personalization: the ultimate tool for creating a competitive advantage

Personalization: The Ultimate Tool for Creating a Competitive Advantage

A Presentation by BlueBolt

Introductions: Chris from BlueBolt

Chris RisnerChief Strategy Officer

Role: Chris will be presenting the webinar.

Bio: Chris is the Chief Strategy Officer at BlueBolt. His role is to guide BlueBolt’s marketing, assist with sales, as well as advise with finance, business strategy, and strategic partnerships.

Webinar: Basics

Ask Questions at Any time – we will come back around at the end

Recording and Slides will be made available with 24-48 hours and emailed to everyone

Why Personalization Matters - NOW Details on How Personalization Works How to Ramp up Personalization Key Takeaways Question & Answers

Personalization Webinar: Agenda

Why Personalization Matters - NOW

Personalization: Why It is Important

Every business is looking for a sustainable competitive advantage Features and Functionality can be copied and

typically don’t set the business apart Most businesses claim the same things these

days - “Great people”, “Great Value”, “Great Process”


An exemplary customer experience at every touchpoint is very difficult to copy, if it is possible at all

PERSONALIZATION is one of the critical component to establishing that amazing customer experience where customers keep coming back for more

Personalization: Why It is ImportantVisitors are increasingly willing to give up info for it!

56% of consumers are OK with providing personal information on a website as long as its for their benefit & used in responsible ways.

Janrain & Harris Interactive This increases to 63% for millennials, which means that the overall number will continue to climb in the future.

Salesforce State of the Connected Customer Survey 2016


BUT…don’t ask for data that you won’t actually use and ask for the information in the right way to minimize how invasive or obtrusive it is (more on this later)

In other words, don’t be afraid to ask for data that is important for providing a superior experience….

In-house marketers who are personalizing their web experiences and who are able to quantify the improvement see, on average, a 19% uplift in sales.

Monetate/eConsultancy


Doing it right can have a huge upside

Individual customer stakeholders who perceived supplier content to be tailored to their specific needs were 40% more willing to buy from that supplier than stakeholders who didn’t.

Harvard Business Review, CEB Research




Doing it right can have a huge upside Product Recommendations like upsells

and cross-sells are responsible for 10-30% of revenue

Forrester Research, 2016 Amazon has attributed a 29% increase in sales revenue to product recommendations

Fortune Magazine



Personalized emails improve click-through rates by an average of 14% & conversion rates by 10%

Aberdeen Research



Calls to Action (CTAs) in personalized campaigns resulted in a 42% higher conversion rate than generic CTAs

Hubspot



59% of shoppers that experienced personalization believe that it influenced what they purchased

Infosys/Vonson Bourne


On the flipside - Ignore Website Personalization at your own Peril

Nearly three-fourths (74%) of online consumers get frustrated with websites when content (e.g. offers, ads, promotions) appear that have nothing to do with their interests.

Janrain & Harris Interactive

Two-thirds of consumers say that they are likely to switch brands if they are treated like a number instead of an individual

89% of business buyers agree they expect companies to understand their business needs and expectations.

Salesforce State of the Customer Survey 2016


On the flipside - Ignore Website Personalization at your own Peril

How Personalization Works

Personalization: How it Works

“To succeed in today’s digital environment, firms must deliver smarter, more customer-centric interactions that feel like they were tailored to each user and his or her specific set of circumstances. It must be more dynamic and more predictive than current personalization techniques.”

Forrester Research

Personalization: How it Works

What does this mean?

Email personalized with someone’s name is not enough anymore

To be effective, personalization needs to move toward anticipating what someone might be looking for before they realize that they want it

Personalization: Personalization is…

“Dynamically and uniquely tailoring communications and experiences to be CONTEXTUALLY RELEVANT to each individual customer and their INTENT seamlessly ACROSS CHANNELS and the customer journey – at scale .”

Forrester Research

Personalization: Personalization adds two things together…

Identifying a person’s relevant

attributes: Intent (why they do something),

potential to purchase

behavior, profile, and/or

firmographics

Customizing that person’s experience by presenting the most relevant content and

visuals

Personalization

Personalization: Why do this?

