Increase profits with personalized marketing

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Personalization pays.

Adobe drove $128 billion in revenue through the use of personalized experiences for customers, according to the tech giant. Conversely, 41 percent of consumers switched companies in the U.S. last year due to a lack of personalization.

According to Forbes, an Epsilon survey revealed that 80 percent of consumers are more likely to choose companies that offer personalized experiences, and 90 percent of respondents find personalization appealing.

But reaching customers on a personal level takes time and effort.

MarketingProfs.com and Forbes weighed in on personalization, offering tips for small businesses on how to master this 500-pound gorilla of the marketing world.

1. Know your audience. Develop a data capture and alignment strategy that defines your customers, MarketingProfs.com urges. Start small to avoid analysis paralysis.

2. Grow with your customers. Follow them on their journey.

3. Measure your personalization efforts. Beyond email effectiveness, the standard should include success of communicating with customers and seeing the results in their actions.

4. Share your organization’s human face. Profiles of employees can lower barriers and forge connections.

5. Go deeper with personalized marketing. Tailoring content “can show a deeper level of commitment to more than just the sale.”

6. Make it easy for new customers to find the products they want using content marketing. “When people want to purchase something, they often search it out and make the purchase, but how do consumers discover products and content that they never knew existed?” Forbes asks. “Using content marketing strategies, marketers can help potential customers and audiences discover them and plant the seed for future purchases or visits.”

7. Build conversation. Surveys and interactive forums can let customers know that their opinions matter. And the information gleaned can provide a sharper image of the customer’s tastes.

8. Add value. “Instead of following sales with more sales pitches, offer past customers even more value for free,” Forbes urges, “Send your past customers a voucher for a free item, a treat on you or a discount on future purchases.”

9. Dig deeper and offer niche content. “By giving clients the opportunity to opt in to specialized content you can increase engagement and identify who your raving fans are,” Forbes notes.

Many companies will focus their efforts on obtaining new customers, however, it is important to remember to continue personalizing the experience for current customers as their needs and interests change. According to Forbes, it can cost five times more to attract a new customer, than it does to retain an existing one, and increasing customer retention rates by just 5% can increase profits by 25% to 95%.