Personalization has become one of the most indispensable marketing strategies among B2B and B2C marketers worldwide. This one-to-one marketing approach uses real-time data and insights to deliver qualitative messages to consumers, thereby representing a drastic shift from the quantity-based marketing mindset of the past. Gone are the days when all customers and prospects were lumped together into one homogeneous mass, and due to the ever-increasing consumer demand for relevant and unique marketing content, the strive for personalization will only accelerate in the future. By 2024, for example, the global
is projected to surpass 9.5 billion U.S. dollars. And while the share of marketing budgets devoted to personalization can vary, many companies are already spending more than half of their budgets on personalization efforts today.
Marketer perspective: personalization is paramount
Marketers are implementing personalization tactics into their marketing activities more vigorously than ever. After all, personalization can help companies gain a competitive edge in today’s highly contested e-commerce space. Roughly half of surveyed marketers from various countries stated that they
personalized experiences for customers improved general customer experience (CX), as well as customer retention. Meanwhile, almost half of them indicated that they do not always have access to the data required for personalization improvement. One way of ensuring a high degree of personalization is by using artificial technology, and a recent survey showed that the personalization of content was one of the
main activities marketers assigned to AI. This is no surprise considering that AI can automatically implement consumer data into customized e-mail messages ranging from newsletters to cart abandonment reminders. Despite these technological possibilities, over half of marketing professionals were stating that innovative
tools for executing marketing strategies are too expensive to deploy for omnichannel communication as of early 2023, highlighting that there is still ample room for growth and innovation.
Consumer perspective: personalized online experiences
Consumers receive thousands of generic advertising messages each day that are not tailored to their needs or interests. This constant exposure to irrelevant marketing helps explain why shoppers nowadays appreciate and even expect personalized experiences when browsing the web. Research showed that well-suited ad messages can make or break a brand’s image, and in 2022, 43 percent of surveyed
online shoppers worldwide were willing to share their personal data for the sake of better tailored marketing.
Many internet users are willing to share their e-mail addresses or other information with companies to receive customized offers. Despite all that, netizens also voice concerns about online data usage, driving Google and other tech giants to
eliminate third-party cookie tracking from their browsers. Knowing that consumer
data is vital to marketers’ decision-making processes, it will be interesting to see how companies can achieve personalization in a cookieless digital space.
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