1.It creates more meaningful interactions by serving the right content at the right time and in the right context

2.It educates and nurtures top-of-the-funnel prospects

3.It optimizes budget and lowers cost per lead

Personalization: Types of Personalization DataExplicit Data – Data obtained directly from the user, typically from formsImplicit Data – Data obtained by a users actions or behaviors across a variety of marketing areas. Examples include pages visited, location based on IP address, etc.Augmented Data – Data enriched from another source such as ZoomInfo, social media, CRM, etc.

Personalization: Where does this data come from?

Personalization

CRM- Salesforce- MS CRM

Marketing Automation- Hubspot- Marketo

Website CMS

- DNN- Drupal

- SitecoreInternal

- Sharepoint- Intranet- Extranet

Custom- Database

- Mobile App- Others?

External- Google/

Bing- Social- Paid Source

Personalization: Personalization in Action - Emails

Personalization: Personalization in Action - RecommendationsAmazon.com

Personalization: Personalization in Action - RecommendationsNetflix

Personalization: Personalization in Action - Recommendations

Automatic Landing Pages

Personalization: Personalization in Action - Recommendations

Contact Options

How To Ramp up Personalization

Personalization: Evaluate Where You Are Now

Beginner Intermediate Expert One or No

Channels Optimizing

Content Exploring/

Evaluating Options and Opportunities

Anonymous Quick Wins Enable Analytics Learning the Tools

More Channels More Familiar with

Technology Adding New Tools Implementation

plan created Segments known Users known Data Sources

Identified

All Channels All departments

participating Achieved SVOC

(Single View of Customer)

Data integrated Decision making

based on data

Personalization: Assess Where You Are Now

Organizational Readiness Staff Skills Staff Availability Organization maturity Systems Content – case studies, blog posts, Ebooks,

videos, calculators

Personalization: What Data is Currently Available & Identify Gaps

Personalization

CRM- Salesforce- MS CRM

Marketing Automation- Hubspot- Marketo

Website CMS

- DNN- Drupal

- SitecoreInternal

- Sharepoint- Intranet- Extranet

Custom- Database

- Mobile App- Others?

External- Google/

Bing- Social- Paid Source

Personalization: Start with the root cause

Hopefully, we have already established WHY we are doing this….so, what is left?

Who? What? Where?

Personalization: Who to personalize for? – Your target audience

B2C Company Name Company Type Industry Position in

Company Company size

(revenue/employees)

Size of vertical / industry

B2B Customer journey Location

(potentially down to zip)

Buying history Interest in

particular products Sensitivity to

pricing

Personalization: Who to personalize for? – Your target audience

Awareness Interest Evaluation Purchase

The Buyer Journey

Prospect Customer

Google search(keyword, Geo, device) Progressive

Profiling

Clicked around site(pages visited, length of visit(s))

Download WP(email, name)

Register for webinar(topic of interest, industry)

Download Case Study(role)

Free Trial(phone number)

ROI Calculator(position)

Anonymous

Potential Start Personalization

Hot Lead

Personalization: What to Personalize?

Calls to Action Overall User Experience (colors, fonts) Images Product Offers / Recommendations Content – case studies, blog posts, Ebooks,

videos, calculators

Personalization: Where to Personalize?

Website Email Customer self-service portal Intranet Extranet Mobile

Recommended Starting points

Personalization: Develop a plan

Website – CMS, Marketing Automation, CRM, Custom

Email – Marketing Automation Customer self-service portal - CRM Intranet – CMS, CRM, Custom Extranet – CMS, CRM, Custom Mobile – CMS, CRM, Marketing Automation

Personalization: Develop a plan

Implementation Experiment – A/B Test Measure Optimize

Wrap Up – Key Takeaways Personalization is Necessary– Users expect personalization and will give up personal information to get it.

Personalization has huge benefits – Improved revenue and higher engagement can be expected, if done correctly

Implementation can be complex – Careful planning and execution are required to get the desired outcomes.

Questions & Answers

Personal Info Follow upChris Risner at BlueBolt – [email protected]

Learn More

We will send an email in the next 24-48 hours with links to the webinar replay as well as the presentation itself

THANK YOU FOR YOUR TIME!