This article is written by Leverage Lab CEO AnnMarie Wills
Are you aware that consumers are demanding personalized experiences when they shop? That’s right… not asking but demanding.. A mountain of evidence suggests if the customer experience isn’t personalized, not only are consumers unhappy about it, but they are frustrated.. Since the pandemic, online sales have skyrocketed and that means customer loyalty is up for grabs in a big way.
Bottom line… personalizing customer experiences is no longer a “nice to have,” it’s a business requirement. Companies that invest and focus on this singular value are looking at an enormous 40% revenue lift vs. companies who aren’t.
So, what does it mean to personalize your customer experiences?
I’m sure when you perform a Google search for “personalization at scale”, you’ll mostly discover theoretical articles from large consulting firms discussing their version of personalization; coupled with very little evidence on how to do so. The good news is that Leverage Lab doesn’t just have a theory, we have the solution. Not to mention, the only solution for personalization at scale. This transformation is achievable for any sized company that wants to grow and if we’re just guessing here… that’s every company out there.
Our definition of personalization at scale starts with the belief that all customer touch points should be tailored so that they’re relevant, timely, and based on what you know about your customers and prospects – not about what you want to tell them. The innovative movement of personalization has many facets, but it ultimately sits at the intersection of customer data, technology, and data science. All of this is held together by a repeatable methodology.
Personalization at scale delivers incredible impacts across every single touchpoint in the customer journey and while we recognize each company’s customer journey varies, the elements and methodology of our personalization model is battle-tested across all different types of companies and industries with proven results.
Here’s a quick refresh on each stage of the typical customer journey funnel.
- Top of the funnel – The area where you are working to acquire customers cost effectively, efficiently, and as personalized as possible.
- Middle of the funnel – This is where engagement really starts to blossom. For example, during an e-commerce journey, this stage is where products are reviewed, shopping carts are built, and average order values are established.
- Bottom of the funnel – This is the final stage where conversions are occurring and additional purchase opportunities are available. The bottom of the funnel is a particular area where personalization at scale can deliver dramatic improvements on ROAS and dive deeper than a traditional customer loyalty program.
- Ongoing Loyalty – Everyone knows that it’s far more efficient to retain and increase customer lifetime value than to constantly pressure customer acquisition efforts. Providing deeper customer recommendations and personalizing offers to your known customers drives higher lifetime value.
So why aren’t companies investing in personalization at scale?
This transformation seems like a no-brainer, the answer is unclear on why companies aren’t jumping at the opportunity to exponentially increase revenue and improve their customer experiences. One of the biggest challenges we have identified lives within the data, technology and methodology perspective.
In most cases, companies’ data is siloed across the organization, and is difficult to organize and leverage. The challenge of data science is that it often sits in the purview only of very large organizations that can afford to have data scientists.
Outside of the siloed data, the technology challenge is that a lot of valuable artificial intelligence and data science is living exclusively within single platforms, ie: email provider, e-commerce platform, etc. This is not an optimal way for personalization at scale to be constructed. You need the entire view of the customer before determining what data science is helpful.
Lastly, delivery across your owned and operated as well as your paid channels is challenging: most traditional ad agencies don’t know how to fully leverage the value in the customer data. It requires new skills and new ways of thinking that just aren’t available within traditional ad agencies.
At Leverage Lab, personalization at scale is at the heart of everything we do. Our methodology is broken into our 3 D’s… data, decisions, and delivery. While these are not our invention, they are our perfected and repeatable craft. These stages help to build a robust personalization at scale model unlike anything on the market today.
Our construction of these stages is offered as a platform, and they are held together by our repeatable framework called Infinite Customer Journey. The 3 D’s delivered as a platform, mean that we are only bringing together what is absolutely necessary to deliver personalization at scale. Where many data projects go awry is in their attempt to do everything at once and accommodate too many use cases. At Leverage Lab, we bring our lighter engine that’s necessary to power the personalized experience and it’s a quicker and more cost-effective path forward to driving personalization at scale.
So who is this personalization at scale model for? Every company with a customer. The idea that personalization at scale is only available to the largest organizations with powerful resources and available technology, data, and data science resources is far from the truth. Within a short amount of time and for a fraction of what a large consulting firm would charge, Leverage Lab can have an organization up and running as a personalization engine within a matter of weeks. So what are you waiting for?