Why Personalization Matters in Product Marketing
We're in an era unlike any other, wherein companies can use digital technology to connect with their audience. Product marketing has evolved immensely over the past few years with machine learning developments, artificial intelligence (AI), and data analytics. This evolution welcomes new opportunities for both consumers and companies alike. With millions of products on the market, it's crucial to stand out among the rest.
This is where personalization comes into play. While having your name appear in an email at one point was revolutionary, today, personalization focuses on creating a tailored experience for each customer, going above and beyond to engage with prospective and returning customers.
People are constantly inundated with commercials and ads between their phones, computers, TVs, or billboards. It's endless. After some time, it's normal for people to glaze over advertisements as they become desensitized to them. However, through personalization, companies can interact with their audiences more authentically, creating a genuine connection, resonance, and ultimately, a long-term relationship with that individual. Rather than treating customers as a lump sum, companies can uniquely approach customers, depending on the provided data.
But why does personalization matter in product marketing?
Provide exceptional customer service
Consumers want the best customer service available from beginning to end. This includes social media engagement, emails, troubleshooting, and more. Research by Salesforce discovered that customers are willing to provide more data in exchange for personalized marketing, with 58 percent of participants stating a customized experience is extremely important to them when making a purchase. By retaining more consumer data, you can provide that experience for them.
Increase sales and conversions
Personalized marketing, on a business level, makes sense. If you're engaging with your target audience and connecting with them, they will consume your business message and avoid your competitors. Seventy-five percent of consumers prefer buying from a brand that knows its name and history, meaning they want to feel as though they're a unique buyer and that their needs are seen (and met).
Nurture existing customers
A customer making one purchase is good. But do you know what's better? A customer is returning to make multiple purchases. Customer retention is crucial for the success of your business. By increasing customer retention by 5%, you can increase profits by 25 to 95 percent. Personalized marketing will have your customers returning for more by creating multiple touchpoints between the customer and the brand. For example, many light therapy products are available; however, by enhancing the user experience — through the highest quality products, tangible results, and superior customer service before and after their purchase — they will continue to invest in your business.
Your customers expect it.
Most consumers have grown accustomed to personalized marketing in today's digital world since it improves their overall experience. Consumers await relevant and convenient recommendations, offers, and products from brands.
By adopting personalization tactics, consumers will stay engaged with your brand — plan and straightforward. For example, many people may be interested in investing in light therapy for hair loss but will refrain from doing so if they do not feel connected with the brand they're purchasing from. This is where targeted advertising and email marketing can significantly impact their decision to seek out your brand. That consumer wants to feel like you genuinely care and understand their pain and are there to provide solutions.
