I recently read an article where the forecast is that there is going to be increased spend on marketing for 2014. That’s great if it’s true; because it indicates the financial climate is improving and companies are actually becoming more confident in marketing (it also means we may have more opportunities, which will always make us smile).
In the recent lean times, necessity has been the mother of invention and we have all been creative in the last few years in the way we approach and deliver marketing, whilst making the most of budgets. Take marketing personalisation; gone are the days (at least they should be!) where you blanket fire to a generic database, in the hope that someone would be hit by the inspiration of your product/service; engagement is key.
We had a classic example today. We have an excellent rapport with our Relationship Manager (RM) at the bank, we know him well (even use his first name) and he understands the nature and structure of the business; he is the main reason we use this Bank. However we received a piece of marketing from the bank today:
- It was addressed to The Secretary – not to a named person
- The initial marketing message salutation was to ‘Dear Customer’, but was signed by our RM – so they can get his name, they can get our address, but they can’t personalise by using a first name?
- The marketing piece was actually very nice – the imagery and offer was strong; yet it was completely standardised – no use of data segmentation and targeting.
Not only was it a loss of engagement and opportunity for them to nurture the lead; it actually went the other way and made it a negative communication by using the RM’s name, who you would feel would send you something relevant and to be honest, more personal.
Don’t get us wrong, we are in the industry, we understand what’s happened and why; but if it makes us feel like that, how would your customers feel?
It also probably cost them more than it should; by using personalisation you can have smaller, more focussed campaigns that should generate better ROI.
So we think personalisation is key to successful marketing, but don’t just believe us; there are plenty of people out there shouting about it. (Don’t forget personalised content doesn’t just mean it’s addressed to you/uses your name with in the communication; it can mean bespoke imagery, offers, colours – anything to make it relevant to an individual)
Personalisation demonstrably increases conversions. After its joint venture switchover…Co-operative Travel has seen a 95% increase in visitors and 217% increase in revenue once it started implementing personalisation on its website. (econsultancy.com)
Matthew Knight, head of CRM and insight at fashion retailer ASOS, says that personalisation is key to an effectively targeted approach and that a good rule of thumb for any marketing is to strip out what is irrelevant to the end user. It should feel natural, he says. “Build the relationship in a sensitive way. Demonstrate that you aren’t just trying to peddle them stuff they’re not interested in.” (Marketing Week)
Lisa Arthur, CMO, Teradata Applications, says not leveraging large amounts of online and offline data to personalise campaigns will cost marketers: “Provide any experience less than this and I believe you are leaving too much revenue on the table, something I don’t think any business can afford in this economic climate.” (b2b marketing)
If you want to talk to us about personalisation within campaigns just contact us.