Personalization has come a long way since Amazon started leveraging personalized book recommendations in 1999.
Half of companies worldwide have identified it as a priority investment, and globally 92 percent of marketers believe there’s value in 1-to-1 marketing technology.
Personalization has gained popularity in recent years, but not all marketers feel like their activities in this area are effective.
They also predicted revenue increases of 15 percent for B2B companies that employed personalization in digital experiences.
Yet, despite analysts’ enthusiasm, more than half of marketers in a recent Evergage study reported that they don’t have sufficient data and insights for effective personalization.
Poor data quality and lack of integration often get in the way of personalization efforts.
Marketers are housing their customer data, on average, in four different systems, making it incredibly difficult to deploy personalized experiences across channels.
In a Dynamic Yield study, only about 52 percent of marketers said they have sufficient resources (money, time, personnel) to deliver personalized experiences across marketing channels, and just 22 percent reported having a centralized cross-functional team to execute personalized campaigns.
The truth is, implementing personalization is not easy and marketers have set pretty high standards for themselves.
Developments in AI will help us determine the right mix of content for each visitor and automate a great deal of personalizations for product and service offerings across different channels.
Its subsets, machine learning and natural language processing, will all impact the way companies do personalization.
Several vendors in the personalization space claim that they offer solutions that leverage machine learning, but only 26 percent of marketers employ machine learning-driven personalization today.
Advances in machine learning will more allow websites to segment target groups automatically by recognizing patterns at a high scale, taking care of much of the manual work that is now needed to implement personalization.
Done Katch’ng up but want to read more? Read more here.