It’s 2020, and we still don’t have flying cars. Technology is still working on that, but one thing it’s managed to help marketers do very well recently is talk to the right people and give them the right message at the right time. That’s a good thing because consumers don’t just want personalization. They expect it.
We’re not talking about basic insert-your-name-at-the-start-of-the-message personalization. Consumers crave highly individualized communication offering unparalleled relevance. Recent studies by organizations such as Infosys and Salesforce back this up:
- In a survey of more than 7,000 consumers, Salesforce found that 57 percent of consumers are willing to share personal data in exchange for personalized offers or discounts.
- Similarly, 52 percent of consumers would share personal data in exchange for product recommendations, and 53 percent would do the same for personalized shopping experiences.
- 62 of those consumers said it’s acceptable for companies to send personalized offers or discounts based on items they’ve already purchased.
- Meanwhile, Infosys found that 31 percent of surveyed consumers said they wish their shopping experience was far more personalized than it currently is.
Easier said than done
Personalization might be what consumers want, but can marketers deliver? Or, are we stuck in a flying car dilemma? Personalization requires valid data, which is becoming increasingly difficult to obtain. It’s either imprisoned behind advertising platform walled gardens, or marketers believe they just don’t have the technology to get the data.
Multinational consumer credit reporting company Experian recently surveyed its client base and reported that 46 percent of marketers believe technology is the biggest barrier to integrating customer data. An additional 43 percent pointed to data access across the organization and 41 percent stated that technology to house and collect customer data was a challenge.
This frustration is driven by the growing desire by customers to protect their data, which ironically runs contrary to their desire to have a personalized experience. Another leading contributor is the ability by marketers to understand who and where their customers are – as a result of the increasing number of devices those customers are using to access brands.
Artificial intelligence to the rescue
How do you collect fragmented prospects and distill them into actual people to whom you can attribute preferences and create the personalized marketing experience they say they desire? We’ll get to the how in a moment, but first let’s look at the why.
According to McKinsey, this type of marketing – which they call “1:1 Marketing,” is the holy grail. According to this highly regarded American management consulting firm, personalization can reduce acquisition costs by as much as 50 percent, lift revenues by 5 to 15 percent, and increase the efficiency of marketing spend by 10 to 30 percent. However, in order to get these benefits, personalization has to be done at scale.
Now we know why, and here’s the how.
You can’t offer a highly personalized marketing experience to a prospect unless you are absolutely sure of their identity. To accomplish this, you have to track their fragmented presence across multiple social media platforms that are accessed by several devices. The process is known as Identity Resolution.
Identity resolution utilizes artificial intelligence and machine learning to monitor and capture prospect behavior across all online shopping vehicles – desktop, mobile, tablet, smart-speakers – in real time. It defragments partial identities and generates actual names and contact information of people in your market actually looking for what you sell right now.
Companies previously frustrated by identities held hostage by walled garden advertising platforms are discovering they can use Identity Resolution to break from the inefficient practices of following anonymous prospects across the web. The data is portable so it can be used anywhere.
Even more importantly, the data is decisively rich. Identity resolution creates precise profiles so you can talk to the right people and give them the right message at the right time. Learn more about it here.