Personalization platforms are essential for businesses, but choosing the right one can be overwhelming. This guide aims to help you navigate the process of selecting a retail personalization platform.
This article discusses the popularity of marketing personalization, guiding principles for choosing a personalization platform, and decision-making considerations.
Why marketing personalization is so popular
Personalized marketing, also known as “human2human marketing” or “marketing with a human face,” has gained popularity due to the adverse effects of spam and irrelevant offers. By incorporating personalization, businesses can improve customer experience and drive better results.
Data collected on the added revenue from personalized campaigns among Mindbox clients highlights the potential impact of personalization.
For instance, newsletter personalization can increase revenue by 3-16% among retailers selling home goods and furniture.
The rise in demand for personalization has led to a significant increase in martech companies, offering various technologies with unique functions and merits.
How to choose the right personalization technologies without losing your mind
Choosing a marketing personalization technology can be complex and time-consuming. To ease the process, here are five tips for successful implementation:
- Formulate the implementation goal and expected success metrics.
- Describe use cases for the technology.
- Consider the need for customer data integration.
- Evaluate the speed of implementation and changes.
- Estimate the return on investment (ROI).
Principle 1. Formulate a metric of success and outline your expectations for it
The key to successful platform implementation is ensuring that everyone is aligned on the goals and success metrics. This involves defining expectations and metrics that are challenging to simulate without tangible benefits.
Examples of effective metrics include revenue or margin growth, decreasing costs, and increasing transparency and rate of change.
Principle 2. Describe use cases
It is crucial to understand and articulate the specific workflows and use cases for the technology. This involves evaluating how potential platforms align with the desired use cases and seeking references from relevant industry players.
Principle 3. Think about data integration
Data integration is essential for companies with online and offline sales channels and multiple communication channels with customers. It involves cleansing, unifying, and synchronizing customer data from various systems to enable personalized marketing.
Principle 4: Evaluate the speed of implementation and change – TTM
The speed of implementation and the ability to manage changes are vital factors to consider. The chosen platform should allow for quick adaptation and flexibility to accommodate evolving marketing needs.
Principle 5. Estimate ROI
After considering all the previous steps, it is crucial to assess the potential return on investment. This involves summarizing expectations, estimating costs, and ensuring that the implementation timeline aligns with the expected benefits.
Ultimately, by following these principles and taking the necessary steps to prepare for implementation, businesses can successfully navigate the process of selecting the right personalization platform and realize the benefits of personalized marketing.
