent higher click-through rates. You can segment your customers or prospects based on a variety of factors, from purchasing behavior to demographic characteristics.
Effective personalization goes beyond using a prospect’s first name and should speak to someone’s interests and pain points. For example, in email marketing your emails should be segmented and personalized based on where your contact is in the buyer’s journey.
Prospects at the awareness stage are looking for personalized information to help them address a specific issue or achieve a personal goal. In comparison, at the ‘decision stage’, prospects are looking for a comparison of available vendors to help them meet their needs.
The more information you have on your target customers, the better you can tailor your marketing campaigns to target them effectively and the more money you can make by providing consumers with the products and services they really want and need.
However, while consumers crave a personalized experience, they also don’t like having their time eaten into by companies demanding information on their personal preferences.
Moreover, if you’re a smaller retail owner or service provider, you often don’t always have time or revenue to undertake extensive research into customer preferences.
How can you find the data you need to personalize your products and services – without alienating your customers? This is where community and demographic data comes in.
In-depth neighborhood and demographic data provides you with a doorway into the world’s of your target clients and customers. Community and demographic data offer you detailed information on your target prospects. Some of the key areas this data covers includes:
- Household information
- Income and employment
- Marital status
- Age and occupancy
This data can easily be transformed into actionable knowledge to guide your marketing campaigns. For example, knowing that a specific prospect is married can help you target your products and promotions – such as Valentine’s Day discounts or special promotional packages just for couples.
Tap into the Many Benefits of Personalized Marketing with ATTOM
ATTOM currently offers the most extensive nationwide selection of community and neighborhood demographic data on the market. Our community and demographic data is derived from 155 million U.S. parcels.
Furthermore, ATTOM’s multi-sourced national property data warehouse offers more than 29.6 billion rows of transactional-level data, and more than 7,200 discrete attributes.
With our Bulk Property Data Licensing solution, you can arrange to have this data delivered directly to your servers for your next targeted marketing campaign – saving you hours on customer research and data management.
Moreover, community and neighborhood demographic data can be the ideal supplement to any behavioral data that you may have collected on your customers or leads online behavior – providing you with a more detailed picture of your target customers.
The Future of Personalization Marketing: Data is Everything
Now more than ever, consumers are demanding a personalized experience in all their interactions with a brand – from the email content they receive to the products and services they buy.
As a brand, you can use community and demographic data to effectively target your prospects, boost your profits, and improve your customer retention rates. The more data you have, the more of an edge you’ll have over your competitors.
Want to find out more about how you can use our community and demographic data in your next marketing campaign? Get in touch with one of our community and property data experts here.